Bankruptcy BC – Licensed Insolvency Trustees.

When you find a trustee you can get a CONFIDENTIAL CALLBACK by clicking on the Evaluation Button

Please bring this filled out form to your first meeting with the trustee.

/news-resources/reviews-testimonials/reviews/ Overall rating: ★★★★★ 4.7 based on 47 reviews
5 1
Submit your review.

Bankruptcy BC Trustees are in Your Local Communities:


100 Mile House

100 Mile House MNPMNP Limited, 250-800-2316
Toll Free: 1-888-389-0158

#600, 235 1st Avenue, Kamloops, British Columbia, V2C 3J4
Email  Evaluation  More Info/Map


Abbotsford

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
Sands Abbotsford Bankruptcy

Sands & Associates, 604-210-3561
300 – 31935 South Fraser Way, Abbotsford, BC, V2T 1V5
Email Evaluation  More Info/Map
(Weekdays 8:00am – 8:00pm. Sat. 9am – 3pm)


Burnaby

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
Sands Bankruptcy Burnaby

Sands & Associates, 604-227-0587
Metrotower II, Suite 2600 – 4720 Kingsway, Burnaby, British Columbia, V5H 4N2
Email Evaluation  More Info/Map

J. Bottom Bankruptcy Burnaby

J. Bottom & Associates Ltd., 604-200-5268
#300 – 604 Columbia Street, New Westminster, British Columbia,  V3M 1A5
Email Evaluation  More Info/Map

Bankruptcy Burnaby A. Farber Trustee

A. Farber & Partners Inc., 778-402-0017
4720 Kingsway, Suite 2600, Burnaby, BC, V5H 4N2
Email Evaluation  More Info/Map


Campbell River

bankruptcy-sunshine-coast-derek-chase

Derek L. Chase, 250-800-2319
Toll Free:1-888-387-7904
400 Tenth Avenue, Campbell River, British Columbia, V9W 4E3
Email   Evaluation More Info/Map


Castlegar

bankruptcy-winnipeg-mnp-limited

MNP Limited,250-800-2317
Toll Free: 1-888-389-0158

#700, 1628 Dickson Avenue, Kelowna, British Columbia, V1Y 9X1
Email  Evaluation  More Info/Map


Chetwynd/Dawson Creek

bankruptcy-winnipeg-mnp-limited

MNP Limited,250-800-2315
Toll Free: 1-888-389-0158

10611-102nd Street Fort St. John, British Columbia, V1J 5L3
Email Evaluation More Info/Map


Chilliwack

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
bankruptcy-surrey-sands-associatesSands & Associates, 604-229-0663
211- 45480 Luckakuck Way, Chilliwack, BC, V2R 2X5
Email Evaluation More Info/Map


Courtenay

bankruptcy-sunshine-coast-derek-chase

Derek L. Chase, 250-800-2321
Toll Free: 1-888-245-9522

635 Fitzgerald Avenue Courtenay, BC, V9N 2R4
Email  Evaluation More Info/Map


Coquitlam

bankruptcy-burnaby-bottom-associatesJ. Bottom & Associates Ltd., 604-200-5268
#300 – 604 Columbia Street, New Westminster, BC, V3M 1A5
Email  Evaluation More Info/Map


(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
richmond-bankruptcy-sands-associatesSands & Associates, 604-229-2471
Suite 209, 2099 Lougheed Highway, Shaughnessy Square, Port Coquitlam, BC, V3B 1A8
Email  Evaluation More Info/Map


Cranbrook

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, 250-800-2313
100, 122-11th Avenue South, Cranbrook, BC, V1C 2P2
Email  Evaluation More Info/Map


Duncan

Grant Thornton Bankruptcy BC LogoGrant Thornton Limited,250-800-2336
823 Canada Avenue, Duncan, British Columbia, V9L 1V2
Email  Evaluation More Info/Map


Fort Nelson

Residents of Fort Nelson can file a bankruptcy or proposal online.

virden-bankruptcy-mnp-trustee

MNP Limited, 250-800-2315
Toll Free: 1-888-389-0158

10611-102nd Street Fort St. John, British Columbia, V1J 5L3
Email  Evaluation  More Info/Map


Fort St. John & Northern BC

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, 250-800-2315
Toll Free: 1-888-389-0158

10611-102nd Street Fort St. John, British Columbia, V1J 5L3
Email  Evaluation More Info/Map


