What you should know about Bankruptcy
When financial problems arise, many people do no know where to turn, and often do not seek proper financial advice. The appropriate information is needed to resolve debt problems and reduce stress before it becomes an even bigger problem. If left unresolved, financial problems may contribute to other issues such as with health and relationships. Seek advice from a professional Licensed Insolvency Trustee who knows about these risks and can give you trusted information that will assist you through debt problems that have gotten out of control.
Bankruptcy is the legal process, designed for honest individuals who need help to get out of debt so they may have a fresh financial start. Bankruptcy can help get rid of harassing creditor calls and can help reduce your monthly payments.
Common “Myths” about Bankruptcy
The myths below are a sample of questions commonly asked Trustees about Bankruptcy. Many people do not understand the Bankruptcy process and should talk to a professional who can explain these common bankruptcy myths.
If you have questions not answered here please contact a local Trustee in New Brunswick for a FREE consultation.
MYTH 1: An individual filing for bankruptcy will lose everything?
MYTH 2 : Only Irresponsible people file for bankruptcy.
MYTH 3: Bankruptcy lasts for 7 years and you can’t get credit for that time.
MYTH 4: Tax debt is not released through Bankruptcy.
MYTH 5: If a husband or wife file for bankruptcy or a proposal their spouse also has to file
MYTH 6 : All bankruptcies are made public.