What Exactly Is Bankruptcy?
The entire process of bankruptcy is made to help individuals that have no chance for getting away from debt and consequently require support. Whenever filing for bankruptcy, you will need to employ a licensed insolvency trustee , that will assist you so that you can expel the money you owe. Provided that your debts are more than $1,000, you are able to theoretically seek bankruptcy relief, based on the Bankruptcy and Insolvency Act of 1985 , which governs bankruptcy and insolvency in Canada.
Does filing for bankruptcy affect your partner? Learn right right right here .
There are numerous benefits and drawbacks which go along with filing for bankruptcy. When it comes to benefits, the greatest is the fact that you’re able to start over economically and can not any longer be with debt (more often than not).