subject: Bankruptcy In Ottawa Is Possible [print this page] If you feel like you're the only one struggling with debts, this isn't true. There are millions of people trying to find a way out of debt, and trying to hold on financially. A great way that you can try to save your life is filing bankruptcy, and you may want to talk with an attorney before doing so. Bankruptcy will have many benefits to provide you with relief mentally and financially. Bankruptcy isn't for everyone, and you may not get approved just because you file, and you have to be prepared for the risk of not winning your case.
Protecting Assets
If you are currently paying on a home or a vehicle and there are no liens taken out on the assets, bankruptcy can help protect these things. By eliminating the different unsecured debts you have, your larger payments like a home mortgage become more affordable. The judge will decide what you can keep, and what you get rid of. If you have an Ottawa bankruptcy attorney they'll put in your letter to the courts that you hope to keep these different things after the case is closed. This doesn't always happen, but you can hope for the best.
Creditors
It can be stressful and embarrassing to have creditors calling your home at all times, leaving messages on your cellular voicemail, or even when they call your job. You may be sick of getting letters and statements in the mail about your past due accounts, warnings that legal action will be taken, or having creditors show up at your home. When you file for bankruptcy in Ottawa these different things are ordered by the court system to stop. The creditors are no longer able to talk with you, and this is going help you get through the bankruptcy.
Income
The income you have coming in could be all that you have, and if creditors are already getting a chunk of it, or if they're threatening to garnish your wages, bankruptcy can keep your money in your pockets. You need money to survive, and if you are about to lose your income, you need to file quickly.
Debts
The judge has the power to eliminate almost all of your debts, which is why you may want to get an Ottawa bankruptcy attorney. You may have your debts cleared in full; you may be forced to pay some of them, or you may have to pay them back progressively. Letting the court system help you manage your debts is going to help prevent the debts from getting larger, which makes them easier to pay off.
Starting Over
Once the case has been settled you can start over with your finances, and you can work on managing your money without getting back into debt. The Ottawa bankruptcy judge may require that you see some type of financial professional for counseling, so that the problem doesn't occur again. Your credit will reflect that you filed for a bankruptcy, and this is going to be negative for some time, but you're going to have a new chance to save money, and to be successful financially.
Legal representation throughout a case for bankruptcy in Ottawa is going to be beneficial for anyone who files. The attorney assists with filling out applications and documents that must be flawless, and will help fight for your case in front of the judge. The attorney will also get in contact with the creditors you have outstanding bills with, to keep them in informed of the process of the case, and so you don't have to deal with them anymore.
