What You Need to Know About Bankruptcy

Bankruptcy can be a way out for people who are deep in debt and are no longer able to pay them off due to various circumstances. But not everyone fully understands what it is and how it works.

There is a Time for How Long the Bankruptcy Will Last

One of the things that you should know about bankruptcy is that it has a timeline. It usually lasts for 9 months as long as everything that you need to accomplish has been done. However, there are times when it can be longer such as if you have an extra source of income. It can last for 21 months. Ultimately, the court will decide how long your bankruptcy will last. Once you are discharged from best bankruptcy lawyers in Kelowna, you can start applying for new credit.

Not All Debts are Included When You File for Bankruptcy in Kelowna


Not all debts will be included. Only unsecured debts can be included but you might be obliged to pay for secured debts such as a car or a housing mortgage. There are also other unsecured debts that can be included such as student debts as long as you have already graduated for 7 years.

You Need a Licensed Insolvency Trustee to File for Bankruptcy in Kelowna

You can’t file for bankruptcy alone. You need the help of a Licensed Insolvency Trustee for that. And when it comes to licensed insolvency trustees, you can go to Mike Wright & Associates. They can help you get started in filing for bankruptcy and determine if this is the best course of action for you.

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

Comments

Post a Comment

Popular posts from this blog

3 Tips to Recover Faster From Bankruptcy

Image
Filing bankruptcy in Kamloops can seem like the end of the world but think of it as just another roadblock you need to go over to get going in your journey. It is going to be a significant financial hit but there is no other way but up. Recovering from B ankruptcy in Kamloops  BC   isn’t an overnight process. But if you set up a system and stick to it with discipline, you should be able to overcome your financial hurdles. Reassess your financial standing. Once the bankruptcy has been discharged with the help of your licensed insolvency trustee, you would want to reassess your finances. Which areas of your life are you bleeding the most financially and how can you stop it? You might want to change your spending habits and even do a lifestyle check. You will soon realize that many of the things you spend money on are not really necessary. Slowly rebuild your emergency fund. Many people go into debt because they don’t have money for emergencies. Anything can happen that will warr...
Read more

How to Decide if Bankruptcy is Right for You

Image
Do you have money problems? You’re not alone. Poor management of income or funds can lead to undesirable situations like B ankruptcy in Kamloops  BC . This situation might seem scary. But it may be a way to leave a bad financial past behind and start afresh.   This guide will assist clients in determining whether it is suitable for them or not.   Ways to Tell If You Should Consider Filing Bankruptcy   Overwhelming Debt: The federal bankruptcy law needs to be considered if one’s debts are more than half their annual salary.   Creditor Harassment: Having constant calls from creditors can be frustrating. These calls can be halted by bankruptcy Kamloops . Using Credit for Basics: If you are using credit cards to pay for things, bankruptcy may be of help.   No Savings: If you have no emergency fund, bankruptcy might provide a way to start over.   Alternatives to Consider   Before filing for  bankruptcy in Kamloops , explore other options-   D...
Read more

A Few Mistakes to Avoid When Going Through Bankruptcy

Image
Are you thinking about bankruptcy? It's  a difficult decision, yet it's vital to deal with its mistakes.  Bankruptcy in Kamloops  can give you a new beginning, yet you want to watch for mistakes that could wreck your finances. Here ar e a few things to keep away from.   1. Ignoring Professional Advice   Looking for guidance from a certified bankruptcy lawyer is vital. They can evaluate what is going on and guide you through the process. Overlooking their recommendation or attempting a DIY approach can prompt expensive mistakes.   2. Failing to Disclose Assets   Trustworthiness is key while seeking bankruptcy in Kamloops . Neglecting to reveal all resources, including financial balances, property, and investments, can result in severe results. This includes the dismissal of your case or even legitimate action. 3. Incurring Additional Debt   Using credit cards or getting loans before declaring bankruptcy appears to be a good idea, yet it's not....
Read more