Is filing Bankruptcy my only option?
The answer is NO. There are other options available. You don’t need to go bankrupt if you’re unable to pay your debts. Many people may think that declaring bankruptcy is there best option when things get hard. However, bankruptcy is not a good option in specific situations. This is because you may have non-dischargeable debts like student loans, child support, fines and penalties that will remain on your record. Debts that are dischargeable will be erased from your record when you go bankrupt. We highly suggest that you speak with a Licensed Insolvency Trustee Professional like J.P. Graci & Associates Ltd.
MORE QUESTIONSDo I qualify for bankruptcy? How long will I be bankrupt? How much will it cost? How will my credit rating be affected? If I declare bankruptcy, will I lose everything? Should I declare bankruptcy? Will I still be responsible for some debts after filing for bankruptcy? Does Filing for Bankruptcy in Canada Affect My Spouse? What is a bankruptcy discharge and the process involved? What is the OSB and what are their responsibilities? If I file a proposal or declare bankruptcy, what happens to my credit rating? What happens if my creditors vote against accepting my consumer proposal? Can I leave some creditors out of my consumer proposal? How Do I Get a Mortgage After A Consumer Proposal? Can a student with a government student loan go through bankruptcy or get a consumer proposal?