it gives the honest but unfortunate debtor relief from their debts while treating creditor’s equally and fairly. The debtor receives a new opportunity in life and a clear field for future effort, unhampered by the discouragement of pre-existing debt.
If you are currently facing financial hardship and are facing an uncertain financial future, it is time to consult with Day Group.
Bankruptcy is a legal process that provides “an honest but unfortunate debtor a fresh start”, according to the Bankruptcy and Insolvency Act.
When you first think about filing for bankruptcy, your mind might conjure up images of people coming up to your door and leaving with all your belongings. Just because films and TV may depict it otherwise, this isn’t ordinarily true.
Filing for bankruptcy can only be done by a Licensed Insolvency Trustee and must follow the procedures outlined in the Bankruptcy & Insolvency Act of Canada. Bankruptcy can eliminate the debts you owe so that you can be free from debt. At the end of the bankruptcy, your debts are legally discharged, meaning you are no longer required to pay them back.
Many causes give rise to bankruptcy in Canada, including divorce, illness, job loss, and the like.
‘Financial planning and discipline is key to one’s financial freedom.’ – Kishorkumar Balpalli
Bankruptcy is called a fresh start because it gives the honest but unfortunate debtor relief from their debts while treating creditor’s equally and fairly. The debtor receives a new opportunity in life and a clear field for future effort, unhampered by the discouragement of preexisting debt
Day Group will ensure you make the right decision.
