A. Farber & Partners

Bankruptcy Overview

PERSONAL BANKRUPTCY:

Bankruptcy is a legal process which provides a debtor who is unable to meet his or her financial commitments with a process for eliminating their debts in an orderly manner. When you are in bankruptcy, no unsecured creditor can garnishee your wages or initiate any other collection action against you. A bankruptcy can only be filed through a Trustee in bankruptcy, an individual licensed by the Office of the Superintendent of Bankruptcy (OSB) to administer the bankruptcy process.

• Income tax debt, payday loans and personal loans from friends & family can be included
• Secured creditors remain outside the bankruptcy process & payments to them continue
• Payments in a bankruptcy are calculated based on net household monthly income & asset value
• Bankruptcy is normally a faster process (9 – 36 months) than filing a consumer proposal
• Some debts cannot be discharged (including child & spousal support, student loans (with exceptions), criminal and vehicular fines and debts arising from fraud)

BANKRUPTCY TOPICS:

• How does the bankruptcy process work?
• What Happens To My Assets In A Bankruptcy?
• Will my Spouse be affected if I file for Bankruptcy?
• How much does a bankruptcy cost?
• Your credit score in, and out of, bankruptcy
• How do I choose a Bankruptcy trustee?
• How do I get those debt collector calls to stop?
• Myths versus Truths about the insolvency process
• Jointly-Held Debt When Divorce Occurs