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The decision about whether or not to file a bankruptcy is a difficult one. To help with this decision we present below a list of bankruptcy Kitchener questions and answers:
Is bankruptcy in Kitchener my only option?
If you have more debts than you can handle, you have a number of options. You could cut your expenses or increase your income so that you can repay your debts on your own. You could investigate credit counselling in Kitchener as a way to pay your creditors in full. Another great alternative to personal bankruptcy is a consumer proposal in Kitchener. If none of these options work, then, and only then, should you consider bankruptcy.
How long will bankruptcy in Kitchener stay on my credit report?
This is one of the most common questions asked about bankruptcy in Kitchener. There are two main credit bureaus serving the Kitchener area, and in general a bankruptcy will remain on your credit report for seven years from the date you file bankruptcy. We recommend that you get a copy of your credit report and read the details from the credit bureau so that you understand how the credit reporting agencies report bankruptcies.
If I go bankrupt in Kitchener, will I ever get credit again?
This is another one of the most common bankruptcy questions we are asked in Kitchener. The answer is that whether or not you get credit again depends on you. Once your bankruptcy is over, you can start to rebuild your credit by saving money. The money you save can be used in the future for the security deposit or down payment on a car or house. If you have a sufficient down payment and a sufficient income, you will be able to get credit after your bankruptcy in Kitchener is finished.
For answers to these and other bankruptcy Kitchener questions, read our Kitchener bankruptcy blog, email us a question, or contact our Kitchener bankruptcy trustee, Hoyes Michalos & Associates Inc. at (519) 747-0660 or 310-PLAN.
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