Personal bankruptcy in Laval is a definitive solution to your debt problems. Unfortunately, this is not the most practical solution due to all the consequences it brings.
If your debts accumulate faster than you save, take the time to consider all your options. Even though personal bankruptcy is an option, know that it is not the only one. It is strongly recommended, before making such a final decision, to consult an authorized insolvency trustee.
It is the trustee’s advice that is best placed to help you determine if personal bankruptcy in Laval is your best option. In most cases, you may have another option to dispose of your debts. Before declaring yourself bankrupt in Laval, consult a trustee to find out if you can recover your financial stability without having to declare bankruptcy.
Discover all the consequences of personal bankruptcy in Laval and other possible solutions to get out of it. Our financial advisors are happy to offer you help and support to straighten your financial health.
The consequences of a personal bankruptcy in Laval
Bankruptcy is a quick and effective method for relieving yourself of your debts. Unfortunately, this one is not without consequence.
The main consequence following a declaration of personal bankruptcy in Laval is it’s appearance on your credit file. For a first bankruptcy, it will remain in your file for at least 6 years. After a second bankruptcy, it is registered for 14 years. The problem with bankruptcy is that subsequently, it will be very difficult to obtain credit. Whether it’s with financial institutions or lenders, the impact left by your bankruptcy will be obvious and will hurt you in your credit search.
In the case where you could get some, we still recommend you remain cautious.
What’s more, personal bankruptcy in Laval does not solve all the problems. Although it clears your debts and allows you to put a definitive end to your creditors’ harassment, it does not prevent you from making the same mistakes. That’s why it’s important to seek help and support from experienced financial advisors.
Other solutions available to you
Before declaring a personal bankruptcy in Laval, make sure it is your only possible solution. Most of the time, an authorized insolvency trustee can make you discover better alternatives.
Here are two options that could be offered to you depending on your level of debt and your ability to settle your debts:
- Debt consolidation: Debt consolidation is a great option if you want to avoid the consequences of bankruptcy. Depending on the amount of your debts, it may be possible to group them into one and have only one payment to make every month. This saves you from having to manage multiple creditors and allows you to repay all of your debts, often with reduced interest rates. If you are able to settle your debts, this solution is more practical and has far less consequences than bankruptcy.
- Consumer proposal: When you seek help from an authorized insolvency trustee, know that it is possible to negotiate with your creditors. These could even succeed in reducing up to 80% of your debts! Do not hesitate to seek help to improve your financial situation. It is easy to see everything in black when our financial situation is precarious. Don’t lose hope!
And even if these options are not possible depending on your situation, you can still declare a personal bankruptcy in Laval. Although fraught with consequences, bankruptcy still allows you to start over from scratch.
For any question regarding a personal bankruptcy in Laval, contact us. An experienced counselor from our team will take your call with great pleasure.