[fusion_builder_container admin_label=”Intro” type=”flex” hundred_percent=”no” hundred_percent_height=”no” hundred_percent_height_scroll=”no” align_content=”stretch” flex_align_items=”center” flex_justify_content=”center” hundred_percent_height_center_content=”yes” equal_height_columns=”no” container_tag=”div” hide_on_mobile=”no” status=”published” border_sizes_top=”0px” border_sizes_right=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_style=”solid” padding_top_medium=”90px” padding_bottom_medium=”90px” padding_top_small=”50px” padding_bottom_small=”50px” padding_top=”110px” padding_bottom=”110px” box_shadow=”no” box_shadow_blur=”0″ box_shadow_spread=”0″ gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_color=”#f2f2f2″ background_position=”left top” background_repeat=”no-repeat” fade=”no” background_parallax=”none” enable_mobile=”no” parallax_speed=”0.3″ background_blend_mode=”none” video_aspect_ratio=”16:9″ video_loop=”yes” video_mute=”yes” absolute=”off” absolute_devices=”small,medium,large” sticky=”off” sticky_devices=”small-visibility,medium-visibility,large-visibility” sticky_transition_offset=”0″ scroll_offset=”0″ animation_direction=”left” animation_speed=”0.3″ filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″][fusion_builder_row][fusion_builder_column type=”1_1″ layout=”2_3″ align_self=”auto” content_layout=”column” align_content=”flex-start” content_wrap=”wrap” spacing=”yes” center_content=”no” link=”” target=”_self” min_height=”” hide_on_mobile=”no” sticky_display=”normal,sticky” class=”” id=”” background_image_id=”” type_medium=”1_1″ type_small=”1_1″ order_medium=”2″ order_small=”2″ spacing_left_medium=”” spacing_right_medium=”” spacing_left_small=”” spacing_right_small=”” spacing_left=”2%” spacing_right=”” margin_top_medium=”” margin_bottom_medium=”” margin_top_small=”” margin_bottom_small=”” margin_top=”” margin_bottom=”” padding_top_medium=”” padding_right_medium=”” padding_bottom_medium=”” padding_left_medium=”” padding_top_small=”” padding_right_small=”” padding_bottom_small=”” padding_left_small=”” padding_top=”” padding_right=”” padding_bottom=”” padding_left=”” hover_type=”none” border_sizes_top=”0px” border_sizes_right=”0px” border_sizes_bottom=”0px” border_sizes_left=”0px” border_color=”” border_style=”solid” border_radius_top_left=”” border_radius_top_right=”” border_radius_bottom_right=”” border_radius_bottom_left=”” box_shadow=”no” box_shadow_vertical=”” box_shadow_horizontal=”” box_shadow_blur=”0″ box_shadow_spread=”0″ box_shadow_color=”” box_shadow_style=”” background_type=”single” gradient_start_color=”” gradient_end_color=”” gradient_start_position=”0″ gradient_end_position=”100″ gradient_type=”linear” radial_direction=”center center” linear_angle=”180″ background_color=”” background_image=”” background_position=”left top” background_repeat=”no-repeat” background_blend_mode=”none” animation_type=”” animation_direction=”left” animation_speed=”0.1″ animation_offset=”” filter_type=”regular” filter_hue=”0″ filter_saturation=”100″ filter_brightness=”100″ filter_contrast=”100″ filter_invert=”0″ filter_sepia=”0″ filter_opacity=”100″ filter_blur=”0″ filter_hue_hover=”0″ filter_saturation_hover=”100″ filter_brightness_hover=”100″ filter_contrast_hover=”100″ filter_invert_hover=”0″ filter_sepia_hover=”0″ filter_opacity_hover=”100″ filter_blur_hover=”0″ last=”true” border_position=”all” first=”true”][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ before_text=”” rotation_text=”” highlight_text=”” after_text=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” content_align_medium=”” content_align_small=”” content_align=”left” size=”2″ font_size=”” animated_font_size=”” fusion_font_family_title_font=”” fusion_font_variant_title_font=”” line_height=”” letter_spacing=”” text_shadow=”no” text_shadow_vertical=”” text_shadow_horizontal=”” text_shadow_blur=”0″ text_shadow_color=”” margin_top_medium=”” margin_bottom_medium=”” margin_top_small=”” margin_bottom_small=”” margin_top=”” margin_bottom=”10px” margin_top_mobile=”” margin_bottom_mobile=”” text_color=”” animated_text_color=”” highlight_color=”” style_type=”none” sep_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Personal Bankruptcy

