The world doesn’t end with Bankruptcy!
Are you struggling and frustrated with your colossal bills and want an out? Get the best protection from your creditors by filing for bankruptcy with Credit 720. Here, you will get a team of elite financial advisors that will understand your case and provide the best solution.
Get dawn to dusk support with the whole bankruptcy process!
Bankruptcy assists in clearing all the loans by resolving all such unsecured debts in a period of nine to twenty-one months. Thus, we suggest that opting for bankruptcy can render a new start to things by stopping the actions of court and creditors.
When to opt for bankruptcy?
At Credit720. We take bankruptcy as the last resort that should be taken carefully. You have to deem all the aspects before entering this process.
- The minimum amount of unsecured debt is 1000$.
- Can handle the loss of some potential assets.
- Ready to go through several credit counseling sessions.
- Exhausted all other more straightforward options.
- Have strong back hold to pay upfront for the court expenses but not the whole debt
What to expect from the whole bankruptcy process?
Length of the process
With respect to the debt you owe, the time will vary. You can be done with the process within nine months or take a long time until you perform all the duties assigned by the court.
Involvement of Insolvency Trustee
The trustee is the legally permitted person to administer the process. You have to organize regular sessions with your trustee to get crucial advice for the whole process and proceed according to it.
Surplus Income Payments
You have to make payments to your creditors until your whole debt is finished. You will only retain a certain amount with which you can live a simple life.
Why join forces with Credit 720 for the bankruptcy process?
- Smart pre-filling strategies: Here at Credit 720, our expert team will plan and plot all the aspects of the process. We aim at strategizing smart deals so that you can restructure your firm with ease after bankruptcy. Our finance team will discuss all the crucial elements and fix all the metrics after your confirmation.
- Generating New Revenue To Open New Lines of Credit: Many have a notion that their credit would rebuild if they stopped using credit entirely after bankruptcy. But our Financial Experts reveal the truth that the credit bureaus would take it in an opposite sense that it is a poor or even bad credit. Hence, to avoid all these, information regarding the new lifestyle, spending patterns, etc. needs to be submitted to the bureaus to remain active in the credit.
- Be Timely in Settling all bills: We believe that if one wishes to have a great credit score, automatically settling bills in time and full amounts is essential. It means even a minute or a second late to the deadline would cost extravagantly. Thus, the credit-score is given by models that have already claimed a bankrupt person as a risky borrower, and any delay in acting spontaneously will impact negatively.
What are the items that will not face seizure as per execution Act?
Here is the list of items that would not face seizure as per the Execution Act:
- House – mobile home/equity in residence are allowed up to $40,000
- RRSP’s, RRIFP’s, RESP’s, RRsP’s and DPSP’s.
- Personal Effects – whose resale value doesn’t exceed $4,000
- Tools of trade –maximum value of 10,000 for tools used in work is available.
- Vehicle – one motor automobile with value less than $5,000
What points should you know before applying For Bankruptcy?
- One’s spouse too won’t be affected by bankruptcy if he/she isn’t co-signer or a Guarantor.
- Similarly, a house/ vehicle won’t be seized unless there are equity/mortgages/stopped payments on them.
- Above all, as a revolution, one can continue to work and carry on business-related activities if he/she is self – employed, even he/she is bankrupt – which is something not known and concealed among the common set of fake beliefs.
- At the same time, household income would alone be monitored by officials, and high incomes would be considered as “surplus incomes” by the official.
Thus, approaching Credit720 will be the best decision as their finance teams understand the assets that are liable to be seized and who will be accountable in the state of bankruptcy.