When you see a bankruptcy trustee for the first time, many people come in thinking that the only option available is bankruptcy.
Depending on your financial situation, that is, who you owe money too and how much, what you own and what your household budget is like, there maybe other options available to you to deal with your debts, like a proposal.
You will also want to know about each of the options and how they will affect the debts you have and also the things you own or assets
Are all debts included and will all the debts go away?
A garnishment for instance stops in a bankruptcy or proposal situation.
There are also debts that although included do not go away or get discharged. An example would be student loans that are less then 7 years old. Pease see the Student Loans in Bankruptcy section of our website for more information on this subject.
On the other side are the things you own. You will want to know how each option affects the things you own for example a house where you have equity or a car. What happens to this equity and how can I keep it in each of the options?
You may also want to know if all assets are included. Can they take everything I own? Some assets, depending on what province you live in, are exempt from seizure up to certain values. In Ontario, a car worth less then $5,630 will be exempt from seizure.
Many people want to know how each option affects their credit rating or credit report and how do they rebuild their credit.
We have answers to these questions and more. Because after all you want a fresh start.