What Do I Need To Know Before I File For Bankruptcy

 I think some things that you need to know are:  - Are any of the other options out there something that might work for you?  IE:  Is bankruptcy the right thing for you to do. During our initial meeting or phone call, we explain the different options to you, how they would affect you, so that you can then make an informed decision about what to do. Based on that meeting or call, you need to know: - How will your assets be affected by a bankruptcy?  In order for us to answer this, we need to know what assets you own and what they are worth. - Do any of your debts survive a bankruptcy? - What will your payments be in a bankruptcy.  This will be based on basic adminstration costs and possible the government's surplus income requirements.  These are payments required is you make more than what they deem to be their standard of living for the # of paople in your home.  We can calculate this for you during the meeting. - How long will your bankruptcy last.  The laws changed in September 2009.  For a first time bankrupt, you may be in bankruptcy for either 9 or 21 months. The best advice I can give is to talk to one of our consultants or Trustees to get the specifics of your situation.  These meetings or calls are free.  Contact one of us athttp://www.mnpdebt.ca/contact/alberta/default.aspx. Donna Carson, CGA, CIRP, Trustee 1.877.500.0792      donna.carson@mnp.ca