Young Canadian college and university graduates from coast to coast are struggling with three economic upheavals many did not anticipate. First, the cost of their education made it necessary to borrow far more in student loans than their parents or even their older siblings did. Second, jobs are harder to find. Third, incomes are lower. The end result is many resort to using credit cards to make student loan payments from time to time, adding potential credit problems to their list of worries. If the burden of dealing with these debts becomes too much to bear, can declaring bankruptcy in Lethbridge make these worries disappear?
Unfortunately, many students take on student loans without paying attention to the details of how they must be repaid. The sad fact is that if you have student loans less than seven years old, they cannot be included in a Lethbridge bankruptcy filing.
However, if you are certain you have no way to restore your financial health on your own, declaring bankruptcy in Lethbridge still might help.
First, you need to know no one can get to where they want to be – in sound financial condition – without knowing where they are. In short, you have to know the details of your current financial circumstances.
In a time when few Canadians of any age rely on personal budgets to guide their financial decisions, many of us have little idea of our total net worth and current financial condition. That is where you need to start.
Although this is something you can do on your own, there is no shame in getting professional financial help. In Lethbridge, you can meet with a licensed bankruptcy trustee for a free initial consultation.
We are licensed by the federal government to provide debt relief advice. Our extensive training makes sure we are well suited to the task. We will work with you to prepare a detailed statement of your financial affairs. In some cases, a personal budget can cut expenses enough to get back on track without further help.
However, if you are in deeper financial trouble, declaring bankruptcy in Lethbridge can help, even if your loans are less than seven years old. When you file for personal bankruptcy, you stop making payments on your unsecured debt. Depending on your circumstances, the elimination of those debt repayments might leave you with enough disposable income to continue to meet your student loan payments.
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