You can’t go bankrupt if you have no debt! Bankruptcy is a relief valve for people and companies who find themselves unable to cope with overwhelming debts. Bankruptcy is not necessarily the only option for resolving debts, but the availability of other options depends on individual circumstances. The sooner you identify and get assistance with your debts, the more options you have.
Tag: debt options
February 2016 – Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 1% and consumer proposal filings were up 9.5% as compared to the 12-months ended February 28, 2015.
New Brunswick – Personal bankruptcies were down 3.9% and consumer proposal filings were up 19.9% as compared to the 12-months ended February 28, 2015.
My Spouse filed bankruptcy, do I need too?
No, if one spouse files personal bankruptcy or a consumer proposal, it may not be necessary for the other spouse to file. This depends on several facts which a Licensed Insolvency Trustee will assist the couple to review. The couple can then make an informed decision as to which option best meets their needs and allows them to achieve their financial goals.
Is Bankruptcy My Only Option?
Bankruptcy is not the only debt solution option available to resolve overwhelming debt. Your Trustee (Licensed Insolvency Trustee) can also put together a consumer proposal to your creditors. Where you pay a portion of the debt, you owe your creditors, and the creditors write off the remaining balance of the debt.
Dealing With Debts in Collection
Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.