8 myths of bankruptcy
Filing for personal bankruptcy still carries a powerful stigma in this country. Mere mention of the word conjures up images of deadbeats — irresponsible consumers who couldn't be bothered to get a job or figure out a budget.
Yes, there are deadbeats among the bankrupts. But the truth is that there are plenty of people who find themselves in desperate financial straits despite having initially had every intention of paying their creditors. A divorce, the death of a spouse, a severe illness or disability, the loss of a job can all propel even the most well-meaning consumer into debt hell.
People don't tend to share their bankruptcy fears with friends and neighbours. That sense of shame, failure and isolation allows some persistent misunderstandings and falsehoods about the process to linger. In some cases, those mistaken impressions can prevent people from seeking the relief that a bankruptcy filing is designed to provide.
With that in mind, here are eight myths about bankruptcy … and some facts that just might open your eyes:
I don't want to file for bankruptcy because I'll lose everything. Yes, if you have a lot of assets, chances are you will lose most of them. After all, your creditors do have a right to get at least some of their money back. But you won't lose everything. "This fear-mongering is often disseminated by credit collections people who want to frighten you into paying them rather than seeking the help of a licensed trustee," says the Toronto-based bankruptcy firm A. Farber & Partners. Some assets are protected from liquidation in the bankruptcy process. For instance, creditors usually can't touch locked-in pensions, RRSPs or RRIFs (although RRSP contributions made during the year prior to the bankruptcy filing must sometimes be added to the pot creditors have access to.) Each province and territory has its own list of assets that bankruptcy filers are allowed to hang on to.$1500 Unsecured Personal Loans - News
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