FREQUENTLY ASKED QUESTIONS
Are there any other solutions than bankruptcy ?
Are you going to seize my furniture ?
Am I going to keep my house ?
Am I going to keep my car ?
If I declare bankruptcy, will the news be published in the newspaper ?
Is my employer going to be informed of my bankruptcy ?
How much is it going to cost ?
Are my belongings going to be seized ?
For how long will I lose my credit rating ?
Will the bankruptcy eliminate my income tax debts ?
Are there any other solutions than bankruptcy ?
Yes. They are mentioned in the section "
solutions".For further information concerning the best solution for your situation, communicate with one of our counsellors : "
Contact us".
Are you going to seize my furniture ?
No, except for valuable objects such as valuable art that are not part of the essentials.
Am I going to keep my house ?
It often happens that people declaring bankruptcy can keep their house, following an agreement with their financial institution. In such a case, the value of the house must not be substantially superior to the balance of the mortgage.
Am I going to keep my car ?
Persons declaring bankruptcy are often permitted to keep their car if the latter is of low value. If the value is not substantially higher than the fees incurred if it was sold.
Nowadays people rent their car rather than purchasing it. Therefore, it is a possibility that they will be able to keep it after reaching and understanding with the owner of the car.
If I declare bankruptcy, will the news be published in the newspaper ?
In almost every case, no notice will be published. Only those to whom you owe money will be informed.
Is my employer going to be informed of my bankruptcy ?
No, unless your salary has been seized before your bankruptcy.
How much is it going to cost ?
The monthly cost of your bankruptcy is determined in proportion to your revenue. As you will have no debts to pay after you bankruptcy, you should be able to pay the aforesaid amount.
Are my belongings going to be seized ?
As long as you are not protected by the law of bankruptcy, the creditors could in certain cases seize your belongings but after declaring bankruptcy nobody can do so. In almost every case, the trustee will not visit your home.
For how long will I lose my credit rating ?
If you are thinking of bankruptcy, it is very probable that you have already lost your credit rating. The information concerning your bankruptcy will appear in your credit records for about seven years but you may be able to borrow money before the end of this period if your financial institution permits it.
Will the bankruptcy eliminate my income tax debts ?
Yes, except income tax debts that are fraudulent.
