Your debt has become unmanageable; you can’t sleep at night; and your stress levels are at an all time high. You’re desperate to reduce those balances. Your main concern is that you own your home and there is equity in it. If your credit rating is still good – a viable option may be to refinance your home to reduce your debt. However, if [...]
As stressful as the decision to file bankruptcy is, it’s even more so if you own a home. Consumers who are having trouble meeting their monthly financial obligations may also start missing mortgage payments and then worry about losing their home. The advice they keep getting is to NOT file for bankruptcy because they will lose everything. They may hesitate to contact a Trustee [...]
A personal bankruptcy will remain on your credit rating for six years from your discharge from bankruptcy. A consumer proposal will remain on your credit rating for three years from completion of your proposal. Once you are discharged from bankruptcy or completed your consumer proposal, you should take pro-active steps to rebuild your credit. The following will assist in rebuilding: talk to your current bank manager open a [...]
