eligibility for dischacharge

August 31st, 2010 by Questions

I have a debt around $70,000 (including cash advance, some electronic devices and a $10,000-diamond ring for re-sale to get back money) incurred in 2007. I used it as capital to invest in setting up a language school in Vietnam. However, after 2 years in operation, it failed and I was completely broke. I lost everything. I have proofs for that. So, am I eligible for an automatic bankruptcy? (This is my first time ever.) One more question: It`s been 2 years and all my credit cards were lost due to moving. Is there a problem in filing bankruptcy? Thanks.

Posted from: Ontario


One Response to “eligibility for dischacharge”

, Barton Goth - Goth & Company Inc. -Trustee in Bankruptcy said:

Whether or not you are eligible for an automatic discharge or not is not so much dependent on your circumstances surrounding the bankruptcy. What is more important is your conduct during the bankruptcy. In bankruptcy there are certain duties and responsibilities that must be fulfilled and as long as you are up to date with these you should be eligible.

Now there may be some external factors that impact this discharge, but there is not enough space to discuss them in this forum. What you should do is contact a local trustee and they will sit down with you, evaluate your circumstances and then explain what you can anticipate will happen with a discharge.

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