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Bankruptcy – Fact vs. Fiction

Are your credit cards maxed out and your bills piling up? The pressure to pay off your debts can be very overwhelming and stressful, but resorting to bankruptcy may not necessarily be the best way out! The fact is, bankruptcy isn’t a quick fix to resolving financial issues, and yet many choose to file it without understanding what it really means. Bankruptcy in Canada is increasing as debt rises faster than wealth, making Canadians much more susceptible to financial troubles. Get the facts you need to know about bankruptcy before deciding if it’s the best option for you.

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  1. Declaring bankruptcy is an easy way out – MYTH

Declaring bankruptcy definitely does not fix financial problems or help to get credit scores back on track. Keep in mind that when filing for bankruptcy, it is recorded for over 6 years on your credit bureau report, making it extremely difficult to obtain any sort of credit during this time. In addition, not all debts are included in bankruptcy.

If you are recovering from bankruptcy and are looking for mortgage financing or would like to talk about your options, contact Manny Johar of Expert Mortgage today. There is light at the end of the tunnel and we can help you resolve your options.

  1. Anyone can declare bankruptcy – MYTH

Although this is what many people believe, did you know there are actually costs and fees involved with filing for bankruptcy? Costs and fees include: paying the trustee for their time, in addition to other administrative fees and court documents. Depending on factors such as your income, filing for bankruptcy can actually be very costly, and is a minimum of $1,800 in Canada.

  1. It’s the only way out of financial trouble – MYTH

There are alternatives to bankruptcy (including home refinancing). Bankruptcy should only be used as a last resort! The good news is that we can help you avoid bankruptcy by providing you with a low interest loan, regardless of your financial situation. With access to over 300 private lenders, Manny Johar of Expert Mortgage can provide you with some of the lowest rates in the industry! If you need a first, second, or even third mortgage, we can help with that too.

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