What is bankruptcy?
Bankruptcy is when a person in debt surrenders all of their assets to a licensed bankruptcy trustee, in exchange for the elimination of their debts.
Who should file for bankruptcy?
Anyone in Newfoundland & Labrador who is falling behind on monthly payments or anyone who is experiencing financial difficulties may file for bankruptcy.
Is bankruptcy the only option?
No. There are a quite a number of bankruptcy alternatives in Newfoundland & Labrador that should be explored prior to filing for bankruptcy. A licensed bankruptcy trustee can help you determine the best course of action.
Is bankruptcy the same all over Canada?
No. In fact, the rules of bankruptcy may differ significantly from province to province. It is essential that you understand all aspects of the process in Newfoundland & Labrador.
Will I be able to obtain credit again?
Yes you will be able to get credit again, but it may be significantly more difficult to do so.
What is the cost of filing for bankruptcy?
The cost of bankruptcy will differ in each province. However, basic costs will be dependant on your monthly income, the size of your family, and your assets.
I’ve heard that some people hire a trustee. Is this a good idea?
Absolutely. Bankruptcy is an extremely complex process and it is easy to get confused. A licensed bankruptcy trustee in Newfoundland & Labrador can help you through the process and make sure it is done as quickly and efficiently as possible.
