When most people worry about paying all their bills, they think they have no choice. It can be unnerving to realise you don’t have enough money to cover expenses, especially credit card debt and other debts. The worry won’t help, and it can be exasperating when bill collectors start to call. If you’re in a comparable situation, you may want to consider bankruptcy in Moncton NB, which provides many benefits and can be a big help to many people.
Protection
Once you have filed, you are protected from creditors. They cannot continue to call and harass you, and won’t be able to take legal recourse against you (lawsuits). Choosing a consumer proposal means that a stay of proceedings occurs immediately, which stops creditors from continuing, enforcing or starting any Court proceedings without the permission of your court. If you’re currently in a lawsuit or have your wages garnished, this will stop. Bank accounts that have been frozen will be released back to you, and all lawsuits that are in the process will be stopped.
No Opt Out
Once you file for a consumer proposal in Moncton NB, the creditors have to abide by those laws. All unsecured debt is handled through the court, and they cannot decide to ignore that process to continue trying to collect the debt. This is an advantage over debt management plans that are available because creditors can refuse participation in more informal management and settlement options. With a consumer proposal, all creditors of unsecured debt are included in the proceedings.
Rules
It doesn’t matter where you go to file because a consumer proposal is the same everywhere. If you do happen to run into a problem, you can contact the Office of the Superintendent of Bankruptcy, which is the governmental body in Canada that monitors and licenses all trustees. This will help ensure that the problem is laid to rest appropriately.
Discharged
Bankruptcies are released anywhere between nine and 21 months, depending on your income standards. Those sitting below or at the income standards will have their bankruptcies discharged after nine months, so you’ll know how long it will last.
Cost
Most people are unaware that there are costs for bankruptcies, but those costs don’t have anything to do with the amount of money you owe to creditors. The cost is figured by how many people live in the home and share the income.
Bankruptcy in Moncton NB can be an advantage if you go through the right channels and use an appropriate company to help. Visit Powell Associates Ltd today to learn more about their services or how to contact them.