How personal bankruptcy in London, Ontario can give you a fresh start.

by Susan Jung on October 8, 2010

in Bankruptcy

Filing personal bankruptcy is often referred to as getting a “fresh start”.  So, what does this mean?   Well, it can mean different things to different people.  For example, to a recently separated individual whose goal it is to start a new life, filing bankruptcy severs any ties that there may be to any joint debt that was shared with their ex-spouse or partner.   In the case of someone suffering the financial consequences of a gambling addiction, bankruptcy allows him or her to rid themselves of the constant reminders of the problem they worked hard to address and control.  For individuals in this situation, dealing with unmanageable debt often forms a critical component of their counseling.   A young fellow that I saw had recently graduated from university and in the year that followed had amassed considerable credit card debt; he had spent a few months trying to run away from it – in his own words “filing bankruptcy made it so I could look at myself in the mirror again”.

A “fresh start” really refers to the fact that bankruptcy wipes the slate clean for the most part.  It allows someone who finds themselves in financial trouble to get relief from all or most of their debt, and to rebuild.  Rebuilding takes time, and does not happen overnight.  The waiting period from the time someone is discharged from bankruptcy and the bankruptcy is stricken from their credit report is intended as a rehabilitative period; an opportunity to regain financial strength and control.

We understand that reaching out for help is anything but easy.  A good place to start would be to visit us a www.moneyproblems.caTed Michalos, a Trustee and one of the founders of Hoyes Michalos & Associates has posted a short video that will help you to understand the options that we discuss with people when they come to see us.  Bankruptcy may not be your only option – you may be able to qualify for a consolidation loan or perhaps a credit counseling agency could help.  There is also an alternative to bankruptcy called a consumer proposal that you might be able to consider.  So, as you can see, you do have options.  If you would like to speak to us personally, give us a call at 310-PLAN; we guarantee you will speak to someone who is compassionate and respectful, and dedicated to helping you find a solution that is right for you.

You deserve A FRESH START and we’d be pleased to help you to develop a PLAN to do just that.

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