BANKRUPTCY

BANKRUPTCY OVERVIEW

A Bankruptcy is a legal process which provides a debtor (who is unable to meet his or her financial commitments to their unsecured creditors) with a process for eliminating his or her debts in an orderly manner. The process is governed by the Canadian Bankruptcy and Insolvency Act..People who use a Bankruptcy are in essence declaring to their creditors that they are unable to pay off their debts when they become due. This arises either because the debtor has insufficient income or assets (that are not secured) to meet these obligations.


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Which Debts Can Be Included In A Bankruptcy?

Credit card debts

Store credit cards

Bank loans and unsecured lines of credit

Amounts owing to suppliers for utilities and hydro

Unpaid income tax debt.

Student loans

Other unsecured debts

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Debts That Don't Qualify For A Bankruptcy

Child support payments

Alimony payments

BStudent loans that are less than seven years old

Any debt incurred in a fraudulent manner

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