Best Bankruptcy Lawyers in Burlington

About Bankruptcy Law in Burlington, Canada:

Bankruptcy is a legal process that provides individuals and businesses with a fresh start by eliminating or restructuring their debts. In Burlington, Canada, bankruptcy is governed by the Bankruptcy and Insolvency Act, which outlines the procedures and regulations for filing for bankruptcy.

Why You May Need a Lawyer:

There are several situations where it may be beneficial to seek legal advice in bankruptcy, such as understanding your rights and options, preparing and filing bankruptcy paperwork, negotiating with creditors, or dealing with legal proceedings related to bankruptcy.

Local Laws Overview:

In Burlington, Canada, individuals can file for bankruptcy through a licensed insolvency trustee who will help navigate the bankruptcy process. Some key aspects of local laws include the exemption of certain assets from the bankruptcy estate, the requirement to attend credit counseling sessions, and the potential consequences of bankruptcy on your credit score.

Frequently Asked Questions:

1. What is the difference between bankruptcy and consumer proposal?

Bankruptcy is a legal process that allows individuals to eliminate their debts, while a consumer proposal is a negotiated settlement with creditors to repay a portion of what is owed over a period of time.

2. Will I lose all of my assets if I file for bankruptcy?

Some assets are exempt from the bankruptcy process, such as necessary clothing, household goods, and a vehicle up to a certain value. Consult with a lawyer to understand what assets you can keep.

3. How does bankruptcy affect my credit score?

Bankruptcy will have a negative impact on your credit score and will remain on your credit report for several years. It may be challenging to access credit in the future, but it is possible to rebuild your credit over time.

4. Can I file for bankruptcy on my own?

While it is possible to file for bankruptcy without a lawyer, it is highly recommended to seek legal advice to ensure that you understand the process, meet all requirements, and maximize the benefits of bankruptcy.

5. How much does it cost to file for bankruptcy in Burlington?

The cost of filing for bankruptcy in Burlington will vary depending on your financial situation and the complexity of your case. Your licensed insolvency trustee can provide you with a detailed breakdown of the fees involved.

6. Will I still be responsible for certain debts after filing for bankruptcy?

Some debts, such as child support payments, court fines, and student loans (if less than seven years old), are not discharged in bankruptcy and will still need to be repaid.

7. How long does the bankruptcy process typically take in Burlington?

The length of the bankruptcy process will vary depending on the complexity of your case and whether you have filed for bankruptcy before. In general, a first-time bankruptcy typically lasts for nine months to one year.

8. Can creditors take legal action against me while I am in bankruptcy?

Once you file for bankruptcy, an automatic stay is put in place, which prevents creditors from pursuing legal action against you to collect debts. However, certain exceptions may apply, so it is essential to consult with a lawyer.

9. Can I keep my house if I file for bankruptcy?

If you have equity in your home that exceeds the allowed exemption, you may be required to sell your house to repay creditors. Consult with a lawyer to understand how bankruptcy may impact your home ownership.

10. Will my bankruptcy be public record?

Yes, bankruptcy filings are public records, and your name will appear on the Insolvency Register. This information is accessible to the public and may impact your reputation.

Additional Resources:

For more information on Bankruptcy in Burlington, Canada, you can visit the Office of the Superintendent of Bankruptcy Canada or consult with a local legal aid clinic for free or low-cost legal assistance.

Next Steps:

If you are considering filing for bankruptcy in Burlington, Canada, or need legal advice on matters related to bankruptcy, it is recommended to schedule a consultation with a qualified bankruptcy lawyer who can guide you through the process and ensure that your rights are protected.