No one in New Brunswick wants to think of themselves as a failure, but when you’re too far in debt and don’t know what to do, you could feel that way. While filing for personal bankruptcy is a major decision that shouldn’t be taken lightly, it can be an excellent way to retain some of your property, keep creditors from hounding you and give you a fresh start by discharging your eligible debts.
Discharged From Your Eligible Debts
The primary reason people consider bankruptcies is so they do not have to pay off the debts that they have incurred or may be able to pay a small amount back. Types of eligible debt include credit card debt and others, such as mortgages. Many times, the law allows you to put on your mortgage payments if you owe less than the property is worth.
Fresh Start
A personal bankruptcy in New Brunswick can give you some room to breathe and provide you with a fresh start. Your debt goes back down to zero, and you won’t have to make payments anymore. You can pay off bills, get things current again, and work on rebuilding your credit.
No More Creditors Bugging You
Another advantage is that once you file, creditors cannot call or harass you anymore. Many times, lenders can seem like sharks, calling you at all hours, calling your place of work and even bugging family members. Once you file, they can no longer contact you. They will be required to go through the court system to make grievances or file petitions.
Keep Certain Properties/Possessions
Most people worry that a personal bankruptcy in New Brunswick will leave them homeless. However, the law states that some property is exempt from being taken. You are usually allowed one vehicle, the home in which you live, your household furnishings, clothing, life insurance and most of your earned wages. Visit Powell Associates Ltd.