What Happens After Declaring Bankruptcy?

Bankruptcy in Kelowna helps people who are struggling with paying off their debts get a clean slate. But before that happens, you need the help of a Licensed Insolvency Trustee such as Mike Wright & Associates Inc to process your bankruptcy and get it approved.


The first thing that will happen after you filed for bankruptcy in Kelowna is you get immediate protection from all your creditors. That means your creditors will not be allowed to take your possessions as a payment of the debt.

You will also go through a series of meetings with your creditors. This might sound scary but it’s not. It usually just involves answering questions that were already in the papers that you signed.

If you have assets that you have to pay for such as your vehicle there are a few options given to you. You can choose to reaffirm your debt, which will allow you to keep your car and still be able to make the monthly payments, surrender it, or redeem it. Redemption involves paying off the lender the full amount of the vehicle.

Another thing that you should expect after filing for bankruptcy is that your credit card company will shut down the use of all the cards that you have with them.

Not all of your debts are going to be forgiven. Dischargeable debts such as tax debts, student loans, and child support will not be included, so these have to be paid back.

It’s important to give your full cooperation to your Licensed Insolvency Trustee. Choose one that has a lot of experience in this field.

For  more details about Consumer Proposal Kelowna please visit our website: debtfreebc.ca

 

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