Personal bankruptcy is a legal process that provides protection from creditors and eliminates your debts.
Hundreds of thousands of Canadians are struggling with debt every day and while for many there are other options to deal with their debt, for an average of 60,000 Canadians every year bankruptcy is the only option.
The thought of applying for bankruptcy may seem daunting, however, there is help and support available to those in need. A bankruptcy can only be filed with a federally regulated Licensed Insolvency Trustee like A. Fisher Associates Inc.
Despite thousands of people across the country turning to personal bankruptcy as a form of debt relief there are still misconceptions surrounding the debt relief solution.
Myth: If I file for bankruptcy, I will lose my assets.
Fact: Filing for bankruptcy protects your assets.
That’s why our experienced advisors are proud to offer help and advice to anyone considering personal bankruptcy. They will guide you through the process of applying for bankruptcy and help you decide if it’s the right option for your circumstances.
You can eliminate most unsecured debt in a bankruptcy.
Typical unsecured debts that can be included in bankruptcy are:
Although a bankruptcy is a positive way to eliminate your unsecured debts and start on the road to rebuild your credit, there are certain debts that cannot be eliminated through a bankruptcy, including:
You should also note that secured debts, guaranteed by an asset, such as a mortgage on your house or a vehicle loan, cannot be eliminated in a bankruptcy
If you file a bankruptcy, you can continue to pay your secured creditors or, stop paying and surrender the asset.
Filing a bankruptcy gives you complete legal protection from creditors. It prevents and stops legal actions, it stops wages being garnisheed and lifts freezes on bank accounts. It even gives you protection from CRA.
Unlike other options, you do not need creditor approval for your debts to be eliminated. No one can stop you from filing a bankruptcy, and once the process is completed, you will be debt free!
Unlike other options, the cost of a bankruptcy is not based on the amount of debt you have. The cost is based on your income; the lower your income, the lower the costs. A bankruptcy costs less then other options.
Bankruptcy could be the answer to your financial problems if:
Being in debt is can be difficult to handle and can put you in a lonely place, but at A. Fisher & Associates Inc. we want you to know that you are not alone. Our expert advisors are here to help you find the best solution for your situation.