Скачать или смотреть Bankruptcy Myths

Let’s DEBUNK some bankruptcy myths! 💪🚫

❌ Myth #1: “You’ll lose everything.”
Bankruptcy doesn't mean giving up all your assets. It's designed to give you a fresh start. In general some assets are protected by certain provincial exemptions, such as your car, furniture, tools of trade and your RRSP, (other than your most recent contributions to it within the last 12 months). The equity in your house is available to the Trustee but most of the time the Trustee works with you to settle that equity so that you can remain in the home.

❌ Myth #2: “Bankruptcy will destroy your credit.”
While it’s true that bankruptcy will impact your credit score, it won’t send you back to 0. In fact, with good credit habits, you can rebuild your path towards a good credit score!
❌ Myth #3: “You’re too young to file bankruptcy!”

Another one of the top bankruptcy myths in reality, being young can actually be the best time to file bankruptcy, especially if you’re drowning in debt. Waiting can make the situation worse, which might negatively affect your future.

What other myths have you heard? Let’s continue in the comments below!

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#Bankruptcy #debtfreelife #FinancialFreedom #licensedinsolvencytrustee #ontario