If you are living in Montréal, Québec and are beginning to fall behind on monthly payments, you may want to consider filing for bankruptcy. Bankruptcy is ideal for individuals who need a rapid financial fresh start. Anyone who lives or owns a business in Montréal, Québec is eligible, as long as they have at least $1,000 in debt.
Bankruptcy is a confusing process and we strongly recommend contacting us before you begin. Our bankruptcy trustees can review your financial situation and determine if bankruptcy is the correct choice for you.
Here are some key things you’ll want to keep in mind before getting started:
- In a bankruptcy, most of your assets are surrendered to a bankruptcy trustee in exchange for the elimination of your debts.
- The basic cost of bankruptcy is dependant on your monthly income, the size of your family, and your assets. Trustee fees are determined by the government.
- Some of your property can be protected from liquidation. A brief list of the possible exemptions in Montréal can be found on our “exemptions” page.
- Your creditors will be “stayed” and will not be able to contact you or pursue legal action.
- Most, if not all debts will be eliminated, but it will be significantly more difficult to obtain credit in the future.
If you believe bankruptcy is the right option for you, please contact us today.