Should I Declare Bankruptcy?

“Should I Declare Bankruptcy?” is a question many people with debt ask themselves.

People who have racked up excessive amounts of debt might want to consider filing for bankruptcy.

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In some cases there might be bankruptcy alternatives available to you but in many cases personal bankruptcy is the right choice for getting your debts under control.

A licensed bankruptcy trustee can help you determine if you should declare bankruptcy.

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?

Should I Declare Bankruptcy?There are several situations when 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.


If you have a lot of secured debt you might not want to declare bankruptcy, as it will not be disharged in your bankruptcy filing.

If you have surplus income, assets such as real estate, and a good credit score you should try qualifying for a debt consolidation loan instead of filing bankruptcy.

Should you have the ability to make reasonable monthly payments you could try making a consumer proposal to your creditors.

People with lots of unsecured debts and certain types of debts such credit cards, income tax debts, and payday loan debt and low income should consider going bankrupt.

What if I Decide to File bankruptcy

Should I File Bankruptcy Information InfographicIf you think that going bankrupt is the right choice for you then your trustee will help guide you through the entire process from start to finish.

You should get a copy of your credit report once you declare bankruptcy to ensure that the information is accurate and then again after bankruptcy to make sure there are no mistakes.

Bankruptcies are on the public record although in most cases no one will know about your bankruptcy unless you tell them.

Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation

Call 877-879-4770