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Consumers - Bankruptcy

Bankruptcy

Time passes fast when things are going bad. Just talk to Daniel, who can no longer make the minimum payments due on his credit cards. He also has to go before the Régie du logement because he owes two months of rent and his phone and electricity companies are threatening to cut their services. He owes money almost everywhere and is no longer able to pay anything. His creditors are harassing him. And then, this morning, his friend Serge made a devastating suggestion: declare bankruptcy.

Other than the fact that it negatively affects your credit for years, what do you really know about bankruptcy? In this Infosheet, Éducaloi explains what bankruptcy is, its effects, and its limits.