In this video, Licensed Insolvency Trustee in the GTA area, Richard Killen, talks about the how your credit rating will be impacted by your current financial situation and is not directly due to the fact that you are undergoing bankruptcy or a consumer proposal. As a matter of fact, it is the solution you need to get out of your financial troubles and start improving your credit rating.
Here are a few key takeaways from Richard’s informative clip:
- Of course, a person’s credit rating is affected, but not so much by the bankruptcy or consumer proposal itself. It’s the non-payment of the debts that negatively affects your credit rating.
- Most people who go bankrupt or do a consumer proposal have already fallen behind in payments and their credit rating is already diminished.
- One thing for sure: the only way to restore your credit rating is by taking care of the immediate problem- and that‘s where the bankrupt or consumer proposal does the job.
- Think of a bankruptcy or a consumer proposal as the solution, not the problem.
Should you still feel uneasy about your debt and losing your assets, it’s definitely worth it to give a Licensed Insolvency Trustee a call or a visit so that they can give you all the information you will need to make this important decision and also to alleviate any worry and stress you may have.
There is no cost for your initial meeting and we will explain all of your options to you. We can meet with you during business hours or book after hours appointments if that is more convenient. Richard Killen and Associates is a Licensed Insolvency Trustee in Scarborough and have 10 locations across the Greater Toronto Area. Call us at (416) 285-9511