Grand Forks

bankruptcy-winnipeg-mnp-limited

MNP Limited, 250-800-2317
Toll Free: 1-888-389-0158

#700, 1628 Dickson Avenue, Kelowna, British Columbia, V1Y 9X1
Email  Evaluation  More Info/Map


Houston Bankruptcy Trustees

Residents of Houston can file a bankruptcy or proposal on line.

bankruptcy-houston-greg-best

Greg Best, Trustee in Bankruptcy, 604-757-0740, Toll-Free: 1-888-224-3394
305 – 221 West Esplanade (at Chesterfield), North Vancouver, British Columbia, V7M 3J3
Email  Evaluation More Info/Map


Kamloops

bankruptcy-williams-lake-mnp-trustee

MNP Limited, 250-800-2316
Toll Free: 1-888-389-0158

#600, 235 1st Avenue, Kamloops, British Columbia, V2C 3J4
Email Evaluation More Info/Map


Kelowna

bankruptcy-yellowknife-mnp-trustee

MNP Limited, 250-800-2317
Toll Free: 1-888-389-0158

#700, 1628 Dickson Avenue, Kelowna, British Columbia, V1Y 9X1
Email  Evaluation More Info/Map


Kitimat

Campbell-River-Bankruptcy-Derek-L-Chase

Derek L. Chase, Toll Free: 1-888-387-7904
400 Tenth Avenue, Campbell River, British Columbia, V9W 4E3
Email  Evaluation More Info/Map


Langley

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
richmond-bankruptcy-sands-associatesSands & Associates, 604-229-1938
205 – 20651 56th Avenue, Langley, BC, V3A 3Y9
Email  Evaluation More Info/Map

Smythe Insolvency

Smythe Insolvency Inc., 604-200-0105
305 – 9440 202 St, Langley, BC V1M 4A6
Email  Evaluation More Info/Map


Merritt

bankruptcy-williams-lake-mnp-trustee

MNP Limited, 250-800-2316
Toll Free: 1-888-389-0158

#600, 235 1st Avenue, Kamloops, British Columbia, V2C 3J4
Email  Evaluation More Info/Map


Mission / Maple Ridge

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
richmond-bankruptcy-sands-associatesSands & Associates, 604-229-2478
#200-11830-223rd Street, Maple Ridge, British Columbia, V2X 5Y1
Email Evaluation More Info/Map


Nanaimo

Grant Thornton Bankruptcy BC Logo

Grant Thornton Limited, 250-999-0515
30 Front Street Nanaimo, BC, V9R 5H7
Email Evaluation More Info/Map

Smythe Insolvency

Smythe Insolvency Inc., 250-999-0485
201 – 1825 Bowen Road, Nanaimo, BC, V9S 1H1
Email Evaluation More Info/Map


Nelson

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, 250-800-2317
Toll Free: 1-888-389-0158

#700, 1628 Dickson Avenue, Kelowna, British Columbia, V1Y 9X1
Email  Evaluation  More Info/Map


New Westminster

bankruptcy-burnaby-bottom-associates

J. Bottom & Associates Ltd., 604-200-5268
#300 – 604 Columbia Street, New Westminster, British Columbia, V3M 1A5
Email  Evaluation  More Info/Map


North Vancouver

crowemackay80Crowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, BC, V6E 4T5
Email Evaluation More Info/Map

smythe-debt-advisors-greg-best

Greg Best, Trustee in Bankruptcy, 604-757-0740,
Toll-Free: 1-888-224-3394

305 – 221 West Esplanade (at Chesterfield), North Vancouver, British Columbia, V7M 3J3
Email Evaluation  More Info/Map


Penticton

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, Toll-Free: 1-888-389-0158
445 Ellis Street, Penticton, British Columbia, V2A 4M1
Email Evaluation More Info/Map


Port Alberni

Grant Thornton Bankruptcy BC Logo

Grant Thornton Limited, 250-800-2337
3290 3rd Avenue, Port Alberni, BC, V9Y 6R4
Email Evaluation More Info/Map


Port Alice

bankruptcy-prince-rupert-derek-l-chase-trustee

Derek L. Chase, 250-800-2319
Toll Free: 1-888-387-7904

400 Tenth Avenue, Campbell River, British Columbia, V9W 2P9
Email Evaluation More Info/Map


Port McNeill and the North Island

bankruptcy-prince-rupert-derek-l-chase-trustee

Derek L. Chase, 250-800-2319
Toll Free: 1-888-387-7904

400 Tenth Avenue, Campbell River, BC, V9W 2P9
Email   Evaluation More Info/Map


Powell River

Campbell-River-Bankruptcy-Derek-L-Chase

Derek L. Chase, 604-229-0677
Toll Free: 1-888-387-7904

4493A Marine Avenue, Powell River, British Columbia, V9W 2P9
Email   Evaluation More Info/Map


