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Dealing with financial difficulty through either bankruptcy or consumer proposal, provokes many different emotions for people. Feelings can range from relief, to happiness, and sometimes even guilt.

The guilt people feel stems from a feeling of shirking their responsibility. We hear things like, “the bank has been good to us,” or “we used the credit and should pay it back.” These feelings – although warranted – should not overshadow the relief that this process is designed to bring in the appropriate circumstances.

There are some people who take advantage of the credit system in Canada. They purchase large items and then file bankruptcy, or report their income falsely on applications and obtain credit that they aren’t entitled to and can’t manage. These people probably should feel guilty about filing a bankruptcy, as these acts are actually fraudulent.

More often, bad things happen to good people. Various life events such as divorce, job loss, sickness, and business failure can change circumstances, and can result in financial difficulty.

The Bankruptcy and Insolvency Act and the solutions it provides, exist to give the “honest but unfortunate debtor” a fresh start. There are provisions in the law to deal with creditors, so that you can focus on your life events. Debt collectors will have to stop harassing you for payments, as you are protected by the law.

Legally, anyone residing in Canada can use this system to clean their financial slate and start to rebuild their financial situation and their lives. At A. Farber and Partners, we provide you with respectful solutions to your debt problems. Contact us for a free, no-obligation debt relief consultation, to help calm your nerves and guide you toward a brighter financial future and the fresh start we all deserve.

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