Canadian Money Advisor 2005

Helping Canadians Understand Their Money & Personal Finance since 2005

READ THIS BEFORE THINKING ABOUT BANKRUPTCY

CANADIANS- READ THIS CAREFULLY BEFORE EVEN THINKING ABOUT DECLARING BANKRUPTCY.
I just called my credit card company to do some investigative work. I asked what would happen to my credit card if I declared bankruptcy. They said that even if my credit card account was paid current and up to date with no problems on it, the credit card company would be notified of the bankruptcy and close the account. Even though the account is paid properly the account will be closed because of the bankruptcy. Credit card companies are not going to take a risk on you if you declare bankruptcy.

Discuss Bankruptcy in Canada
Discuss Canadian Credit Bureaus
Discuss Equifax Canada
Discuss TransUnion Canada

All of your credit facilities could possibly be shut down if you declare bankruptcy!! This may not be true in all cases. I highly recommend that you check with EACH AND EVERY ONE OF YOUR CREDITORS to find out what their policies are. You'll have to start at the beginning with all of your creditors. All of the history you developed will be erased. In my opinion, that's not worth it.

OTHER "HIDDEN" PROBLEMS CAUSED BY BANK
Employers can check your credit reports before hiring you to see what kind of person you are. Bankruptcy is not going to paint a great picture for you. Insurance companies will check your credit report before giving you insurance. Your insurance policy could be shut down because of your bankruptcy.

YOU WON'T GET CREDIT FOR SEVEN YEARS
If you've declared bankruptcy potential creditors will stay away from you unless you can provide security for the debts if at all. Bankruptcy makes you a very bad credit risk.

DO A LOT OF RESEARCH BEFORE DECLARING BANKRUPTCY

I recommmend that you call everyone possible to research all of the ramifications of you declaring bankruptcy. Call Consumer Protection and your creditors. Don't tell that you're thinking of declaring bankruptcy. Just ask them what would happen in that scenario. You don't want to ring the alarm bells.

Consumers have more rights then they're lead to believe. A little research will give you a great deal of peace of mind. Spend time asking friends, family about what you can do.

You don't have to declare bankruptcy unless creditors petition you into bankruptcy. For consumers they're not likely to do this. DON'T DECLARE BANKRUPTCY!

DISCLAIMER: Please check with your local Consumer Protection branch to confirm what I'm writing. This is not meant to be legal advice. The writer is not a lawyer. Each individual case usually has different circumstances which carries different problems and solutions.

Alberta (Alta) British Columbia (B.C.) Manitoba (Man) New Brunswick Newfoundland (Nfld) Labrador Nunavut Northwest Territories N.W.T. Nova Scotia Ontario (Ont) Prince Edward Island (P.E.I.) Quebec (Que) Saskatchewan (Sask) Yukon