Why You Need To Think Twice Before Filing For Bankruptcy

Why You Need To Think Twice Before Filing For Bankruptcy

Everyone fears bankruptcy. It is easy to understand why. First off, bankruptcy comes along with lots of repercussions. You may not get any kind of asset financing. In other words, you may find it hard to access loans. Fortunately though, bankruptcy is not a permanent situation. It mostly depends on how you treat your situation. It also depends largely on your spending habits. Manage the situation well, pay your debtors on time and before you know it, you can have your car application approved. It sounds easy on paper, but the practical aspect is not. So before filing for bankruptcy, consider other options first. You may want to find out from your financial advisor if going the consumer proposal way is ideal. But before then, do the following.

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Talk to your creditors

Reach out to them before they come calling. Most creditors may want to push you to the corner. It is at this time that filing for bankruptcy may seem as the most ideal option. In hindsight though, you may end up regretting. Go the consumer proposal way. The beauty that comes along with this option is the fact that you get to agree with your creditors on how and when you will pay them. You also don’t have to worry about getting your properties. You must however be keen on sticking to your word.

Bankruptcy discharge

You will get a bankruptcy discharge notification form after clearing with your creditors. That is of course, if you choose to file for bankruptcy. On the face of it, the form might look like any other form. You will later realize though that the form must accompany every car loan application you make. Some lenders may reject your application even with the form. Others will understand its importance and go ahead to approve your application. So in a nutshell, avoid filing for bankruptcy if you can. It comes along with a myriad of setbacks especially when one wants to finance an asset like a car.

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