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Personal bankruptcy is a legal process that provides an individual (debtor) with financial relief from their creditors. This relief comes in the form of a ‘stay of proceedings’ against your creditors. The stay of proceedings will stop most garnishments (excluding family support obligations), creditor calls and other legal remedies that a creditor may use against you in order to collect on a debt.
During the bankruptcy, you will have certain duties that must be completed. These duties include reporting your income, attending two credit counselling sessions, providing income tax information to the Trustee so that the Trustee can complete specialized tax returns, and assisting the Trustee with realizing on certain assets. This isn’t an exhaustive list but includes some of the more typical duties that must be completed. Provided that you have completed your duties, you will be eligible for a discharge.
A discharge is either issued by the Trustee or by the Court, releasing the debtor from most of their debt obligations (certain debts may survive) and promote a fresh financial start. It is important to know that any interested party can oppose your discharge.
Filing for Bankruptcy
If your personal debt is becoming overwhelming, bankruptcy could be your ticket to a fresh financial start. We will take the time to review the pros and cons of filing bankruptcy and the requirements needed in order to help you break free from your debt. It’s easier than you may think.
If you’e ready to get relief from debt, or if you’d simply like to learn more about us, we can’t wait to hear from you.
We do our best to respond to all inquiries within 24 hours.
What Happens to my Creditors?
Bankruptcy may not be right for you. Explore a bankruptcy alternative that offers similar benefits.
Ready to begin your debt-relief process? Contact us today!
If you’re ready to get relief from debt, or if you’d simply like to learn more about us, we can’t wait to hear from you. We do our best to respond to all inquiries within 24 hours.