Filing For BankruptcyOn Your Own & OtherDebt Myths

Is filing for bankruptcy on yourown possible?

How doesbankruptcy work?

Is filing a consumer proposal the same as filingfor bankruptcy?

There are many questions and myths surroundingdebt and debt control that can make dealing withdebt seem more complicated than it really is.

DEBT IS A NORMALPART OF

EVERYDAY LIFE

MYTH #1

With Albertans carrying the most consumer debt inCanada, it may seem that debt is just simply anormal part of everyday life.

Debts tied to an appreciable asset like a house canimprove your quality of life, other debts can have anegative impact on your credit score.

It’s important to recognize the differencebetween both

GOOD DEBT BAD DEBT

and become proactive about paying down andavoiding unnecessary debt.

VS.

FILING FORBANKRUPTCY ONYOUR OWN IS

SOMETHING YOUCAN DO

MYTH #2

Filing for bankruptcy is a legal process, and itis not possible to do without the assistance ofa certified Trustee in Bankruptcy.

Bankruptcy Trustees guide you through theprocess of filing for bankruptcy and can answerany questions you may have along the way.

EVERYONE CANFILE FOR

BANKRUPTCY

MYTH #3

It’s a very popular myth that bankruptcy is a viabledebt control option for everyone.

There are circumstances in whichindividuals are not eligible to usebankruptcy to get out of debt.

If the value of your assets orincome is greater than yourdebt, you will be ineligible forbankruptcy.

BDO CANADA

If you attended post-secondary education andhave been out of school forless than seven years, youare not able to eliminatestudent loan debt bydeclaring bankruptcy.

FILING FORBANKRUPTCY ISTHE ONLY WAY TOGET OUT OF DEBT

MYTH #4

Bankruptcy is not an ideal debt controloption for some people, and it’s also notthe only way to get out of debt.

BDO CANADA

Before deciding whether you should file forbankruptcy, a Trustee will discuss other debtrelief possibilities, such as debt consolidationloans, debt management plans and filing aconsumer proposal, to see what would be thebest solution for your financial situation.

Filing for bankruptcy on your own is justone of the many myths that surround debt.

For more information visit us at:

edmonton-debt-help.ca