Are you thinking of declaring bankruptcy? Are you having trouble understanding whether you should consider filing bankruptcy? Not sure how a bankruptcy operates, or what would be expected in your situation? You’re not alone, each year there are over a 100,000 Canadians who file a bankruptcy or proposal in Canada and hundreds of thousands more who are still struggling with unmanageable debt but do not know where to turn.
This is where we can help. We are committed to helping you understand what bankruptcy is, when it makes sense to file a bankruptcy, how the Canadian bankruptcy laws and rules will impact you.
The first step is to do your homework. Take a little time and read up on filing personal bankruptcy in Canada. Learn about the process, what you can expect and the various alternatives to filing a bankruptcy. Here is a list of resources that should help you understand what to expect.
Educating yourself is a good start, but the second step is to talk to someone who is trained and qualified. How a bankruptcy unfolds is dependent on the specifics of your situation. So you need to get professional advice. A Licensed Insolvency Trustee is the only professional who is federally licensed and qualified to provide advice about bankruptcy and the other legislated options to a bankruptcy. A Trustee will provide you a free, no obligation consolation that is designed to make sure you understand what to expect. So meet with a professional, get the guidance you need so you are properly equipped to determine what direction is best for you to proceed.
Once you have educated yourself about bankruptcy and what to expect, and then made sure you have met with a Licensed Insolvency Trustee, you should have all the information you need to determine if a bankruptcy is the best option for you.
April 12th, 2005 by Questions
My husband and I are looking to claim bankruptcy. We own a house, but we bought it power sale for $65,000. The house is now worth approx. $105,000. What would happen to us and our house is we claim bankruptcy, seeing as how there is $40,000 in equity?
April 11th, 2005 by Questions
If my husband has a limited company and it goes bankrupt, is he personally responsible fo the debt. Can debtors collect from pesonal assets. Would I be responsible if I have nothing to do with the company and am not on any paperwork?