Bankruptcy Trustee Waterloo
Have you been seeing a bankruptcy trustee in the Waterloo area because you see no way out of your mountain of unsecured debt? Are they telling you that you should file for bankruptcy, consumer proposal, or credit counselling? Well Expert Mortgage is here to tell you, THERE IS ANOTHER WAY OUT! These strategies pushed on you by your bankruptcy trustee will damage your credit for up to 7 years, and that is not good when you are trying to get a mortgage. At Expert Mortgage, we can put you on a debt relief strategy that is meant to get you out of debt quicker, and repair your credit. Read on for more information.
Debt consolidation and refinancing are just a few of the strategies that we steer our clients toward for debt relief and credit repair. Strategies pushed on you by a bankruptcy trustee will cripple your credit further, and benefit your trustee through commissions. DON’T ALLOW YOURSELF TO BE FOOLED! Here are some other disadvantages of filing for bankruptcy based on advice from your bankruptcy trustee:
⦁ Bankruptcy costs money. You have to make payments based on your income, and may have to pay an administrative charge. The more you make, the more your bankruptcy costs and the longer it lasts.
⦁ Bankruptcy negatively affects your credit rating. Filing for bankruptcy will give you a R9 record on your rating and it will stay there for 6 years after discharge for a first time bankruptcy and longer for a second time bankruptcy.
⦁ You will lose any non-exempt assets. This would include RESP’s and any contributions you made to your RRSP in the past year. If you have a house and it has equity, the equity needs to paid into your bankruptcy. You also lose your tax refund for the year of bankruptcy and any prior year’s refunds that are outstanding. You also lose your HST cheque.
⦁ You have duties to perform in a bankruptcy. You need to perform all of your duties in order to get discharged from your bankruptcy. These duties include reporting your monthly income, making payments, attending credit counselling and providing income tax information. If you do not perform all of your duties you are not discharged and your debts do not go away.
Don’t damage your credit further by filing for bankruptcy, credit counselling, or consumer proposal based on the advice of a bankruptcy trustee. Expert Mortgage can get you back on track financially with strategies meant to pay off debts quicker and repair your credit. Continue browsing through our website for more information about debt consolidation and refinancing. Click here to find our contact information and to fill out our contact form.