Bankruptcy Service

Bankruptcy Service from Credence Credit

By: Credence Credit  29-07-2013
Keywords: bankruptcy, Bankruptcy Trustee, credit repair

Bankruptcy Bankruptcy is a legal process, regulated by the Act, by which you may be discharged from most of your debts. The purpose of the Act is to permit an honest, but unfortunate, debtor to obtain a discharge from his or her debts, subject to reasonable conditions. When you declare bankruptcy, your assets are given to a trustee in bankruptcy who then sells them and distributes the money among your creditors. Once you declare bankruptcy your creditors will not be able to take legal steps to recover their debts from you (such as seizing assets or garnisheeing wages). For secure debts such as car loans and mortgages, you continue to deal with those creditors under the original agreement you made. If you want to end a secured debt and have that creditors’ loss included in the bankruptcy, you must turn the secured asset over to the trustee when you become bankrupt. The payment in the bankruptcy consists of the firm’s basic fees and any requirements to pay surplus income as required by the federal government income rules of Canada. Ontario Exempt Assets (These items will not be seized in bankruptcy). Personal effects up to $5,650 Household goods up to $11,300 Tools-of-trade up to $11,300 Motor vehicles up to $5,650

Keywords: bankruptcy, Bankruptcy Firm, Bankruptcy Trustee, Consumer Credit Counseling, Consumer Proposal, Credit Counselling, Credit Counsellors, credit repair, debt counselling, Debt Help, Debt Problems, debt relief, Debt Restructuring, Financial Education, financial problems, Financial Solutions, personal bankruptcy, Private Estate Administrator

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