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.
- 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.
- 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.
- 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.
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