Share your needs with us, get contacted by law firms.
Free. Takes 2 min.
Port of Spain, Trinidad and Tobago Attorneys in related practice areas.
The Bankruptcy and Debt law in Port of Spain, as well as in Trinidad and Tobago at large, is governed by the Bankruptcy and Insolvency Act, 2007. This law provides detailed specifications about how individuals, businesses who cannot meet their financial obligations can declare bankruptcy and potentially dissolve their debt. The procedure mainly aims to protect the creditors by ensuring fair distribution of the debtor's property. Still, it also provides a viable way for debtors to start fresh, albeit under strict, often limiting conditions.
The process of declaring bankruptcy is a complex one that involves a lot of legal and financial nuances. If you find yourself unable to manage your debt, a lawyer specializing in bankruptcy and debt law can help guide you through the repayment or bankruptcy process. Situations that often demand for a lawyer include: wrongful foreclosures, creditor harassment, wage garnishment, and credit/loan troubles. They can provide advisable strategies and prevent you from making decisions that could lead to long-term financial detriment.
Under the Trinidad and Tobago Bankruptcy and Insolvency Act, an individual can file a proposal or a bankruptcy. A proposal allows you to pay creditors a percentage of what you owe them, or extend the time you have to pay off the debts. If the proposal is not accepted, you may go bankrupt. When declared bankrupt, the control of your assets is handed over to a Trustee in Bankruptcy who then liquidates them to pay off your creditors. These procedures, along with exemption clauses and duties of the bankrupt, are distinctly outlined in the law.
Trinidad and Tobago law allows bankrupt persons to keep certain exempt assets, including necessary and ordinary clothing, necessary household furniture, and items required for trade among others. The exact list is outlined in the Bankruptcy and Insolvency Act.
In general, the first bankruptcy lasts for a period of 9 to 21 months, depending upon whether you have surplus income.
No, certain types of debts such as alimony, child support, and student loans cannot be erased through bankruptcy.
Yes, you can file for bankruptcy more than once, although the implications may be more severe with each subsequent filing.
Yes, businesses can file for bankruptcy under corporate insolvency in Trinidad and Tobago.
You may find more information and assistance through the following:
If you find yourself in a situation requiring help with debts or bankruptcy, the first step is to seek qualified legal advice. Legal Aid and Advisory Authority provides individuals with a lawyer in some situations. Consulting with a lawyer will give you a better understanding of your options and the implications of any decisions you make. Following the consultation, you can prepare all necessary documentation and proceed according to advised strategy.
