It is normal to want your kids to emulate yourself in so many ways. It is also normal to want them to avoid a few costly mistakes you may have made as you grew up. Financial freedom is just one of the many things you may want your children to emulate if at all, you are successful. Accumulating debt on the other hand is one plague you will want your children to avoid at all costs. You will teach them what bankruptcy is at a very early age and what it takes to avoid it. But that won’t be enough.
Many Canadian seniors are forced to declare bankruptcy more than ever before.
A study done by Statistic Canada between 2012 and 2015 shows that seniors in debt aged 65 and over have increased 40 percent–with one out of 5 Canadian seniors going in debt compared to 15 years ago when it was one out of 20 seniors that were in trouble with debt.
Bankruptcy is a scary concept for most people. This is mainly attributed to a number of myths which are unfortunately believable to them. As such, people will go running in the other direction the moment they start thinking about filing for bankruptcy. Here are some of the top 8 myths about bankruptcy debunked.