Bankruptcy is a legal process, regulated by the courts and aided by a trustee in bankruptcy, by which you may be discharged from most of your debts. This trustee may discharge you from most of your debts. Let’s imagine you are unable to pay any portion of your debt due to some particular circumstances (i.e. lost your job, personal health, family issues). Bankruptcy might be the option for you.
The trustee in bankruptcy sells your non-exempt assets when you declare bankruptcy. The exempt which can not be taken include clothing, kitchen wares, instruments and tools you use in your profession, personal items and a motor vehicle up to the prescribed amounts.
Your unsecured creditors will not be paid, and you will be relieved from most of your debts.
Awards for damages in respect of an assault are excluded as are debt arising from fraud, spousal or child support, alimony claims, any debts or obligations and court fines. Debts or obligations for student loans when the bankruptcy occurs while the debtor is still an active student or within a seven-year period are also excluded when they are no longer a student.
Book a free consultation right now with one of our qualified consultants. It’s as easy as picking up the phone or visiting the contact page. We can help you make an informed decision on filing for bankruptcy. We’ll tell you if your only option is bankruptcy or if there are other options accessible to you.
Book your free consultation now. Call us at (416) 663-5444 or click here