When Should You Consider Bankruptcy and How Can You Get It?

Do you have difficulties meeting the minimum payments of your debts? Are you in a position in your life where you can’t pay off your debts in the next 36 months? You might want to consider filing for bankruptcy in Kelowna.

Bankruptcy is thought of as a last resort when you are deep in debt. There are other options such as consumer proposal that can help you during this time. The difference is that with consumer proposal, there is still a bit of debt left that you are obliged to pay off in five years.

But before you file for bankruptcy in Kelowna, you should first understand what it can and can’t do. Most debts will be discharged if you file for bankruptcy. That includes credit card debts and medical debts. 

You need the help of a Licensed Insolvency Trustee such as Mike Wright & Associates to file for bankruptcy. Once done, the bank will assess which of your assets can be liquidated to pay off debt. You can hold on to your primary assets such as your home and car but other assets such as recreational vehicles and secondary homes might be sold off to pay off the bank.

Certain types of debts will not be discharged if you file for bankruptcy. That includes child support and alimony. If you have unpaid taxes, those will still have to be paid even if you are approved for bankruptcy.

Keep in mind that it’s going to stay in your record for years. Think about how that will affect your credit standing before deciding to get bankruptcy.

To know more about Debt Consolidation in Kelowna please visit our website: debtfreebc.ca

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