There are many questions and myths surrounding debt and debt control that can make dealing with debt seem more complicated than it really is.

1. Filing For Bankruptcy
On Your Own & Other
Debt Myths

2. Is filing for bankruptcy on your
own possible?

3. How does
bankruptcy work?

4. Is filing a consumer proposal the same as filing
for bankruptcy?

5. There are many questions and myths surrounding
debt and debt control that can make dealing with
debt seem more complicated than it really is.

6. DEBT IS A NORMAL
PART OF
EVERYDAY LIFE
MYTH #1

7. With Albertans carrying the most consumer debt in
Canada, it may seem that debt is just simply a
normal part of everyday life.

8. Debts tied to an appreciable asset like a house can
improve your quality of life, other debts can have a
negative impact on your credit score.

9. It’s important to recognize the difference
between both
GOOD DEBT BAD DEBT
and become proactive about paying down and
avoiding unnecessary debt.
VS.

10. FILING FOR
BANKRUPTCY ON
YOUR OWN IS
SOMETHING YOU
CAN DO
MYTH #2

11. Filing for bankruptcy is a legal process, and it
is not possible to do without the assistance of
a certified Trustee in Bankruptcy.

12. Bankruptcy Trustees guide you through the
process of filing for bankruptcy and can answer
any questions you may have along the way.

13. EVERYONE CAN
FILE FOR
BANKRUPTCY
MYTH #3

14. It’s a very popular myth that bankruptcy is a viable
debt control option for everyone.

15. There are circumstances in which
individuals are not eligible to use
bankruptcy to get out of debt.

16. If the value of your assets or
income is greater than your
debt, you will be ineligible for
bankruptcy.
BDO CANADA

17. If you attended post-
secondary education and
have been out of school for
less than seven years, you
are not able to eliminate
student loan debt by
declaring bankruptcy.

18. FILING FOR
BANKRUPTCY IS
THE ONLY WAY TO
GET OUT OF DEBT
MYTH #4

19. Bankruptcy is not an ideal debt control
option for some people, and it’s also not
the only way to get out of debt.
BDO CANADA

20. Before deciding whether you should file for
bankruptcy, a Trustee will discuss other debt
relief possibilities, such as debt consolidation
loans, debt management plans and filing a
consumer proposal, to see what would be the
best solution for your financial situation.

21. Filing for bankruptcy on your own is just
one of the many myths that surround debt.

22. For more information visit us at:
edmonton-debt-help.ca