Prince George

bankruptcy-williams-lake-mnp-trustee

MNP Limited, Toll Free: 1-855-200-3006
400 – 550 Victoria Street, Prince George, British Columbia, V2L 2K1
Email  Evaluation  More Info/Map


Prince Rupert

bankruptcy-winnipeg-mnp-limited

MNP Limited, Toll Free: 1-855-200-3006
400 Victoria Street, Prince George, British Columbia, V2L 2K1
Email  Evaluation  More Info/Map

bankruptcy-prince-rupert-derek-l-chase-trusteeDerek L. Chase, Toll Free: 1-888-387-7904
400 Tenth Avenue, Campbell River, BC V9W 4E3
Email  Evaluation More Info/Map


Queen Charlotte Islands

Residents of the Queen Charlotte Islands can file a bankruptcy or proposal on line.

vancouver-bankruptcy-crowe-mackayCrowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, British Columbia, V6E 4T5
Email  Evaluation  More Info/Map


Quesnel

bankruptcy-winnipeg-mnp-limited

MNP Limited, Toll Free: 1-855-200-3006
400 Victoria Street, Prince George, British Columbia, V2L 2K1
Email  Evaluation  More Info/Map


Richmond

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
richmond-bankruptcy-sands-associatesSands & Associates, 604-227-0584
#926 – 6081 No. 3 Road, Richmond British Columbia, V6Y 2B2

Email Evaluation More Info/Map


richmond-bankruptcy-crowe-mackay

Crowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, BC, V6E 4T5
Email Evaluation More Info/Map

richmond-bankruptcy-campbell-saunders-insolvency-trusteeCampbell, Saunders Ltd., 604-200-5277
8171 Ackroyd Road, Suite 6080, Richmond, British Columbia, V6X 3K1
Email  Evaluation More Info/Map


Salmon Arm

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, Toll Free: 1-888-363-6873
100 – 2903 35th Avenue, Vernon, BC, V1T 2S7
Email  Evaluation  More Info/Map


Smithers/Burns Lake

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, Toll Free: 1-855-200-3006
330 Highway 16 West, Office #2, Burns Lake, BC, V0J 1E0
Email  Evaluation  More Info/Map

virden-bankruptcy-mnp-trustee

MNP Limited, Toll Free: 1-855-200-3006
#6, 1188 Main Street, Smithers, BC, V0J 2N0
Email  Evaluation  More Info/Map


Squamish

bankruptcy-yorkton-mnp-insolvency-trustee

MNP Limited, 604-200-0508
Toll-Free: 1-888-389-0145

1975 Lonsdale Avenue, Suite 104, North Vancouver, BC, V7M 3H1
Email  Evaluation More Info/Map

vancouver-bankruptcy-crowe-mackayCrowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, British Columbia, V6E 4T5
Email Evaluation More Info/Map


Sunshine Coast – Sechelt

Campbell-River-Bankruptcy-Derek-L-Chase

Derek L. Chase, 604-210-6103
#13–292 Gower Point Rd, Gibsons, BC, V0N 1V0
Email  Evaluation  More Info/Map

bankruptcy-williams-lake-mnp-trusteeMNP Limited, 604-200-0508
Toll-Free: 1-888-389-0145

1975 Lonsdale Avenue, Suite 104, North Vancouver, BC, V7M 3H1
Email  Evaluation  More Info/Map


Surrey

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
maple-ridge-trustee-sandsSands & Associates, 604-229-1935
203 – 10366 – 136A Street, Surrey, British Columbia, V3T 5R3
Email  Evaluation More Info/Map


Smythe Insolvency

Smythe Insolvency Inc., 604-757-0729
Toll-Free: 1-888-224-3394

King’s Cross, #200, 7404 King George Blvd., Surrey, BC, V3W 1N6
Email  Evaluation More Info/Map


Terrace

Campbell-River-Bankruptcy-Derek-L-Chase

Derek L. Chase, Toll Free: 1-888-387-7904
400 Tenth Avenue, Campbell River, BC, V9W 4E3
Email  Evaluation More Info/Map


