How To Turn Your Declaring Bankruptcy In Canada From Zero To Hero

Posted by Groupe Serpone on January 9th, 2019

If you have planned of Declaring bankruptcy in Canada and thus checking for the right option for Declaring bankruptcy in Canada then before you start your research about the process for Declaring bankruptcy in Canada it’s important to understand that there are various myths associated with Declaring bankruptcy in Canada and thus it’s wise to first clear the myths as they are believed since long and are thus believed to be true by many people.

Some steps that you should know before Declaring bankruptcy in Canada includes:-

  • Get a free debt assessment,
  1. Sign the paperwork to declare bankruptcy,
  2. The trustee files these documents with the government starting your creditor protection,
  3. Complete your bankruptcy duties, then.
  4. Obtain your Certificate of Discharge which eliminates your debts.

One of the questions that is very rapidly asked for Declaring bankruptcy in Canada is can I declare bankruptcy in Canada if I’m living abroad? Financial troubles don’t end at borders—or even oceans. If you’re a Canadian citizen no longer living in the country, and you still have debts in Canada that you are unable to pay, you may be wondering whether or not you can file for bankruptcy. The answer is that it depends, but the rules are actually pretty straightforward.

The simplest way to file for bankruptcy would be to return to Canada. Once you’ve filed your bankruptcy papers, you’re free to leave again, but you must keep your trustee informed about where you will be living. If you prefer to remain outside the country, you may file for bankruptcy if:

*You’ve carried on business in Canada within the year preceding bankruptcy.

*You have resided for the previous 12 months in Canada.

OR if the majority of your property is located in Canada (property can include money held in a Canadian banking institution, real estate, things or goods, and lawsuits).

If needed you can always take some professional help for declaring bankruptcy in Canada and there are various professionals who are there to help you with the process of declaring bankruptcy in Canada and thus it’s suggested to discuss your present financial situation with different experts so as to get their input on the best process for Declaring bankruptcy in Canada.

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Groupe Serpone

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Groupe Serpone
Joined: December 19th, 2018
Articles Posted: 6

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