Clear Debt Solutions

Get a chance to start fresh.

Bankruptcy may be best described as a "Debt Eraser". It erases all your unsecured debts and gives you a fresh start. If you are suffering from personal financial difficulties, such as overwhelming debt, you may consider bankruptcy as a solution …

Most of us are afraid of this word "Bankruptcy " and feel very humiliated to even talk about it - it is not as bad as you may think.
It may be wise to know about it even before you take any action.

Bankruptcy  eliminates your debts to give you a fresh start. The concept behind bankruptcy in Canada is this: you assign (surrender) everything you own in exchange for the elimination of your debts.
Stops all legal actions and protects your assets :The common misconception that you lose your assets like house and other assets is wrong- infact, it protects them.
Personal bankruptcy is a legal process, there is a “stay of proceedings” that prevents any legal action from happening, and stops your creditors from calling.

Please call us for the right advice. This is a complicated process to understand as your assets like, home equity and salary have to be calculated before choosing this option.
We at Clear Debt Solutions will assess your situation and advise the right option to suit your needs.

1st time Bankrupts  may be entitled to an automatic discharge from bankruptcy in 9 months( without surplus income). Bankruptcy only deals with unsecured debts - things like credit cards, personal loans, income taxes, overdrafts, etc.

A secured debt, such as a car loan or mortgage, is not included. Since you have given an asset as collateral, your creditor does not need the bankruptcy process to recover the amount owing to them.