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Bankruptcy-is-Not-Contagious

Bankruptcy Isn’t Contagious…

Bankruptcy isn’t contagious

While I’m not a medical doctor there’s one thing I’m sure of: You can’t become bankrupt simply by calling a Trustee.

While an overwhelming majority of debtors express their feeling of relief after leaving my office, so many delay asking for help.  So why do so many people delay reaching out for help?  In my experience, there are a number of reasons.

Reason #1 – People don’t understand the bankruptcy process

Common misconceptions are numerous.  Few people really understand how Canadian Bankruptcy laws work.  They may have heard incorrect information from a friend, and based their decision on that information alone.  In my experience, people are often surprised by how easy and affordable that bankruptcy can be, and wish they obtained the facts sooner.  If you are willing to take the time to understand Canadian Bankruptcy and Insolvency laws then speak to the only debt professionals who are licensed by the Federal Government: Trustees in Bankruptcy, like those at Welker and Company.

Reason #2 – People have a negative view of “Bankruptcy”

Bankruptcy laws were created for a reason: To provide honest, but unfortunate individuals with a fresh start.  The Government understands that life has it’s ups and downs and created a system to allow Canadians to become debt free.  At Welker and Company, we believe that there is honour to be found in the courage it takes to face your financial situation head on and do what’s best for you and your family.  The general public’s view of bankruptcy is primarily negative, but who is the general public to judge your personal situation?  Life is complicated and when an individual faces job loss, sickness, or marital breakdown among other challenges, it is our sincere hope that these individuals will overcome this public stigma and reach out to a Trustee in Bankruptcy to understand their options and ability to enjoy a fresh start.

Reason #3 – People aren’t aware of Consumer Proposals

Consumer Proposals are an alternative to bankruptcy that every Trustee in Bankruptcy considers during each initial consultation.  A consumer proposal is just that: a proposal.  You propose a settlement with your creditors, and they have 45 days to accept or reject it.  If creditors representing half of your debt accept your proposal, then it passes and you make a single, affordable, monthly payment to your Trustee for as many as 60 months after which you become debt free.

While everyone has heard of “bankruptcy”, far fewer people are familiar with “consumer proposals”.  If hesitating to speak to a Trustee because you don’t want to go bankrupt, then understand that every Trustee will consider you making a consumer proposal to settle your debt before bankruptcy (which is always a last resort).

Conclusion

While I joke about bankruptcy not being contagious, my message is serious:  If you’re dealing with debt problems then give us, or another Trustee in Bankruptcy, a call.  We offer free, no-obligation consultations and will arm you with the information you need to make an educated and informed decision about your financial future.  Don’t judge a book by its cover.  Give us a call, get the facts, and then make up your mind, or fill out the form below and let us impress you with a prompt response.

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