We are sure you have heard before that bankruptcy in Cambridge is a bad thing. But do you know why it should be avoided at all costs? Today we are going to take a look at some reasons why you should avoid bankruptcy if at all possible. At Access Mortgage, we can set you on the path of financial freedom and debt relief through other strategies. If you are considering filing for bankruptcy, WE WANT TO HEAR FROM YOU FIRST! Don’t risk damaging your credit for up to 7 years. There are other ways, and Access Mortgage will show you! Read on for more information about why you should avoid filing for bankruptcy.
The following is a list of reasons why you should avoid filing for bankruptcy in Cambridge:
Emotional baggage and stress:
The emotional baggage and stress can be immense and overwhelming. Knowing that you are in financial ruin is not a fun place to be. People who claim bankruptcy often feel like failures and feel a strong sense of guilt because they didn’t pay back the money that they had agreed to pay. The embarrassment of admitting your failure to family and friends can be difficult to overcome.
Affects your credit in a big way:
Filing for bankruptcy affects your credit in a big way. Canada’s largest credit bureau, Equifax, keeps the record of your bankruptcy on your file for 6 years after the date of discharge or your last payment. That is a long time to not have access to any credit. With a bankruptcy on your credit bureau report, most lenders will not even consider lending money to you. That plainly means you won’t be able to have any form of credit for a long time and it will be difficult to re-establish your credit after the bankruptcy.
Not all of your assets are protected:
Some of your assets may be protected, but not all of them are exempt in a bankruptcy. If you have assets that are not protected, you will have to surrender them to be sold and the funds from the sale will be distributed among your creditors. Depending on your situation you may have to give up certain assets that you may have been able to keep had you used another form of debt help.
As these are just a few of the reasons why you should AVOID filing for bankruptcy in Cambridge, Access Mortgage has a few other strategies that you can take advantage of. Through a refinance or debt consolidation, you can be on your way to financial freedom WITHOUT damaging your credit.
Debt consolidation is a tool that can give you the ability to quickly and easily reduce your existing debt. In some cases it is possible to eliminate a huge percentage of your debt in one fell swoop. This process can save you paying astonishingly high interest rates on thousands of dollars of debt when there is simply no need. Debt consolidation will combine all of your lines of credit into one manageable loan.
Refinancing pays off your existing mortgage or any other legal claims, then provides a brand new mortgage. If the current rates are lower than when you received your initial mortgage you could save a great deal of money by refinancing.
For more information about why you should avoid filing for bankruptcy in Cambridge, and instead, consider other strategies like debt consolidation or a refinance, please feel free to continue browsing through our Access Mortgage website. Click here to find our contact information and to fill out our contact form.