Although nobody wants to declare personal bankruptcy, sometimes it is the best option. In order to declare bankruptcy you must owe at least $1000. Your debts must be greater than your assets and you may not be able to pay your debts as they come due. You also must not already be currently bankrupt. Once you declare bankruptcy, you are afforded certain protections from creditors. Here’s a quick snapshot of some of the important facts about bankruptcy:

• First time bankruptcy may be automatically discharged after 9 months
• You are protected against unsecured creditors subject to certain exceptions
• Certain debts cannot be cancelled by bankruptcy (family maintenance debts and student loans received less than 7 years before bankruptcy.)
• Bankruptcy will affect your credit rating.
• Bankruptcy will be recorded on your credit bureau for a time following discharge.

It is important to get all of the necessary facts from a Licensed Insolvency Trustee. Call Rita Anderson & Associates today to make an appointment.

Everyone’s situation is different. Meet with us for a full financial assessment. We will outline your options and how that will affect your future.