Yes, you are eligible to go bankrupt if:
1) You owe more than $1,000; and
2) Your are insolvent. i.e. you can’t afford to pay your bills each month or what you own is worth less than what you owe.
While those are the strict criteria, determining if bankruptcy is right for you is a big decision that we do not take lightly. Only after a free no-obligation initial consultation can we accurately explain your options to you.
That said, in general, bankruptcy is worth considering if you are unable to repay your creditors in full, and you can’t afford to make a consumer proposal. At Welker and Company we always treat Bankruptcy as a last resort; in fact we’re legally required to do so. If you can afford to make a consumer proposal and decide to go bankrupt instead, your discharge may be affected.
Why not have your situation assessed by a Licensed Insolvency Trustee, even if not Steve Welker and Company? They’re federally licensed, bound by strict codes of ethics, and almost always offer free consultations.
Give us a call to book an appointment and have your unique personal situation reviewed. You’ve got nothing to lose except your debt!