Trail

bankruptcy-williams-lake-mnp-trustee

MNP Limited, 250-800-2317
Toll Free: 1-888-389-0158

#700, 1628 Dickson Avenue, Kelowna, British Columbia, V1Y 9X1
Email  Evaluation  More Info/Map


Vancouver

richmond-bankruptcy-crowe-mackayCrowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, British Columbia, V6E 4T5
Email  Evaluation More Info/Map


(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
richmond-bankruptcy-sands-associatesSands & Associates, 604-229-2479
Suite 1370 – 1100 Melville Street, Vancouver, BC, V6E 4A6
Email  Evaluation More Info/Map

richmond-bankruptcy-campbell-saunders-insolvency-trustee

Campbell, Saunders Ltd., 604-757-0597
570 Granville Street, Suite 1000, Vancouver, British Columbia, V6C 3P1
Email  Evaluation More Info/Map


Vancouver South

richmond-bankruptcy-campbell-saunders-insolvency-trusteeCampbell, Saunders Ltd., 604-200-5277
8171 Ackroyd Road, Suite 6080, Richmond, British Columbia, V6X 3K1
Email  Evaluation More Info/Map


Vanderhoof

bankruptcy-winnipeg-mnp-limited

MNP Limited, Toll Free: 1-855-200-3006
330 Highway 16 West, Office #2, Burns Lake, BC, V0J 1E0
Email  Evaluation  More Info/Map


Vernon

bankruptcy-winnipeg-mnp-limited

MNP Limited, Toll Free: 1-888-363-6873
100 – 2903 35th Avenue, Vernon, BC, V1T 2S7
Email  Evaluation More Info/Map


Victoria

Grant Thornton Bankruptcy BC Logo

Grant Thornton Limited, 250-800-2338
Suite 900, 747 Fort Street, Victoria, British Columbia, V8W 3E9
Email   Evaluation More Info/Map

Smythe Insolvency

Smythe Insolvency Inc., 250-999-2781
209-1497 Admirals Rd. Victoria BC, V9A 2P8
Email  Evaluation  More Info/Map
(Weekdays 8am – 8:00pm. Sat. 9am – 3pm)


West Vancouver

vancouver-bankruptcy-crowe-mackay

Crowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, BC, V6E 4T5
Email  Evaluation More Info/Map


Whistler

vancouver-bankruptcy-crowe-mackayCrowe MacKay & Company Ltd., 604-757-0596
#1100, 1177 West Hastings Street, Vancouver, British Columbia, V6E 4T5
Email   Evaluation More Info/Map


White Rock

(Weekdays 7:30am – 8:00pm. Sat. & Sun. 9am – 5pm)
richmond-bankruptcy-sands-associatesSands & Associates, 604-210-3561
15388 24 Ave, Suite 202, South Surrey, British Columbia, V4A 2J2
Email  Evaluation More Info/Map


Williams Lake

bankruptcy-williams-lake-mnp-trustee

MNP Limited, Toll-free: 1-888-389-0158
207 – 366 Yorston Ave., Williams Lake, BC, V2G 4J5
Email  Evaluation More Info/Map


Thank you for your info. It was so helpful and I really appreciate your website!

Anon, BC

Bankruptcy BC Law is designed to allow a person who has debts they cannot repay a chance for a new financial life by eliminating their debts.

Our website has full bankruptcy BC information so people who are considering filing bankruptcy can make an informed decision about bankruptcy before visiting with a trustee. When you meet with one of our bankruptcy BC Licensed Insolvency trustees you will have a good idea of how the bankruptcy laws can help you if you read the information on our site.

For first time debtors’ bankruptcy can wipe out all of our eligible debts within 9 months, or within 21 months if the debtor has excess income (over $100 a month.)

Most debtors who file bankruptcy have no assets that they will lose when filing bankruptcy, and a BC bankruptcy allows a person to receive a fast fresh start to their financial life.

Under bankruptcy BC law, debtors filing bankruptcy are allowed to keep certain assets, known as
bankruptcy exemptions.

If you have property that is not covered by the bankruptcy BC bankruptcy exemptions, or you wish to repay your debts over a longer period of time you can file a Consumer Proposal.

A consumer proposal will last for a period of three to five years. The Bankruptcy BC laws cover proposals and do not allow a proposal to last longer than 5 years.

