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BANKRUPTCY TORONTO

Filing for Bankruptcy in Toronto Can Quickly Eliminate Your Debt

For anyone who wants to know what bankruptcy is and why people file for bankruptcy, it’s a legal process that provides debt relief to those who are unable to repay their debts. Not everyone can file for bankruptcy. Many factors need to be considered, such as the person’s assets, income, home equity, the kind of debts they have, etc.


Bankruptcy is one solution that can help you if you’re struggling with debt due to the below reasons – you owe more debt than your income, you want immediate debt relief, or you are wage garnished by your creditors. If you’re thinking of filing for bankruptcy, remember it’s a big decision, and you need to be prepared for it. There are many alternate solutions you could think of, and we at Debt Free Credit Solution, can help you with all! Take some time exploring the available debt relief options with our professionals, and if you still decide to file for bankruptcy, we do help!

WHO IS ELIGIBLE TO FILE FOR BANKRUPTCY?

An individual should be eligible to file for bankruptcy only if he matches the below criteria;

• Your debts must be at least $1000 and higher than the sale value of your assets

• You should be 18 years of age or above

• You should be unable to repay the debts that have already become due

If you’ve decided to file bankruptcy in Canada, you need to know a few things. First is, not all debts can be included in bankruptcy. Also, your next step is to contact a trustee in your area. There are alternatives you can consider, so it’s important that you discuss this with an experienced professional of Debt Free Credit Solution.

HOW CAN WE HELP?

At Debt Free Credit Solution, we help you learn more about filing for bankruptcy if in case none of the debt relief solutions help.

THE BANKRUPTCY PROCESS

Below are the steps involved in the Bankruptcy process!

• You discuss this issue with a licensed insolvency trustee

• Fill out an application and file for bankruptcy

• Your creditors get notified that you’ve filed for bankruptcy

• Your non-exempt assets will be sold and you’ll be making monthly payments to the trustee

• You will have to attend credit counseling then, and by making all your monthly payments, you’ll be discharged from bankruptcy 9 months after the filing