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Bankruptcy - A step forward - Look Ahead.

In accordance with legislation, the purpose of the Bankruptcy and Insolvency Act is to permit an honest but unfortunate debtor to be released from the burden of debt. The trustee assists the debtor and communicates to the creditors.

Bankruptcy is federal law and a legal process. By declaring bankruptcy you are able to stop most legal action (alimony/maintenance are one exception) and stop creditors from collecting.

Bankruptcy deals with unsecured creditors. The professional and experienced staff at Eddy-Wright & Associates Inc. will explain what happens to secured creditors. You do not automatically lose your assets.   You are entitled to keep exempt assets, which are explained and listed below.   You may be allowed to continue paying for your lease or vehicle payment provided you are up-to-date.   You may be allowed to keep your house or mobile home depending on your equity.   We are here to handle all your questions.

Bankruptcy is a legal process that gives you protection against harassing telephone calls and garnishees by your unsecured creditors. You immediately stop payments to creditors and they cannot take legal action against you. The focus of the process is to help you organize your finances and develop money management skills. Any individual who owes at least $1000 and cannot make payments as required is classified as insolvent and may file an assignment in bankruptcy. A bankruptcy usually lasts for nine months if this is your first filing. At the end of the bankruptcy your debts are eliminated, giving you a new financial beginning.

At Eddy-Wright & Associates Inc. we do not judge individuals. We are caring and understanding professionals with the educational background and knowledge to help you look ahead to solutions and options.

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