Do I Qualify For Bankruptcy?

Do I Qualify For Bankruptcy?

Do I Qualify For Bankruptcy?

We get asked this question quite often. There is no application process to see if you qualify for bankruptcy, however, there is some criteria you must meet.

To file an assignment in bankruptcy, you must owe at least $1,000, and one of these three situations must apply:

  • you are unable to meet your regular payments as they fall due;

  • you have ceased making your payments as they generally come due; or

  • your assets, if liquidated, would not provide sufficient funds to pay all of your debts in full.

If you owe at least $1,000 and are not able to pay your monthly debt payments and do not have any assets, such as vehicles, real estate, or investments that you can sell to pay your debts, you can choose to file personal bankruptcy. It is your choice whether to put yourself into bankruptcy voluntarily, and no one can stop you.

As you can probably imagine, many consumers meet this definition, but that does not mean they have to file for personal bankruptcy. There are other options available, such as debt settlement or consumer proposalso it’s best to meet with a Licensed Insolvency Trustee to help you review your options if you are struggling with debt.

Powell Associates Ltd. is a Licensed Insolvency Trustee. We are experienced, hands-on insolvency practitioners who understand the personal impacts of major financial stress;

  • You won’t be stuck in an assembly line process.

  • You will expect and receive prompt responses and resolution of issues from our supportive and experienced team.

  • We will review your debt solution options, including filing a consumer proposal or personal bankruptcy.

  • We help Canadians with overwhelming debt get fresh financial starts.

Once you file a consumer proposal or personal bankruptcy, we deal directly with your creditors on your behalf. Your unsecured creditors are required to stop contacting you or continuing legal proceedings against you. Contact us for a free consultation.

We offer free consultations to review your financial situation and practical debt resolution options. Contact us to discuss your situation over the phone, a video chat, or in-person in Saint JohnMonctonFrederictonCharlottetownDartmouth, or Miramichi.