A state of being bankrupt can be depressing and would seem like an end of the road to you, but what if
we tell you that you can start fresh? Faber will help you start fresh by assisting you
​in filing personal bankruptcy. Read on to know more about the process.

What is personal bankruptcy?

Personal bankruptcy is a legal process where a debtor can file personal bankruptcy when they cannot pay their debt. A debtor has to approach a Licensed Insolvency Trustee (LIT), and they will closely examine your condition and help you eliminate your debt. Personal bankruptcy is a speedy way to get rid of your debt as it takes nine-month to complete.

What happens when you apply for personal bankruptcy?​

●    LIT will file the documents to OSB, and you be declared bankrupt
●    LIT will directly deal with your creditors
●    You will have to stop making payments to your creditors 
●    Garnishment against your salary will stop
●    Legal actions against you will stop

What are the things you need to know when filing your bankruptcy?

• For first-timers with no surplus income, the length of bankruptcy will be for nine months, and if you have surplus income, the length of bankruptcy will be for twenty-one month
• For those filing for bankruptcy for the second-time with no surplus income, the length of bankruptcy will be for twenty-four months; if you have surplus income, the length of bankruptcy will be for thirty-six months
• Licensed Insolvency Trustee will sell all your assets
• Your creditors will hold a meeting to gain information about bankruptcy and other formalities. 
• OCB will closely examine you and observe your conduct and causes of bankruptcy

Regardless of the situation, Faber will help you throughout the process of filing and getting your personal bankruptcy accepted.