When you’re considering filing for bankruptcy, there’s a lot of focus on the negative aspects.
Anybody can go through some sort of financial set back at one time or another. In most of these times, we usually find some way to straighten our finances and free ourselves from debt.
A licensed insolvency trustee is a trained professional who oversees the filing bankruptcies and consumer proposals. These trustees are usually regulated by the Office of the Superintendent of Bankruptcy, which is a subsidiary branch of the federal government.
A consumer proposal is an agreement negotiated with your creditors in the presence of a licensed insolvency trustee serving as an alternative to bankruptcy. It is a legally binding agreement that provides a debtor with immunity from debt collectors and creditors.
Did you know that the majority of people in the US are a single health issue away from considering bankruptcy as a valid option? That’s because medical bills are the biggest cause of bankruptcy in the US.
Every year about one and a half million Americans file for bankruptcy. With the struggling economy, they are unable to repay their mountain of debts.
Millions of Americans find themselves deep in debt with no end in sight. You are way behind on paying your bills, and creditors harass you at all times of the day.
If debt has become an overwhelming source of stress in your life, bankruptcy may seem like the only option. The only way to know if bankruptcy is your best option is to sit down with a lawyer and clearly identify your financial landscape first.