I’m falling behind on monthly payments, would bankruptcy be a good option for me?
Bankruptcy is perfect for people in your situation. There are several bankruptcy alternatives that should be researched before you proceed with bankruptcy, but if you have exhausted all of those options, bankruptcy may be just what you need to get a financial fresh start.
How does bankruptcy work?
In Coquitlam, British Columbia you will need to give most of your assets over to a licensed bankruptcy trustee in exchange for the elimination of your debts. You can get a list of things you’re allowed to keep from your trustee.
In a bankruptcy you will be able to eliminate most, if not all of your debts, but your ability to obtain credit in the future will be negatively effected.
Can I file bankruptcy for free?
The fees for your trustee are set up by the government. However, the actual costs of bankruptcy will be determined by your monthly income, your assets, and the size of your family.
Can I file for bankruptcy without a trustee?
In Canada it is not possible to file bankruptcy without a trustee. The bankruptcy process can be very confusing, and a bankruptcy trustee can ensure that you fulfill each step correctly. They can also advise you on the various options available to you.
To find a bankruptcy trustee in Coquitlam, click here. |
