If you want to end your financial problems and enjoy a happy life again, you should consider bankruptcy. With this option, not only can you get rid of your debts, but you will watch as your creditors leave you alone. While true, this is not an easy decision to make as you will suffer some consequences. With this in mind, here are three things to think about bankruptcy North York financial solutions.
How much debt you have: First and foremost, if you want to file for bankruptcy in Canada, you should only do so if you have a lot of debts. For example, if you owe 5,000 dollars to your credit card company, you will not want to file for bankruptcy. Not only will a judge probably throw out your filing, but even if you do quality, you are killing your credit for minimal rewards. Instead, if you are going to file for bankruptcy, make sure you owe a lot of money and have no chance to pay off the debts.
What is in your future: Now, if you want to buy a house in the near future, you will want your credit score to be high. If it isn’t, you are likely to end up getting a loan denial. On the other hand, if you do get a loan with bad credit, you are probably going to overpay; you might even overpay drastically. To avoid this problem, you will want to either avoid bankruptcy altogether or wait a couple of years to buy a house after filing. Remember, to a potential lender, bankruptcy does not look good.
Other options: Finally, if you are like most Canadians, you probably would rather pay off your debts the right away and avoid bankruptcy. Think about it for a minute, and you will realise that this is the most honest options. For this reason, you need to, at minimum, come up with a solution that does not involve bankruptcy. While you may still do it, it’s beneficial to understand the consequences of your actions. Remember, with a payoff plan or negotiation strategy, you can pay your debts off without resorting to bankruptcy.
If you consider your options, you can file for bankruptcy without fear. While true, you still want to think of the long-term consequences as you are going to have a few minor issues to deal with if you file for bankruptcy.