How to file bankruptcy? -What does it mean to file bankruptcy?

What does it mean to file bankruptcy?

When is bankruptcy the best option?

Sometimes financial problems can be so difficult to manage and for that filling bankruptcy at https://bankruptcy-basics.org/ seems to be the best solution. Although this is the only option, it does not make it easier. That’s why we want to help you regain control of your financial situation. We will work together to find the trustee that best suits your needs and circumstances.

The declaration of bankruptcy being an important decision, we want to make sure that it is the optimal solution in your case. If you really think about it, here are some situations in which declaring bankruptcy is beneficial:

  • When your debts exceed your income
  • When you can no longer pay your credit card
  • When you can no longer pay your monthly bills
  • When your salary has been seized

 

The benefits of a bankruptcy declaration

The benefits of a bankruptcy declaration

Declaring bankruptcy may seem like a failure, but think again. Rather, see the bankruptcy declaration as the first step towards a healthy financial future. If bankruptcy is the best solution really, you will benefit in the end.

  • Your creditors will no longer have legal recourse against you
  • Some of your assets will be protected from seizure
  • The majority of your debts will be canceled (you will not need to pay them)
  • Bankruptcy prevents wage garnishment
  • You’ll benefit from financial advice that will help you get back on your feet
  • The debt relief will allow you

Although declaring bankruptcy must be the last resort, we want to make sure that it will offer you debt relief, which will be an opportunity to rebuild your financial situation on the new footing.

 

What to expect when declaring bankruptcy?

What to expect when declaring bankruptcy?

The declaration of bankruptcy is a stressful decision and often it can seem like a bad decision or a problem that never ends. Make sure! Any trustee to whom you will be referred will act in your interests, that is, he will make sure that bankruptcy is the best option for you. Also, the trustee will guide you step by step by explaining all the details of the process to allow you to have all the necessary information. Here are some ideas and prejudices that you must forget when you declare bankruptcy:

  • You will not lose everything. Many people think that they will lose all their assets when they declare bankruptcy, but this is not the case. In Canada, the Bankruptcy and Insolvency Act protects consumers by preventing the seizure of their assets.
  • You will be protected from your creditors. By declaring bankruptcy, you will immediately protect harassing creditors. They will have no legal recourse against you and will have to stop calling you and harassing you.
  • Life after bankruptcy continues. By declaring bankruptcy, people often think that their life ends there. If bankruptcy is the optimal solution, believe us, you’ll get off to a good start.
  • Thousands of Canadians have also declared bankruptcy. Know it, you are not the only one. Thousands of Canadians have already declared bankruptcy in the past, and more thousands will do so in the future.

 

Start your new life today!

bankruptcy

Declaring bankruptcy does not mean that you have failed. It simply means that you have taken the appropriate steps to improve your financial future. Start the process today and we will put you in touch with the trustee that best suits your needs.