Bankruptcy
What is bankruptcy ?
A legal proceeding that relieves you of your debts.
Does bankruptcy relieve you of all your debts ?
Yes, except for the following:
- Support payments
- Fines
- Debts arising out of fraud (whether or not intentional)
- Some student loans
Will I lose all my property?
No. Ginsberg, Gingras & Associates Inc. will explain to you which assets cannot be seized, such as:
- Household furniture
- Clothing
- Tools of your trade
- In some cases, you can keep your car and house
- And more
Benefits of filing for bankruptcy
- Allows you to erase your debts and start over
- Protects you from legal proceedings such as wage garnishment
- Budget counseling provided
- Pre-bankruptcy income tax returns prepared by the trustee
- The following assets can generally not be seized: furniture, clothing, tools of your trade, most life insurance policies, etc.
- In some cases, you can keep your car, house, and RRSP
