Personal bankruptcy in Nova Scotia is meant for individuals who are finding it difficult to meet monthly payments, and are getting out of control financially. However, bankruptcy should only be used if all alternatives to bankruptcy have been exhausted.
When a debtor files for Nova Scotia bankruptcy, everything they own is given over to a bankruptcy trustee. The trustee then converts that property into cash to be distributed among the creditors.
Bankruptcy is slightly different in all areas across Canada, so consulting a personal bankruptcy trustee is highly advised. A bankruptcy trustee can help determine which option would best suit a debtor’s needs, and can explain the entire process.
The decision to file for bankruptcy should not be taken lightly. Bankruptcy will get rid of most, if not all, debts; however, it will have a substantial effect on a debtor’s credit report and his/her ability to get credit in the future.
The cost of going bankrupt differs from city to city. Cost of going bankrupt in Nova Scotia is determined by size of family, monthly income, and the debtor’s assets.
For a free consultation with a Nova Scotia bankruptcy trustee, please contact us today.