A. Farber & Partners Inc., 1-844-294-7980
6 Albert Street North, Lindsay, Ontario K9V 4J1
Bankruptcy is a viable solution for those who are burdened with unmanageable debts but it is not something that you should decide upon in haste.
The laws the govern bankruptcy can often be complex and difficult to understand for lay persons.
Also, it is crucial to accurately understand both the implications of bankruptcy upon your finances and your debts well before you file the paperwork.
This helps you have clear picture of what your debt situation will look like post discharge.
A. Farber & Partners Lindsay, ON Licensed Insolvency Trustee
Lindsay, Ont. Debt Assistance
This is necessary because not all debts are eliminated when you file for bankruptcy.
Typically, only unsecure debts are discharged and the secured ones, like your home may remain on your account to pay off.
If the house is almost completely paid off by you, there is the possibility that you will have to hand the property to the trustee to liquidate so that your creditors can be paid off.
In addition, bankruptcy does not allow you to escape income tax either.
Your trustee will file taxes on your behalf.
Also remember that you have costs to bear for the bankruptcy process itself.
These are just a few of the aspects that make it very critical for you to have a clear picture of bankruptcy and the associated responsibilities that you are required to take up when you file the paperwork.
This is quite an impossible task for you to manage when you are facing the immense stress and strain of your debt burden, penalties, collection calls and other distractions and the possibility of missing out many advantages of the bankruptcy is high.
To avoid this, you need the help of a local bankruptcy expert in Canada guiding you through the process step by step.
With such an expert by your side, ready to answer your questions and acquaint you with the laws that apply, you know what to do, when and how to do it when you file for bankruptcy.
Our Lindsay, ON Licensed Insolvency Trustee has the expertise and experience you need in this situation.
Make an appointment with our friendly expert for a completely confidential bankruptcy consultation today.