bankruptcy
Bankruptcy
Get expert advice on how to restructure your financial situation and avoid bankruptcy.
Advantages of bankruptcy:
During the bankruptcy:
You can keep your work-related belongings and part of your retirement savings.If you have secured loans, you can continue to repay them.
After bankruptcy: You will live debt-free and with a balanced budget.You have the option to choose which items you wish to keep.
Bankruptcy offers a second chance to those who need it.
What is bankruptcy?
A person experiencing financial hardship can use the provisions of the Bankruptcy and Insolvency Act to file for personal bankruptcy. Only a Licensed Insolvency Trustee (LIT) can do this on your behalf.
When you file for bankruptcy, we notify all your creditors, who must then immediately suspend all legal proceedings against you (actions, seizures, phone calls, and other collection procedures). Bankruptcy allows you to eliminate all your debts, including those owed to government entities, although there are some limited exceptions.
Bankruptcy can be
The best option if:
1. You cannot consolidate your debts or make a consumer proposal.
2. You have few assets with significant equity.
3. Your financial situation is too unstable to commit to a long-term proposal and you want to quickly resolve your debt problem and balance your budget.
How does it work?
Bankruptcy?
acknowledge the financial difficulties.
Identification of the financial problem
1
Bankruptcy filing
filing for bankruptcy with the competent authorities.
2
Bankruptcy management
An insolvency administrator manages the process.
3
Financial restructuring
plan the financial recovery.