If you live in Saskatchewan and are beginning to fall behind on monthly expenses, it may be time for you to consider filing for bankruptcy.
In a bankruptcy, there are certain assets surrendered to a licensed bankruptcy trustee in exchange for the elimination of your debts. Some assets can be saved from liquidation, but the complete list of permitted items differs in each province. You will need to consult a bankruptcy trustee in Regina for the list.
Most, if not all debts will be eliminated in bankruptcy, but your chances of obtaining credit in the future will be substantially minimized.
There are a number of costs involved with bankruptcy, but the basic costs are determined by your family size, your monthly income, and your assets. You will need to discuss trustee fees with your trustee.
The bankruptcy process is extremely complex and potentially confusing. We highly suggest consulting a bankruptcy trustee in Regina before proceeding with the process. The trustee will review your financial situation and help you establish the best possible solution for you. Bankruptcy should only be your choice if all other alternatives have been explored.
For more information on bankruptcy in Regina, click here.
