J.P. Graci & Associates Ltd.

Brantford    519-753-7361

Hamilton    905-525-7077

Questions and answers

Find Answers to Your Bankruptcy Questions

The professionals at J.P. Graci & Associates Ltd. are here to help you make the right decision regarding your financial crisis. We are pleased to include these frequently asked questions as a reference to you. If you need more information or would like to schedule your free initial consultation, please contact us.


Q: Do I qualify for bankruptcy?

A: In order to qualify you must be able to answer yes to one of the following questions. Do you owe more than $1,000? Does your debt exceed the value of your assets? Are you unable to pay your debt on time? Even if you answer yes, declaring bankruptcy is not your only option.


Q: How long will I be bankrupt?

A: If you are filing for bankruptcy for the first time, you may be eligible for an automatic discharge in 9 months.


Q: How much will it cost?

A: The fee charged by J.P. Graci & Associates Ltd. is governed by legislation. Each case is different and we take pride in finding creative solutions for your unique situation.


Q: How will my credit rating be affected?

A: Credit bureaus will typically keep a record of your bankruptcy for 6 to 7 years from the date you are discharged. J.P. Graci & Associates Ltd. will help you with strategies to rebuild your credit.


Q: If I declare bankruptcy, will I lose everything?

A: Absolutely not. While we may use some of your assets to pay creditors, you have some assets that are considered exempt. This includes equipment you need for work, personal items and furniture. In many cases you will be able to keep your home and car as long as you can manage your payments.


Q: Should I declare bankruptcy?

A: Bankruptcy is not your only option. You may be able to avoid the negative impact to your credit rating through a consumer proposal. The first step is to meet with the professionals at J.P. Graci & Associates Ltd. Your initial consultation is free.


Q: Will I still be responsible for some debts after filing for bankruptcy?

A: Possibly. A bankruptcy will not discharge any debts relating to alimony, child and spousal support, student loans less than 7 years old, and some court fines or penalties.

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