I would like to know more about bankruptcy. In my current financial situation, I have no other way to meet my debts. When I searched on the web, I found some requirements to apply for bankruptcy.
- You owe at least $1000
- You have stopped or are unable to keep making debt payments
- If you sold your possessions at a fair market rate, the proceeds would not cover your debt
- You must be a resident of Canada.
But I would like to know more about it.
Are there any more conditions to qualify for bankruptcy? What are the pros and cons? Are there any good alternatives?
For filing bankruptcy, should we meet some professional bankruptcy service? My friend suggested a nearby bankruptcy trustee. But I would like to know your opinion before making a decision. Any thoughts or advice on this will be helpful. Also, suggest some good bankruptcy trustees in Toronto. Thanks in advance!