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?
Technically you can file for bankruptcy without a trustee, but this isn’t wise. The bankruptcy process is an extremely complex one, and there is a good chance you will get confused somewhere along the way. We strongly recommend contacting one of our licensed bankruptcy trustees in Coquitlam. The trustee will review the process with you and will help you make the best decisions for your situation.
To find a bankruptcy trustee in Coquitlam, click here. |
