If you are considering bankruptcy, you probably have a lot of questions. If you are looking for bankruptcy help, there are plenty of places you can go to find answers to your questions.
The Internet can’t be beat when it comes to researching the who, what, when, where, and why of bankruptcy. A quick search can yield hundreds of thousands of possible sources. Try to be specific when you enter a query, searching for one topic of interest at a time.
Be sure the articles you read have to do with Canadian bankruptcy and is up to date. Many countries have bankruptcy laws, and they are all different. A good place to start your search for information is the Office of the Superintendent of Bankruptcy (OSB). The OSB is the governing body for bankruptcy laws and procedures and is a great source of information.
Be cautious when seeking advice about your finances, and don’t enter personal financial information on the Internet. While online forums and message boards can be helpful to listen to other people’s experiences, make sure you’re safe online and don’t enter anything too personal.
Consult With a Licensed Insolvency Trustee
If a heavy debt load makes bankruptcy a possible option for you, the most accurate advice you can get is from a licensed insolvency trustee. Licensed insolvency trustees advise people who are considering bankruptcy, then handle the entire process from start to finish.
Because bankruptcy laws vary from province to province, going bankrupt is a different experience for each Canadian. Licensed insolvency trustees are familiar with the local laws and can help you understand
- if you can keep your home,
- which, if any, of your assets you will lose,
- if you will be required to make surplus income payments,
- and how long you will be bankrupt.
A licensed insolvency trustee is an excellent resource when it comes to deciding what you should do to solve your debt problems. Referred to as licensed insolvency trustees, a trustee can help you choose between other options as well, such as a consumer proposal or credit counselling. They will also help you understand how to avoid common money management mistakes that lead to debt problems.
Talk With People Who Have Been Bankrupt
Having a heart-to-heart discussion with someone who has been bankrupt is also a big help. If you have a trusted friend who has gone through a bankruptcy, they can offer you a first-hand view of what it’s like to go through bankruptcy.
You may also be able to participate in an online or face-to-face group support session. Support groups are formed to provide help, advice, and camaraderie. Ask a licensed insolvency trustee or other trusted financial expert for suggestions or a referral.
You can get the help you need to make a decision about bankruptcy by turning to trustworthy and knowledgeable sources.