What Happens After You File For Bankruptcy - In Canada
Filing for bankruptcy in Canada is a serious step that can have long-lasting consequences on your financial situation. Once you file, the following steps occur:
What Happens to Your Debts After Filing For Bankruptcy In Canada?
After filing for bankruptcy in Canada, your debts are typically discharged, which means they are wiped out. However, this doesn't mean you're off the hook entirely.
The Impact of Bankruptcy on Your Credit Score
Bankruptcies can significantly lower your credit score, making it harder to get loans or credit in the future. This is because lenders view bankruptcies as a sign of financial instability.
