Bankruptcy Canada has a network of trustees in every province and territory of Canada who offer confidential evaluation meetings with a licensed bankruptcy expert so you can learn more about the bankruptcy process, you can talk over any possible bankruptcy alternative available to you and get answers to your insolvency questions.
There are several benefits to filing bankruptcy but you need to speak with a Trustee in Bankruptcy to learn whether you should file for bankruptcy.
When Should I File Bankruptcy?
There are several situations whether filing bankruptcy will be beneficial for debtors stuck in a hopeless debt situation:
* Your Liabilities Exceed Your Assets: If you are unable to pay your debts and you have few assets then bankruptcy can be a good choice for you;
* You Have Lost A Job: If you have lost your job and you have little or no savings left then you might want to consider bankruptcy or a consumer proposal;
* Your Assets Are Protected By The Exemptions: When you go bankrupt there will be certain exemptions to the assets you own that your trustee can seize. If you won’t lose your assets taking advantage of the bankruptcy laws could be beneficial for you.
* You’ve Already Tried Other Debt Relief Services: If you have already tried another way of getting out of debt, were turned down for a consolidation loan, or have attempted to negotiate with your creditors but could not reach a settlement you might have no choice than to go bankrupt.