Andrew Dalgleish & Associates Inc

Description

Why declare bankruptcy?
Bankruptcy allows you to erase everything and start afresh. Bankruptcy cancels most of your debts including the debts of a fiscal nature (tax, GST, PST) and you no longer have to pay your creditors. It protects you against the majority of the procedures taken against you by your creditors (lawsuit, wage garnishment, etc..). In addition, it makes you immune to cuts many utilities (telephone, electricity, gas, etc..) And allows you to keep your furniture and in some cases, your home and your car. What happens with creditors harassing me? Upon the filing of a bankruptcy or a consumer proposal to creditors must stop any lawsuit against you as well as any form of harassment immediately. Are there debts that are not discharged in bankruptcy? Yes, the main non-dischargeable debts are: The payment arrears; Criminal fines (eg tickets); Debts or obligations arising out of fraud, misrepresentation, etc.. What is a consumer proposal? A consumer proposal is an alternative to bankruptcy. The proposal is a new contract between you and your creditors to help you pay down your debts through a monthly payment established by your ability to pay and may be spread over a period not exceeding five (5) years. It is intended for individuals whose total debt, excluding mortgage debt encumbering their residence, do not exceed $ 250, 000. What are the advantages of opting for the consumer proposal? you avoid bankruptcy; you stop the harassment and procedures of your creditors and seizures of personal property and wages; you only have one monthly payment with your budget you keep all your belongings, including your house and car you are safe from interruption of public services (telephone, electricity, gas, etc.). interest ceases to run from the filing of the proposal trustee fees are included in your monthly payment