[/fusion_title][fusion_title title_type=”text” rotation_effect=”bounceIn” display_time=”1200″ highlight_effect=”circle” loop_animation=”off” highlight_width=”9″ highlight_top_margin=”0″ before_text=”” rotation_text=”” highlight_text=”” after_text=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” content_align_medium=”” content_align_small=”” content_align=”left” size=”3″ font_size=”” animated_font_size=”” fusion_font_family_title_font=”” fusion_font_variant_title_font=”” line_height=”” letter_spacing=”” text_shadow=”no” text_shadow_vertical=”” text_shadow_horizontal=”” text_shadow_blur=”0″ text_shadow_color=”” margin_top_medium=”” margin_bottom_medium=”” margin_top_small=”” margin_bottom_small=”” margin_top=”” margin_bottom=”15px” margin_top_mobile=”” margin_bottom_mobile=”” text_color=”” animated_text_color=”” highlight_color=”” style_type=”none” sep_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Always a last resort, but sometimes bankruptcy is the best option to eliminate your debt.

[/fusion_title][fusion_text columns=”” column_min_width=”” column_spacing=”” rule_style=”default” rule_size=”” rule_color=”” content_alignment_medium=”” content_alignment_small=”” content_alignment=”” hide_on_mobile=”small-visibility,medium-visibility,large-visibility” sticky_display=”normal,sticky” class=”” id=”” font_size=”” fusion_font_family_text_font=”” fusion_font_variant_text_font=”” line_height=”” letter_spacing=”” text_color=”” animation_type=”” animation_direction=”left” animation_speed=”0.3″ animation_offset=””]

Bankruptcy is always an option. Once you file for bankruptcy, you are protected from your creditors.  That protection continues forever as long as you earn your discharge.  If you don’t get your discharge, the protection will disappear and you will be responsible to pay your creditors.  In summary, the most important part of the bankruptcy process is getting discharged. The process is different for everyone.  Here is a summary of the differences:

  1. Length of bankruptcy – for a first time bankrupt, the length will be between 9 and 21 months.   For a second time bankrupt, the length is between 24 and 36 months.  Both a first and second time bankrupt are eligible for automatic discharges at the end of the bankruptcy period, which means you only have to deal with your Trustee’s office, not the Court.  For three or more, the Court decides on the discharge terms.
  2. High income tax debt (if $200,000 or more and represents 75% or more of the total unsecured debt) can affect the length of the bankruptcy and the amount of required payment to earn a discharge.  The Court will decide on the discharge terms.
  3. The amount that you will be required to pay in your bankruptcy to earn your discharge will depend on your unique situation – the  income of your household, the number of dependents,  alimony/spousal support payments, medical and child-care costs, and whether or not your spouse is willing to disclose his/her income are all factors that are considered.
  4. If you have equity in your assets, your discharge can be affected.  This amount has to be collected by your Trustee either by selling the asset or by making payment arrangements to collect the value.  Many assets are EXEMPT from seizure under various federal and provincial laws.  It is important to speak to a Trustee to know exactly what equity (if any) you have in your assets.  A detailed review is needed.

Learn more details about the bankruptcy process or contact us today and we will explain the consequences for your particular situation.  Remember, meetings with us are always free of charge.

[/fusion_text][/fusion_builder_column][/fusion_builder_row][/fusion_builder_container]