The federal bankruptcy process is streamlined to provide timely financial relief to deserving individuals. A Chapter 7 “erase-your-debts-and-start-fresh” bankruptcy generally takes a mere 4-5 months, start to finish. The debtor discharges burdensome unsecured debt, and may get additional relief by restructuring secured debts. A trustee is assigned to each bankruptcy case. The trustee has hundreds [...]
Question: My wife has investments and she is not on anything I owe. I’m considering bankruptcy, will she lose those investments? Answer: Filing for bankruptcy does not directly affect your spouse. Your debts are yours alone. The only exception is if your spouse co-signed or guaranteed your debt. See the article “Does Filing for Bankruptcy [...]
While some Americans are able to get by without a personal vehicle, having reliable transportation is necessary to most. Whether it is a means to get to work, or to school, or to take the kids to soccer practice, a vehicle can be an important part of daily life. It is no wonder that one [...]
As I recently wrote, you don’t have to be a U.S. citizen to file bankruptcy in the United States. Just like many U.S. citizens, there are many non-citizens living legally in the United States who are drowning in debt and contemplating filing bankruptcy. One big difference between the two groups is that many of the [...]
Question: does it cost money (is there a fee for example) to go bankrupt in Ontario? Answer: Yes, there is a cost to file bankruptcy in Ontario. You will be required to make a monthly contribution while bankrupt (for at least nine months), which depending on the trustee could be in the range of $200 [...]