Personal Bankruptcy in Edmonton Alberta
If you are a resident of Edmonton, Alberta and are falling behind on your monthly payments, it may be time to consider one of the available debt management solutions, such as Consumer Proposal, Orderly Payment of Debts or, as your last resort, personal bankruptcy. In Edmonton, Alberta, personal bankruptcy requires you to complete some basic duties in exchange for the elimination of your debts. But, before you step into the process, you should find out if you qualify for Edmonton bankruptcy.
Edmonton bankruptcy: qualification, filing, process and costs
It is very easy to meet the minimum qualifications to file a bankruptcy in Edmonton: as long as you owe more than $1000 dollars and are unable to make your payments as they become due, you are eligible for personal bankruptcy. This is not to say that filing bankruptcy is always the best alternative, but it might be a good solution if you have limited or unstable income, if you think you will not be able to maintain larger payments required by a consumer proposal, or if you simply need to start fresh as quickly as possible.
Filing for bankruptcy in Edmonton is an important decision and should not be taken lightly. Bankruptcy will eliminate most if not all of your debts - that is true, but it will also have a significant impact on your ability to obtain credit in the future.
The cost of bankruptcy in Edmonton can vary significantly: while the trustee fees are based on a tariff set by the government, factors such as your monthly income, the size of your family, and your assets can have a significant impact on the cost of filing bankruptcy in your case.
While the Edmonton bankruptcy process is typically very straight forward, it can become very complicated very quickly. We suggest you to, as the best thing to do, contact a reputable, licensed bankruptcy trustee, who will be able to review your financial situation, help you understand all the options available, and advise you on bankruptcy exemptions and other important aspects of personal bankruptcy in Edmonton.
At Goth and Company Inc, we believe it is important that you get the best advice possible. As a result, we will ensure that you meet with one of our senior professionals (either Jim Goth with 25 years experience, or Barton Goth with 13 years experience), and get accurate and appropriate answers to all your questions in regards to personal bankruptcy and alternatives to bankruptcy in Edmonton.
