Bankruptcy Protection is a legal process that immediately stops most collections and actions of creditors including demands on properties and salaries. It gives you the opportunity to become released from your debts and the chance for a new beginning. This process includes counselling sessions that will help you get back control over your finances. In most cases, you can keep properties, such as your home contents, automobile, tools of your trade and you’ll be able to continue to operate your business.
Both options present advantages and disadvantages and the best one for you will depend on your personal situation. You should talk to a Licensed Insolvency Trustee who will be able to help you to organize a plan of action that best suits you.
Here are some of the advantages of choosing bankruptcy protection:
The cost of your bankruptcy will be dependent on a number of factors including the value of your bankruptcy estate and your household income.
Normally a bankruptcy takes 9 months from filing to discharge, but there are a number of factors that can change the length of bankruptcy including:
A discharge is the legal process of a bankruptcy that will release you of your debts. Its duration varies depending on the number of times you have declared bankruptcy. It will last either 9 or 21 months for people that are declaring bankruptcy for the first time. If you have declared bankruptcy more than once, the process lasts for either 24 or for 36 months.