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What Does Bankruptcy Cost?

When you declare bankruptcy, there are three different costs in regards to what you have to pay during the process. These costs are: Base Contribution Surplus Income Assets Lost During each month of bankruptcy, you are required to pay a base contribution. The amount...

What if I Owe More Than The Value of the Car?

During the process of filing for bankruptcy, sometimes it is best just to file out certain things you don’t need, otherwise you may find yourself stuck in a contract that makes it more difficult for you to get your way back to financial security. For instance, if you...

What Happens to the Garnishee at Work When I File a Bankruptcy?

Garnishments are processes where, in order to pay off your debt, a certain amount of subtracted from your income each month. As you might expect, this can interfere with your ability to get your financial debt back on track, especially if the amount deducted is high....

How Do I Declare Bankruptcy?

By approaching a Licensed Insolvency Trustee, you begin the process of declaring bankruptcy. The process involves you filling out vital information regarding your financial situation, your debt, your assets, your tax situation, and your income capacity. Using this...

Can Someone Collecting Pension Declare Bankruptcy?

When you are a senior, it can be difficult generating the amount of income required to pay off debts, especially when you don’t have a job. As a senior, you may be troubled by your medical bills, rising property taxes, and other inflation-related issues, and...

What Is The Purpose Of Bankruptcy Legislation?

There are two purposes of bankruptcy. The first is to release the debtor from overwhelming debt that they cannot possibly pay off so that they can start over fresh and continue on with their life. Staying in impossible debt helps nobody, so bankruptcy was established...

What is Bankruptcy?

Bankruptcy is the process where a person hopelessly burdened with debt gets the chance to start over with their their debts eliminated. For this to happen, you trade what you own with a Licensed Insolvency Trustee in exchange for the removal of your debts. Though it...

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