3 Frequently Asked Questions About Bankruptcy

Bankruptcy in Kelowna is often the last resort when it comes to dealing with debts. It just seems like an intimidating process and many people don’t know everything about it. Here are the top questions people ask when it comes to filing bankruptcy in Kelowna:

  1. Will I lose my house?


What about your home and your car? Will you lose it to creditors when you file for bankruptcy? Generally, you have the option of keeping your car and house. If you can meet the payments and if you already have a lot of equity, you might be able to keep the property. However, some people also just sell the property so they have money to pay off the debts. It’s better to keep them though and do your best to pay them off because after bankruptcy, it can be more difficult to obtain loans.

  1. Will my bankruptcy record become public knowledge?

Although the records can be accessed since it is a public record, it doesn’t have to be noisy. Everything can be kept quiet. And unless the person filing for bankruptcy is famous, it usually does not have to be known by everyone.

  1. How long will it take for my credit record to recover?

It depends on a lot of things such as your credit score before the bankruptcy. If you have a relatively good credit score and the drop after bankruptcy isn’t that high, you can recover much faster. However, if your credit score is already not good, it might take longer for you to recover. However, it stays on your record for 10 years.

Get the help of a licensed insolvency trustee such as Mike Wright & Associates Inc if you are filing for bankruptcy.

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

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