Is bankruptcy a right solutions for you?
What happens when you declare bankruptcy…Debts that can be included…Implications of this process are analysed in more detail by Michael Lewis.
“When Valerie Freeman entered the commerce degree program at Ryerson University, she couldn’t help but notice the credit card come-ons that seemed to be everywhere — in the student halls, pubs, even residences.
An optimistic 19-year-old, she took up the offers and was approved on the strength of her future income. Freeman, freshly armed with plastic, indulged in outings at the nearby Eaton Centre for stress-relief shopping.
It turned into more and more; she bought clothing, shoes, gifts, a laptop, “You name it, I charged it,” Freeman told the Star.
She rang up $12,000 in consumer debt before she’d completed her second year of studies. “The stores were just so close by and it was so convenient. It didn’t feel like I was spending real money,” Freeman says…”
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http://www.moneyville.ca/article/918442–what-happens-if-you-declare-bankruptcy