PERSONAL BANKRUPTCY EDMONTON
Learn More about Personal Bankruptcy from Professionals
You aren’t making enough to cover your debts, and they continue to grow. After carefully considering every option, bankruptcy may be the only way to clear your debt off your plate.
Sit down with a qualified trustee at Fox-Miles & Associates Inc. Licensed Insolvency Trustee. Our compassionate credit counsellors can walk you through every step of the bankruptcy process.
WHY MIGHT YOU NEED PERSONAL BANKRUPTCY?
The problems of personal debt may be sudden or gradual, but they often come with warning signs. Have you been missing payments? Do you qualify for a debt management plan to reduce payments? Do you have maxed out credit cards or a home equity loan? Have you had a major setback such as a job loss or a divorce? When these unfortunate things happen, it may be time to declare bankruptcy.
Yes, a bankruptcy is damaging to your credit rating, but we can help get you out from under the weight of mounting debt.
DO YOU QUALIFY FOR PERSONAL BANKRUPTCY?
Not everyone qualifies for bankruptcy. According to the Bankruptcy and Insolvency Act, there are general qualifications that must be met in order to qualify for bankruptcy. First, you must be a Canadian resident. Second, you must be unable to pay your bills when they come due. Third, you must owe more than $1,000.
Remember, these are just general qualifications. There are other factors to consider in declaring bankruptcy. It is meant for those that, after paying for a basic cost of living, they cannot pay down their debt. If you’re looking for a fresh financial start bankruptcy allows for certain advantages. It gives you legal protection from creditors and eliminates most unsecured debts. It is relatively inexpensive when compared to the cost of the debt and you can usually be debt free within 9-21 months after a first bankruptcy.
NAVIGATE YOUR PERSONAL BANKRUPTCY IN EDMONTON
The first step in personal bankruptcy is a consultation with one of our licensed insolvency trustees. Our trustees will review your financial statements, income, credit history, monthly bills, and outstanding debts. We will provide you with a thorough evaluation of your financial situation, and outline which remaining options you have to pay off your debts.
If personal bankruptcy in Edmonton is your most viable option, you and a trustee will work together to complete the necessary forms to file for bankruptcy.
UNDERSTAND THE FILING PROCESS
Once you’ve declared bankruptcy, our trustee will deal with your debt collectors and creditors for you. We also can sell off your non-exempt assets, and hold the profit in a trust to pay off your creditors.
You’ll discontinue any payments you’ve been making to them and no longer need to pay off debts. Your creditors will no longer garnish your wages, but they may request a meeting with you and your bankruptcy counsellor.
During this time, you will be legally required to attend two credit counselling sessions.