Financial Debt Counseling: Filing Bankruptcy For Different Types Of Debts Not Due
About Us •
We at Credit 720 work for you in a similar way just as your Tax Consultant or Accountant. You hire our expert advice in debt negotiations as we help protecting your assets and safeguarding your rights as our esteemed client.
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At Credit720, our goal is to protect your best self-interest and not the creditors. Debt Consolidation, Consumer Proposal - Calgary & Edmonton Region.
Financial Debt Counseling: Filing Bankruptcy For Different Types Of Debts Not Due • Debt is one of the complicated things that many people have to go through. There are many proofs or shreds of evidence to know that you have debt on your head that you have to pay if you took it from a bank or a legal agency. Now if the situation is that your long lost cousin or relative comes and asked for the borrowed money which was given like ages ago, you are stuck and stressed that how much did you pay or did you get rid of it a long time ago, or you just didn’t pay it! At such times, financial debt counseling comes into play!
Unliquidated debts • Debts that are owed to the creditors are not measured yet. Here, the Licensed Insolvency Trustee (LIT)’s responsibility is to show in the court that an unliquidated amount comes under bankruptcy. The trustee may ask some credit counsellor to stand as a witness to prove this and also have legitimate proof of it. The liquidated debts cannot be too less, they need to be at least of some good amount in terms of bankruptcy.
Contingent debts • These are the debts that are either a claim or maybe called a debt because of future happenings. Like in a situation, where you have become a cosigner for someone then it’s called a contingent debt. The creditors will go to the actual borrower till he pays the amount. But apparently, if you became bankrupt then the person you cosigned for will be considered as default. • But this debt won’t clean your slate, your name will be listed on the Statement of Affairs of contingent debt. The creditors will simply back off from their payments but they can still ask for a piece of evidence.
Future debts • Future debts are the debts that are due in the upcoming life of a person. If due to some reason you are not able to pay the debt at the time of its due date and at that time if you consider yourself bankrupt, you may get this debt removed from your head in this act. Disputed debts • Debt is not even debt as per your claim and you are fighting to get rid of it with the creditor for this unnecessary debt removed from your head. Again like the contingent debts, your slate will not be cleared if you file for bankruptcy.
Contact Us Red Deer #924, 4747 67th St, Red Deer AB, T4N 6H3 Telephone: (403) 337-4000 Fax: (780) 666-9721 Email: info@credit720.ca
Edmonton North 203, 12930 50 St, Edmonton, AB T5A 4L2 Phone: 780.666.2600 Email: info@credit720.ca
Edmonton South 9856A 33 Ave NW, Edmonton AB T6N 1C6 Telephone: (780) 666-2600 Fax: (780) 666-9721 Email: info@credit720.ca
Lloydminster (Alberta & Saskatchewan) Unit 102, 4802 -50th Avenue, Lloydminster, AB T9V 0W5 Phone: 403.337.4000 & 780.666.2600 Email: info@credit720.ca
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