What is the bankruptcy process in Canada? Is it a viable solution for your debt problems? When you are struggling to pay your debts you will get more collections of calls and letters. In such situations easing your money worries and the debt-related stress is at the top of the mind. However people are familiar with the term bankruptcy, but still, most of them don’t fully understand what it is and how it works and what the long-term implications are.

What is the bankruptcy service process in Alberta and what you have to expect? Here is an overview of the key points that you have to note down about bankruptcy.

What is bankruptcy?

In short, bankruptcy is a legal solution for your debts. This falls under the bankruptcy and the insolvency Act. This one becomes an option if the consumer can’t viably repay their debts and all other options have been exhausted.

In Canada, the total number of bankruptcies increased by 8.0% in June 2020.

What steps are involved in declaring bankruptcy?

Declaring bankruptcy is a ten-step process and you cannot do this on your own. The only way to file for bankruptcy is through the bankruptcy service in Calgary. They are the bankruptcy trustees and are licensed to conduct the business when it comes to bankruptcy. They will follow the strict guidelines and procedures from which they will help you to obtain your discharge from the bankruptcy process.

Get help and understand your financial situations and options

You know that you are in trouble as you are missing payments on your secured and unsecured debts. Your credit cards are at their limit and your accounts have passed over to the collections agencies. Don’t delay; contact the money management service in Calgary to meet a professional counsellor who can help you considering your next steps.

While bankruptcy comes to your mind, the alternative options include debt consolidations, debt settlement or consumer proposals. It is best to get professional advice from the bankruptcy service in Edmonton and decide your best course of action.

Meet with the bankruptcy trustee

If filing bankruptcy is an option for you, your credit counsellor will take you to the licensed bankruptcy trustee. From there you can get to know all the information that you want to know about filing the bankruptcy.

Selecting the right bankruptcy service in Calgary is the key as they will be with you throughout the process.

Filing up for bankruptcy

Once you have decided to file the bankruptcy, your trustee will prepare the paperwork based on the information that you provide them. They will explain to you the whole process. You have the responsibilities and obligation to fulfill the bankruptcy process.

The bottom lines

Declaring bankruptcy is a big decision. The process will take more time for a first time, bankrupt person. There is more to know about bankruptcy. Choose the best-licensed bankruptcy service in Lloydminster; they will get to know the bankruptcy process completely for you.