Bankruptcy is the solution that enables you to free yourself from the majority of your debts, by handing over certain assets. In just a few months, you will be able to put an end to your over-indebtedness in this way. One of two types of bankruptcies can be deposited: a summary bankruptcy for individuals (also called "personal bankruptcy") or an ordinary bankruptcy for businesses (also called "commercial bankruptcy").
During the bankruptcy process, you will have to make reasonable monthly payments. These amounts will then be paid to the licensed insolvency trustee. In addition, depending on your situation, Poupart Trustee Inc. will be able to establish with you the amounts to be paid and will also be able to advise you on how your belongings and assets may be handled.
Once bankruptcy is deposited, unsecured creditors, such as credit card companies and personal loans institutions, will no longer be able to make seizures against you or your belongings and assets. In the event that you continue to receive threats of seizure, you will have to contact us so that we can help you assert your rights.
After receiving an absolute discharge, you will no longer be liable for the debts you have freed yourself from. However, a notice will be placed on your credit report indicating that you have gone bankrupt. This notice will remain on your report for a period of 6 years, following your discharge. If this is not your first bankruptcy, this notice will remain on your report for up to 14 years. However, take note that it is possible to improve your credit rating faster following bankruptcy. Poupart Trustee Inc. will be able to explain the various options available to you if you want to rebuild your credit.
Declaring a bankruptcy is the option to choose when you are unable to repay the amounts owing to your creditors, however small such amounts may be. In addition, if you are unable to make reasonable payments over a period of time, you may be forced to declare bankruptcy.
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