All Canadians in debt should be thankful for the Bankruptcy and Insolvency Act.
After you’ve filed for bankruptcy, creditors must immediately put an end to their collection efforts. Unfortunately, this does not always occur, and you may continue to be harassed by creditors calling after bankruptcy.
Thousands of Canadians file bankruptcy every year, and most of those Canadians have similar concerns. One common concern is that they will end up with terrible credit after the bankruptcy process is complete.
Some people believe that filing for bankruptcy is synonymous with the end of the world as they know it – a complete breakdown of their personal finances.
These days, most people I know don’t have a financial plan. We spend a lot of time planning for other aspects of our lives, such as our careers, marriages and having kids, but many of us fail to build a plan to achieve our financial goals.