December 3rd, 2013
What to know about life insurance
when facing bankruptcy.
If there's one thing the recent recession has taught us, it's that it’s possible to recover from almost any financial disaster. The 2008 recession saw many Canadian families lose their jobs, their cars, and their homes. In Ontario, many small towns struggled with the loss of the auto manufacturing companies that kept them afloat. Many had to declare bankruptcy in response to their changes in income, and while things were worse south of the border, the recovery has been a long time coming.
In 2012, bankruptcy rates dropped over 12% from their levels in 2011. Over 11,000 fewer people were forced to declare, and that is great news. It seems that for the first time in a long while, things are getting better. But for those who have already declared bankruptcy, their recovery may be bumpier than expected. Bankruptcy affects more than just a person’s ability to get a credit card. It can also affect whether they can be approved to rent an apartment, whether they can afford to go back to school, and even which jobs they will be able to get. As it's now common for landlords, student finance lenders, and employers to check credit histories, it can be challenging to get your life back to where you want it.
(Life Insurance and Bankruptcy