Are you overwhelmed by debt? Have you considered bankruptcy? With MNP Drumheller bankruptcy, you can get rid of your debt and change your life!
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What is bankruptcy?
It is a financial situation where you’re unable to make payments towards your debt.
Over time, you’ve likely accumulated a bigger amount of debt.
When you file for bankruptcy, you’re participating in a legal process where you’re required to surrender a percentage of your assets (dependent on how much you earn), share a portion of your current income while bankrupt in exchange for protection from creditors and eventually debt forgiveness.
How can MNP Drumheller Bankruptcy help?
We’re a federally Licensed Insolvency Trustees, authorized by the Canadian Government to administer, file, and manage your insolvency estate under the Canadian Bankruptcy and Insolvency Act.
We’re officers of the Court.
A Licensed Insolvency Trustee is the only authorized individual who through a formal debt settlement or bankruptcy process, compromises with your creditors and provides legal protection. In addition, they can provide you with permanent debt relief.
What will you lose when you file for bankruptcy?
Under the Bankruptcy and Insolvency Act, each province has its own exemption limits and what individuals are entitled to keep when they file for bankruptcy.
In Alberta, you’re permitted to keep the following:
– Personal effects and necessary clothing with a liquidation value of up to $4,000
– Household appliances and furnishing with a liquidation value of up to $4,000
– Property and tools of the trade used to earn his or her only source of income (up to $10,000)
– One truck or car with maximum equity or value of $5,000
– some Life Insurance policies
– some RRSPs and pensions
– dental and medical aids
– up to $40,000 equity on your home
How much will Bankruptcy cost?
The total cost of your bankruptcy will be determined by three components:
1) Basic Fee paid to your Licensed Insolvency Trustee
2) Assets you will loose
3) Income sharing during bankruptcy
The cost of personal bankruptcy varies from person to person, based on these three variables. Your LIT at MNP Drumheller Bankruptcy will always work towards saving your money.
How long will I remain bankrupt?
The time frame for 1st, 2nd, and 3rd-time bankruptcy claims are:
1st time bankrupt: 9 months to 21 months
2nd time bankrupt: 24 months to 36 months
3rd time or subsequent: 36 months to 48 months
To learn more about bankruptcy or to obtain a no-obligation consultation, please get in touch with us at MNP Drumheller Bankruptcy.
Drumheller AB T0J 0Y0
Canada