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disadvantages to declaring personal bankruptcy

what are the disadvantages to declaring personal bankruptcy?

Posted from: Ontario

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One Response to “disadvantages to declaring personal bankruptcy”

Barton Goth – Goth & Company Inc. -Trustee in Bankruptcy said...

The major disadvantages are as follows:
1. There is a negative impact on credit;
2. All of your Credit cards must be destroyed and turned over to your trustee;
3. Any non-exempt assets must either be turned over to the trustee or purchased from the bankruptcy estate;
4. While in bankruptcy you are not eligible to be a director of a limited company; and
6. During bankruptcy, you are not eligible to apply for a loan greater than $500 or carry on business without informing the parties involved that you are currently in bankruptcy.

Clearly there are disadvantages, but it is important to realize that the majority of these are temporary and after you debts are dealt with and the bankruptcy is completed the majority of these are lifted.