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Find Answers to Your Frequently Asked Bankruptcy Questions

How can you tell if your financial problems in Nova Scotia are serious?
People find themselves in debt for many reasons including job loss, injuries or medical issues, poor money management, etc. If you find that you’re missing payments, using one credit card to pay another, avoid opening the mail, or are constantly borrowing money to pay bills, these may be warning signs that you have a financial problem.

How does a person declare bankruptcy in Nova Scotia?
In order to declare bankruptcy, you must prove that our debts exceed $1,000 dollars, you live or have lived in or carried out business or own property in Canada, and you must not already be bankrupt. There are several other factors that contribute to whether or not you can declare bankruptcy. Contact Salyzyn & Associates Limited and learn more.

How much does it cost to file bankruptcy in Nova Scotia?
The cost of filing bankruptcy depends solely on your personal situation, your family income, and the number and type of assets you own, among other factors. Basic payments, tax refunds, shared income, non-exempt assets, and new assets should also be considered when determining bankruptcy costs.

How long will I be bankrupt if I file personal bankruptcy in Nova Scotia?
The length of being bankrupt depends on a few factors: you’ve filed for bankruptcy before, the amount of money you make each month, the duties you are required to complete, or whether or not creditors are objecting to your discharge from bankruptcy. Contact one of our Licensed Insolvency Trustees to learn more.

What happens to your debt when you file bankruptcy in Nova Scotia?
Once again this depends on what kind of debt you have. There are two categories of debt: secured and unsecured. Secured debts include debts where repossession of assets can occur. You can choose to give up that asset at the beginning of your bankruptcy or keep it and continue making payments. Unsecured debts include things like credit card debt, unpaid utilities, personal loans, and income tax debts. When you declare bankruptcy, unsecured debts can be fully dischargeable or fully forgivable.

Do I need a bankruptcy lawyer to go bankrupt in Nova Scotia?
Generally no, you do not need a bankruptcy lawyer in order to declare bankruptcy in Nova Scotia. A Licensed Insolvency Trustee can help you determine whether or not a part of your bankruptcy needs legal representation.

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