Personal Bankruptcy

Declaring personal bankruptcy may be the best decision you ever made. Of course, there are consequences that can be quite serious, but there are tremendous advantages too. The stress, that being in debt carry’s, creates negative physical, emotional and relational consequences.

So what is Personal Bankruptcy?

Personal Bankruptcy is a legal process that can provide relief to honest but unfortunate individuals who are unable to pay their debts. It’s there to give relief to those who need it.

Your first step

If you are considering bankruptcy, your first step should be to meet with our Ottawa Licensed Insolvency Trustee Jean Lazard. Jean will discuss your financial situation and in confidence and talk to you about what exactly your options are.

Jean will be able to answer all your questions. You’ll find out whether or not your spouse will have to declare bankruptcy with or not. You will find out what assets you get to keep including your vehicle and the answers to many other questions you’ll have. The consultation is free.

Advantages & Disadvantages of Personal Bankruptcy

Like everything else, there are certain advantages & disadvantages in declaring personal bankruptcy.
Let’s start with the disadvantages first. Bankruptcy will restrict your ability to get credit for approximately 7 years. It stays on your record for 6 years after you receive your discharge. There is a social stigma to having declared bankruptcy, although not as much has in the past.

Advantages of Personal Bankruptcy

With very few exceptions you will be debt-free. This in and of itself has a tremendously positive effect on your mental and physical health. Study after study has shown the effects of stress is extremely detrimental to a person’s physical & mental health, not to mention the negative effects on relationships in and outside of the family. Clients report a huge relief once they have made the decision to declare bankruptcy.

In many cases, you will be able to start saving money right away. Because you have no debts to pay each month you will finally be able to get ahead financially by putting the money you once had to pay credit card debt into savings!

If you are over your head in debt and your health is suffering why not call Jean Lazard and get out of the debt you’re in today.

Here is a video you may find helpful.

After talking with a Licensed Insolvency Trustee, David and Julie decide that bankruptcy is the most appropriate option to handle their debts. The trustee explains the way their creditors will be paid and what they will need to do during the bankruptcy process.