Reduce the Stress of Filing
This is one of the most stressful times in your life. You are in so much financial trouble that you are considering filing for bankruptcy, and you do not have the legal expertise to do it properly. If you need help filing for bankruptcy in Alberta, Nunavut, or the Northwest Territories, Exelby & Partners Ltd. will be happy to walk you through the process.
How to Submit a File
When you come to Exelby & Partners Ltd. for a consultation, we will help you through the filing process:
We will see if any other options are available to you. Sometimes a consumer proposal or debt consolidation would serve you better. We will tell you if that is the case.
If bankruptcy is your only option, one of our Administrators will determine what kind you have to file for. Individuals, businesses, and other entities have the option to file for several different kinds of bankruptcy. We will help you decide which type of bankruptcy is best for you.
We will file a legal petition for bankruptcy for you. You will likely have to meet with your creditors at a Court hearing, so if you consult with us, you need to make sure that you give us truthful answers that the creditors will be satisfied with.
Effects of Bankruptcy
Debt relief: You still have to settle debt obligations most of the time (these will be agreed upon in the bankruptcy petition), but after those are met, your debt will disappear completely.
Clean slate: You’ll have a fresh start with your finances.
Freedom from creditors: Your creditors will no longer call you. If they have agreed to the filing and have not challenged it, they can no longer legally call you to ask about your debt.
Credit score reduction: Filing signals to creditors that you have an inability to pay your debts so a bad mark will appear on your credit report.
Difficulty getting loans: A filing on your credit score can make it more difficult for you to get a loan with favourable interest rates for many years following the bankruptcy.