Filing for bankruptcy is not your easy way out. It’s not a ticket to get out of your debts. This should be treated as a last resort. Those who file for bankruptcy in Kelowna also go through a screening process to make sure that they are eligible.

To be approved for bankruptcy in Kelowna, you must prove that you are an insolvent person. Here are the things that they look for:

1. You need to have a minimum of $1000 of unsecured debt

Unsecured debt is a kind of debt that isn’t secured by a form of collateral. That can include your personal loans, and credit card loans. Car loans and home loans are considered secured debts.

2. Your debts are higher than your assets

If your incoming money is not enough to cover the payments for your debts, that is the time that you can be considered for bankruptcy.

3. You need to reside in Canada

To take advantage of the benefits of filing for bankruptcy in Canada, you need to be a resident. Business and property owners in Canada can also take advantage of bankruptcy.

Filing for bankruptcy is not easy. You need to hire a Licensed Insolvency Trustee like Mike Wright & Associates to get it done. Even then, they will still check your documents and make sure that you fit the criteria.

This can help lift a huge weight off of your shoulders. With this, you can rest easy knowing that your important assets are protected and that creditors will no longer keep on hounding you.

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