What is personal bankruptcy?...

Filing for bankruptcy in Moncton NB is not something that anyone wants to go through; most people don’t even want to think about it. Although bankruptcy is something to avoided if at all possible it is something that actually makes sense for some people. It is an option that can be used for solving unmanageable debt problems and it can provide immediate relief from the pressures applied by debt collectors. Bankruptcy is a legal method that can be employed to eliminate all, or almost all, debts. Bankruptcy is administered by a trustee that is licensed by the federal government, the trustee is charged with the responsibility of ensuring that an unfortunate debtor is given the opportunity to start afresh as well as looking after the rights of the creditors. When someone files for bankruptcy they turn all of their non-exempt assets over to the trustee, the trustee in turn sells the assets and distributes the proceeds equitably between the creditors. At the end of the process the bankrupt is left with his or her exempt assets but more importantly for most, all their debts are eliminated. Exempt assets include clothing, household furnishings, tools that are needed for work and a vehicle; the vehicle can only have a value up to a certain limit. Although bankruptcy is often seen as a last resort, there are benefits to filing for bankruptcy in Moncton NB. Not only will you be given considerable debt relief you will also be protected from any legal actions that creditors may attempt to make, your debts will be eliminated, there will be no more collection efforts made, it stops any wage garnishment and gives you an opportunity to take advantage of professional debt counselling so that you can better manage your financial...