What are the benefits of filing bankruptcy?
We are often asked, “What are the benefits of filing bankruptcy?” Here is a summary:
1. You will obtain a very good understanding of your assets, debts and budget.
2. Creditor claims will be frozen and will stop accruing interest.
3. Creditors will be prevented from harassing, suing or garnishing you.
4. With a few exceptions, your debts will be entirely eliminated.
5. You will have one affordable monthly payment to the Trustee.
6. You will likely keep most, and possibly all, of your assets.
7. Assets that you do not wish to keep, can no longer afford, or are over financed, can be disposed of.
8. Your credit rating will be stabilized, and will begin to improve.
9. We will coach and assist you with budgeting and money management skills.
10. You will begin to save money, you will have emergency funds set aside.
11. Your health, mental outlook and relationships will improve!
Personal bankruptcy is a creation of the Canadian federal government. It oversees the administration of bankruptcies by Licensed Insolvency Trustees (“LIT”). An LIT is a highly qualified, and federally licensed professional, whose responsibility is to help you understand your finances, administer your bankruptcy, communicate with your creditors and, to coach you in personal money management and budgeting.
Baker Tilly Ottawa Ltd. is a Licensed Insolvency Trustee. If you have questions about your debt load, or bankruptcy in particular, we would be pleased to help you. We have been assisting individuals eliminate overwhelming debt for over 30 years.