Posted under bankruptcy Kitchener
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This past Saturday, Doug Hoyes and I were guests on the 570 News Ask the Experts show which focused on personal bankruptcy in Kitchener. |
We answered questions that people had concerning personal bankruptcy. Here is a summary of what we discussed:
What is personal Bankruptcy? Personal bankruptcy is a solution that allows individuals to have their debts discharged and will generally last a minimum of nine months. In order to obtain a discharge at the end of nine months, several duties must be fulfilled. These duties include completing monthly income and expense statements, attending two debt management counselling sessions, and making monthly payments.
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How does one know if they should file a bankruptcy? The simple answer - when no other option works. There are other options available such as a debt management plans or a consumer proposal, but bankruptcy may be the one that works best given the individual’s situation. What does it cost to file a bankruptcy? The cost of bankruptcy depends on the family income as well as what assets one has. There is a minimum cost to bankruptcy which is generally $160 per month. Do I lose any assets if I go bankrupt? Yes, there are some assets that are affected, but several are exempt and therefore would not be lost in a bankruptcy. Some of the exempt assets in Ontario are:
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Scott Schaefer, CA |
With respect to vehicles and house, if there is a loan against either and selling the asset would result in a loss, then it will generally not be affected, but you would have to keep paying the secured loan. Regarding these assets, it is best to call us and discuss the situation so we can provide more information.
We speak with thousands of people from the Kitchener-Waterloo area and we understand that personal bankruptcy can be a logical solution for real people who have fallen under tough times. Personal bankruptcy could be the result of marriage break-up, illness, loss of jobs or reduction of hours.
Our entire Kitchener team looks forward to meeting with you to work out a plan to deal with your debts, so call us at 310-PLAN (310-7526, no area code required) or 519-747-0660 or e-mail us to arrange a free initial consultation. There is help available, so give us a call, and let’s get started.
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