Myths We Believe Regarding Bankruptcy

1. Myths We Believe Regarding Bankruptcy All we know about bankruptcy is something that we have heard from people. But those are mostly just the rumors. And so, I have come up with this idea to bust the most common myths regarding bankruptcy. You lose everything after filing for bankruptcy in Toronto This is a very popular misconception that people lose everything including house, car, and after retirement funds when they file for bankruptcy. But it is simply a myth as most of the clients loses nothing but debts. The only condition is your assets should fall under the category of exempted assets while approaching the bankruptcy Toronto process. Everyone will know about your bankruptcy Although bankruptcy is a public record, it isn’t published in any newspaper unless you are a big tycoon or celebrity. The notice is only sent to the creditors to know about the situation. Therefore,the common public isn’t aware of such small issues and simply overlook them for some juicy, spicy gossip section. Court officials will visit and look around my property The court officials will rarely visit your property for inspection. The court is usually flooded with bankruptcy cases and therefore, they do not have time to look so minutely in every case. However, if the case is of major importance, then the officials might may a visit. You will never get a loan or credit again This is another very common misconception. You might indeed find it very difficult to avail of a loan, especially in the initial years. But once you improve the credit scores, you will be able to avail yourself of loans or credits again. Moreover, the mention of bankruptcy only stays for 7-10 years on your credit report. Therefore, it will be easier to get a loan thereafter.

2. These are some of the most common myths related to filing for bankruptcy in Toronto. To know more about the procedure or get a consultation about the same, you can contact us today. Contact: Elankeeran Than Debt Free credit solution 10 Milner, Business court, Suite 334 Toronto, ON M1B 3C6 416-834-7227 info@dfcs.today https://www.dfcstoday.ca/bankruptcy/