Filing bankruptcy could save you from many troubles at the same time tie your
arms. Here are some of the pros and cons of filing bankruptcy.
Pros
1.It is relatively quick to implement
2.All assets cannot be seized. The exceptions are: Furniture and appliances of the
principal residence up to $ 6,000 in value, Clothes, essential tools for performing
your duties in your work, all essential goods to alleviate physical disab
ilities andYour RRSP, except for contributions made during the 12 months preceding your
bankruptcy. In some cases, you can keep your car and your home.
3.It protects against the recovery measures, lawsuits and payday seizures
4.Bankruptcy stops most of your wage garnishments except the garnishmentof
your wages by the Family Responsibility Office
Cons
1.If a significant profit can be derived from the sale of your home, it
is possible thatit be sold to pay your creditors. But if you own your home for a short time, there
are chances that you can keep continuing to make payments if your creditors
agree. Once the commission paid to the real estate agent, we do not shoot a
sizeable profit.
2.The bankruptcy will show up on your credit report for 10 years
3.The ongoing prosecutions included the wage garnishment be set after the
declaration of bankruptcy. The current income is thus again at the full
disposal.
Visit BLC for more details.