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What happens to your life after declaring bankruptcy in Lethbridge? If you believe what you hear in those television commercials from debt settlement companies and much of what you read on the net, absolutely nothing good happens.
Indeed, if you have been searching the net for information, how many websites have you found where you are warned to think only of bankruptcy as a last resort? You read repeatedly of the terrible things that can happen to you, many of which are not true.
It is not true you will never be able to get credit again after declaring bankruptcy in Lethbridge.
It is not true that your spouse will become liable for your debts after declaring bankruptcy in Lethbridge.
It is not true you will have to wait years for the bankruptcy notation to be removed from your credit history before you can apply for credit.
Now here are some of the things that do happen after declaring bankruptcy in Lethbridge.
Any legal action to collect debts already underway against you will stop. If your wages are under garnishment, they will be restored. If you are being sued, the lawsuit will stop.
The threatening letters and telephone calls from debt collection agencies will stop. What’s more, the bankruptcy court notifies your creditors they are legally barred from contacting you in any way.
While you are in bankruptcy, you will no longer be making payments on your unsecured debt. Instead of facing a pile of bills without enough money to pay them all, you will have disposable income left at the end of each month.
The bankruptcy laws set a threshold living allowance depending on your family size and location. During bankruptcy if your income in any given month exceeds that threshold by more than $200, you will have to contribute a small percentage of the surplus to go towards creditor repayment. However, you will still end up with more income left than you had prior to filing.
Finally, if you have never filed for bankruptcy before and have had no surplus income, you can get your discharge from bankruptcy in nine months.
Those who have had surplus income are discharged in twenty-one months.
In both cases, your life after bankruptcy begins free of your unsecured debt. With the exceptions of child support, alimony, and a few court-ordered judgments, everyone emerges from bankruptcy debt-free, ready for a fresh financial start.
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