Trouble opening bank accounts should not be a concern if you used to be bankrupt. Banks are required by the government to permit once-bankrupt or presently bankrupt people to apply for bank accounts and similar services, no matter what the state of their finances are or have been. Regulations concerning the right of the bankrupt person to access basic banking services were implemented to protect the rights of the filer and strengthen his or her chances at regaining financial stability after filing for or declaring bankruptcy. There are many negative effects that come with bankruptcy, such as diminished assets and finances, which can be problematic enough ? the filer should not have trouble opening bank accounts.
If a filer did not commit crimes of fraud, crimes against banks and bank personnel, or the falsification of identifying documents, the Access to Basic Banking Services Regulations mandates the person?s access to bank accounts and other services. These regulations also shield the individual from the detrimental effects of prejudice against those who have filed for bankruptcy. However, these regulations are only meant for service applications done in person, and not over the phone or the Internet. What the filer has to do is personally appear at a brick-and-mortar bank and submit some of the following documents in original form: his or her Canadian birth certificate, passport, driver?s license, health card, SIN card, and naturalization certificate.
If you have experienced a considerable decrease in income due to bankruptcy, job loss, or investment loss, your situation should not merit the lack of access to basic banking services that may actually help you rebuild your life and restore financial stability. If you do encounter obstacles in applying for a bank account, for example, you may go to the Financial Consumer Agency of Canada, look for a complaint form, and register a complaint against your bank. However, many are glad to find out that their banks address the problem head-on if the individual makes his or her complaint known.
Filing for bankruptcy, though it has benefits as an effective means of debt relief once all other options are exhausted, also has its disadvantages ? reduced assets and a reset credit rating are just some of its downsides. Your bankruptcy trustee will ensure that, to the utmost of the professional?s ability, bankruptcy preparations and bankruptcy proceedings will go along smoothly and without as many repercussions on your finances as possible.
Over credit advisors and other providers of debt relief, the certification and training provided by the Office of the Superintendent of Bankruptcy allows the licensed trustee not only to facilitate proceedings and help the filer prepare for bankruptcy, but also to dispense reliable advice on debt relief and establish an action plan that utilizes these alternatives. Your trustee will also be an optimum source of info, which will in turn correct misconceptions such as the filer encountering trouble opening bank accounts due to the latter?s financial history.
Trouble opening bank accounts should not be a concern if you used to be bankrupt.
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