Hello, my name is Quianna Ridalgo. I enjoy talking to others about bankruptcy case outcomes. Court officials handle each type of debt, from credit cards to home loans, differently. Debtors must carefully prepare themselves for the court proceedings to cope with the outcome appropriately. The way creditors handle the discharged debt also interests me. Bankruptcy attorneys assist their clients with each step of the bankruptcy process from filing paperwork to meeting with creditors. Debtors and creditors both receive counsel that helps them move forward appropriately at every point in the case. The information I share on my site may help you learn about everyone's role in these complex cases. Feel free to come by anytime to learn more information about this interesting subject.
If you're looking for debt relief and considering filing bankruptcy, you aren't alone. Determining whether or not to file bankruptcy is a huge decision. Before proceeding, you need to make sure it's the right option for you. In order to do this, you need to know if you qualify for filing bankruptcy, if your bankruptcy will benefit you in the future, and what other debt relief options are available. So, before you contact a bankruptcy attorney, learn more about your options so that you can make the right decision for your family.
Do You Qualify for Bankruptcy?
If you want to file bankruptcy, you will need to talk to a bankruptcy trustee and complete a solvency test. The bankruptcy trustee uses your financial information to make sure you meet the three requirements needed to be deemed insolvent. If you're deemed insolvent, you are eligible to file bankruptcy, and in order to be considered insolvent you need to:
Do You Lose Everything You Own When You File Bankruptcy?
Some people assume that by filing bankruptcy, they will lose everything that they own. While it's true that your assets are reviewed during the bankruptcy procedure, the process is there to determine what you're allowed to keep. There is a chance that some of your assets will be sold in order to repay some of your debt. However, in most provinces, you are allowed to keep:
How Does Bankruptcy Affect Your Future?
Filing bankruptcy is something that affects your life in numerous ways for years. This is why bankruptcy shouldn't be used as an easy way to relieve your debt, but instead as a last resort. You can expect your bankruptcy to show up on your credit report for six years following the date your bankruptcy was discharged. Also, there are rules that you need to follow until your bankruptcy is discharged -- which can take anywhere from nine to 21 months.
What Are Your Other Options?
Bankruptcy isn't your only debt relief option. There are several things that you can do in order to pay down your debt and gain control of your financial situation, including:
Additionally, if you reside in either Nova Scotia or Alberta, you may qualify for the Orderly Payment of Debt program. This program allows you to consolidate any unsecured debt, allowing you to pay it off within a three-year period at a 5 percent interest rate.
Dealing with debt isn't easy. However, there are several ways that you can get some debt relief. If you're unsure of what to do, talk to a bankruptcy attorney to determine which debt relief option is right for you.
For debt relief, contact a business such as debt counselling by Beth Maynard & Associates Inc.Share