What happens when I declare bankruptcy?

Creditors will stop calling you.

The time when answering the phone, checking your mailbox or going to the door could send you into waves of panic is now over. Feeling harassed by people constantly reminding you of late payments? This feeling is quite normal and, most importantly, quite common. You’re not alone. Bankruptcy trustees are available to help you out. Put an end to this stressful situation! In fact, when you declare bankruptcy, creditors are prohibited from contacting you further (even in order to negotiate an agreement with you). When you take control of your financial situation, it will begin to improve, bit by bit.

Here below are some questions you’re likely asking yourself if you’re thinking about bankruptcy:

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Should I consider a personal bankruptcy?

If the answer were simple, bankruptcy trustees would all declare bankruptcy. All joking aside, bankruptcy is an option that requires serious reflection. Personal bankruptcy can be a difficult choice to make for an individual who has serious financial problems. Several factors, including the fear of social stigma, may discourage the indebted individual from contacting a bankruptcy trustee.
Here are some things to consider if you’re in financial trouble and are considering bankruptcy. Indeed, bankruptcy may be the light at the end of the tunnel that helps you restore your credit with the expertise of a qualified trustee.
But first, you should analyze your financial situation.

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Personal Bankruptcy: The three types of bankruptcy

The bankruptcy trustee is an expert who can help you understand all the ins and outs of bankruptcy laws in Canada. Bankruptcy allows an honest but insolvent individual to be released from his debts and given a second chance.
There are three ways to declare bankruptcy:

1) Voluntary Assignment

A voluntary assignment occurs when the debtor (the individual in debt) himself makes the decision to declare bankruptcy. The debtor hands over his assets to the bankruptcy trustee, and the trustee liquidates them and shares the amount raised with the creditors. This possibility is open to anyone with at least $1000 of debt that they’re unable to pay.

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