Bankruptcy in West Kelowna
The thought of filing for bankruptcy can be overwhelming. The consequences of legally dissolving debt can mean a hard road back to financial stability. It is often, however, the best decision for those whose debt obligations have become unbearable and unserviceable. Declaring personal bankruptcy can lead to financial recovery, and the opportunity to have a brand new start.
The professionals at D. Thode & Associates have the experience and knowledge to guide you through the process of declaring bankruptcy.
Benefits of Filing for Bankruptcy
While filing for bankruptcy can seem like a daunting task, there are many benefits that can be realized for those who have been suffering from crushing debt obligations.
Relief from Collection Agents
Once you have declared bankruptcy your creditors must deal only with your Trustee and can no longer contact you directly. This means no more harassing phone calls at home or fielding creditor calls at your workplace. All of the stress and anxiety of dealing with creditors will be behind you.
Your Trustee will review your financial situation and arrange for one monthly payment to cover all of your debts. You will no longer have to worry about stretching your dollars to cover all of your financial obligations. Instead, you can meet your debt issues head on and start building up financial security for the future.
Responsibilities of Filing for Bankruptcy
There are certain obligations that come with bankruptcy as well. Bankruptcy is a legal status and as such, you should expect that there are challenges that go along with it as well.
Your Credit Score
Your Credit Score is established by the reporting of good or bad payment history to the National databases. When you declare bankruptcy, your creditors will be notified, and your bankruptcy will be reported to the credit bureau. This will have a negative effect on your credit rating, and will require diligent payments and a good deal of patience to overcome. The good news is that with credit counselling, a good credit score can be earned over time. A little bit of hard work can go a long way towards your fresh new start.
Your Trustee in Bankruptcy will use your entire income to set a personal budget for you and meet your debt obligations. This means that, until your debts are met, your financial flexibility may be limited. This can be challenging for some, but it is imperative to meet your obligations and discharge your bankruptcy as soon as possible.