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In determining elegibility for bankruptcy can there be a fundamental requirement such as owing a lot more than our yearly earnings? Many thanks
Many thanks for the email. The essential needs if you are qualified to file for Bankruptcy are that the individual needs to be insolvent (not need the capacity to repay their debts), owe no less than $1000, and it is A canadian resident or have carried out company in Canada in past times 12 months, been a resident of Canada in past times year or have actually nearly all their assets in Canada.
Our workplace provides free, no-obligation consultations if you want more info on which a Bankruptcy or Consumer Proposal would seem like for you personally. It is possible to achieve our office toll-free at 1 888 455 6060 for those who have any extra questions or desire to book a consultation.
We very very very own 2 properties, 2 houses, we reside in one and my parents reside in the 2nd one. The lease they spend me personally covers the land and mortgage fees with this home. We have to sell the second property which only has maybe 10000 in equity if we would have to file for bankruptcy, would?
Brand New Brunswick February 21, 2020
Many thanks for the e-mail. If perhaps you were to file for bankruptcy, you will not be asked to sell either of the properties. There is certainly more info that might be had a need to figure out what your alternatives would include; nonetheless, the choice to help keep or surrender your assets rests you can afford to continue them) with you(so long as the payments are up to date and. Continue reading “An answer is had by every question. Or responses.”