Bankruptcy:

​​​Bankruptcy is a legal process administered by the Federal Government. It allows you to eliminate most or all of your unsecured debts.

No collection/court actions/ wage garnishment. The decision to file for Personal Bankruptcy should be considered carefully & thoroughly.

Must fully understand the obligations and the impacts.

Eligibility:

• To qualify to file Bankruptcy, you must:
• Be an insolvent, has more debts than assets.
• Business Bankruptcy will be discussed on case by case basis.

Advantages:

• It is a legal practical solution to a huge debt problem.
• Most or all of your debts are wiped off.
• Stop collection, court actions or wage garnishment.
• You effectively manage your budget after bankruptcy & budget counseling (fresh start).
• Bankrupts will start fresh and healthy financial era of life, and live in much less stressful conditions.

Disadvantages:

• You may lose some of your assets and/or equity.
• Poor credit rating on record for 7 years.
• It may have long term negative impact when you apply for certain jobs, car loans or mortgage.