Personal bankruptcy should only be a last resort. Common reasons people for personal bankruptcy are job loss, excessive student loan debt, or medical expenses. We understand that problems like these are sometimes unavoidable. You can’t impact your CEO’s decision to lay off 25% of his staff. Medical bills pile up inevitably.
Nevertheless, you must be sure to weigh out all your options before declaring personal bankruptcy. If you have barely a dime to your name, you probably don’t mind surrendering your seven credit cards and multitude of non-exempt assets to the Canadian government.
On the other hand, what if you are financially solvent? Being in debt doesn’t automatically necessitate declaring personal bankruptcy. It’s not too late to repair your credit! As long as you possess over $10,000.00 in debt, you can qualify for debt settlement.
By signing up for our free 10-minute consultation, there’s no need to declare personal bankruptcy. Our debt settlement experts will negotiate with your creditors to lower your existing balances and eliminate your credit card interest. As a result, you could end up paying as low as 30% of what you owe! Plus, we can eliminate your debt in a matter of 36 months! Our Canadian debt settlement program will erase your debt abundantly faster than if you were to submit a consumer proposal or declare personal bankruptcy.
Debt elimination is only one step away. Fill out our free consultation form. It takes less than one minute to fill out our online form today!
It could take a significant amount of time to recover from filing personal bankruptcy in New Brunswick. By “significant,” I mean up to 10 years. If you think consumer proposals and consumer credit counseling have major effects on your credit, the effects of personal bankruptcy can be double. But why worry about the massive impact filing personal bankruptcy will have on your credit when your credit’s already shot?
What do you need to qualify for personal bankruptcy? You need to owe more than $1,000.00 in debt. In other words, virtually anyone in a financial bind can apply.
The first step is hiring a bankruptcy trustee. Luckily, bankruptcy trustees will try to keep the process as brief as possible. However, all personal bankruptcies must last a minimum of nine months. If you file personal bankruptcy in New Brunswick for the first time, the duration will be determined by the court. Failure to comply with any of your personal bankruptcy duties can cause a delay in the discharge.
What duties do you need to fulfill? Each month you must give a detailed report of your household income to the trustee, report any changes in your family situation, and hand over all pay stubs. This process may be time-consuming and feel like an invasion of privacy, but it will help you monitor how to spend every penny.
Personal bankruptcies discharge unsecured debts, but certain ones don’t apply. These are some examples: student loans less than 10 years old, child and spousal support, and court-awarded payments. Examples of debts that go away are credit card balances, unsecured personal loans, unpaid electric and gas bills, past-due insurance premiums, and medical fees.
Filing personal bankruptcy may be the cheapest option, but it’s not free. Money still goes towards administrative costs, mailing costs, court fees, and filing fees set by the Canadian government. Even if by some great luck, you hit the jackpot in the lottery, you need to cough up those earnings to the Court. You only receive a lump sum of those earnings after you’ve been discharged.
Now that you’ve discovered the many downsides of filing personal bankruptcy in New Brunswick, doesn’t debt settlement sound exceptionally better? As long as you have over $10,000.00 in unsecured debt, you can qualify for our Canadian debt settlement services.
Unlike certain other debt solutions, debt settlement requires no up-front fees. We don’t get paid until your debts are settled! Once you sign up with Premier Debt Help, our debt settlement experts will negotiate with your creditors to lower your existing balances and eliminate credit card interest. You could end up paying as low as 30% of what you owe! Plus, we can settle your debts in a matter of 36 months!
Don’t file personal bankruptcy and destroy your credit. Sign up now for your free 10-minute consultation! It’ll only take a minute of your time to fill out our online form today!
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