When you want to talk with one of our bankruptcy BC Licensed Insolvency Trustees in bankruptcy about filing bankruptcy, you can call one of our listed trustees in bankruptcy in BC to set up a free consultation meeting.

After you are discharged from bankruptcy you can rebuild your credit score and get a credit card.

What is Personal Bankruptcy BC?

Filing bankruptcy in BC is a legal process that allows you to receive a discharge of your unsecured debts in exchange for assigning any non-exempt assets you own to a licensed insolvency trustee. In BC, most debtors that file personal bankruptcy have all of their assets protected by the BC bankruptcy exemptions. This means that most bankrupts in BC can keep all of their assets when going bankrupt.

BC bankruptcy is a federal law governed by the Bankruptcy & Insolvency Act, and certain BC bankruptcy rules. The BC bankruptcy laws were written to give an unfortunate but honest debtor to receive a discharge of their debts. Your Trustee will also ensure that your creditors are treated in an equal and fair manner.

The BC bankruptcy process gives you a fresh start financially.

Bankruptcy BC:  Can I File For Bankruptcy in BC?

You are eligible to file for bankruptcy in BC (and the rest of Canada) if you have lived or done business in Canada in the past year, and if you are insolvent.

Insolvent means that you owe $1,000 and are unable to pay your debts as they are due and have more debts than the value of your assets.

Bankruptcy BC:  What Happens When I File Personal Bankruptcy in British Columbia?

Immediately upon filing bankruptcy all collection actions, either in place or being planned, will be stopped. All wage garnishments, collection calls, and lawsuits against you will stop. This happens through the Personal Bankruptcy BC law known as the “Stay of Proceedings.” It is important to note that bankruptcy only deals with unsecured debts, so you can still receive a collection call or be sued by a secured creditor. Often people struggling with debt find that the relief from unsecured debts makes paying their secured debt obligations much easier.

Once you have filed bankruptcy you will stop paying your unsecured debts, and you will make a payment each month to your Trustee. The minimum payment for bankruptcy in British Columbia is $200 a month, although if you have surplus income your bankruptcy payment will be higher each month. You are required to submit to your Trustee proof of your net income each month, so the Trustee can calculate if you have surplus income requirements.

Bankruptcy BC:  What is Surplus Income?

Surplus income is required if your household income is over an income threshold set by the government based on the size of the family unit. If you have surplus income, you must pay a portion of this surplus – 50% – to your Trustee, who will distribute your surplus income to your unsecured creditors.

Bankruptcy BC: What are the Steps to Filing Personal Bankruptcy in BC?

Bankruptcy BC: Step 1: Schedule a Free BC Bankruptcy Consultation With a Licensed Insolvency Trustee

You can call a local trustee in your area to have your financial situation assessed by a government licensed trustee. The trustee will meet with you to discuss your financial situation and then the trustee will explain all of your possible options, including personal bankruptcy. Your trustee might also suggest a consumer proposal or will be able to help you avoid bankruptcy and a proposal altogether.

If you and the trustee decide that BC bankruptcy is the right choice for your money problems, the trustee will cover everything that personal bankruptcy involves. The trustee will cover the required payment you will have to make each month, how long your bankruptcy will be, the duties you will be required to complete, and the impact of bankruptcy on your spouse, family and credit rating. The trustee will answer all of your questions about BC bankruptcy, and will ensure that you are comfortable with starting the process.

Bankruptcy BC: Step 2: Fill out and Sign the Necessary Bankruptcy Forms

The trustee you meet with will provide you an application form to fill out. Once you have completed this form you will return it to the Trustee. Most Trustees will have an application form you can fill out online and email to the Trustee.

Once the Trustee has your signed application form, they will prepare all the necessary legal bankruptcy forms that are required to file personal bankruptcy in BC. These forms can be processed very quickly if you need immediate relief from your creditors. The Trustee will cover all the documents with you to ensure that you have a full understanding of the legal process and your duties in a personal BC bankruptcy. We will ensure you are aware of your duties and what is expected of you as a bankrupt. Once you are comfortable you will sign all the forms and the Trustee will submit them to the OSB (Office of the Superintendent of Bankruptcy.)

Bankruptcy BC: Step 3: Report Your Income and Expenses, Pay the Required Fees and Complete Any Other Duties

One of your main duties as a bankrupt is to submit to your Trustee a monthly statement of your income and expenses each month. Your Trustee will use this to determine if you have any surplus income requirements. You will also be required to submit your payment to the Trustee each month ($200 monthly in a simple first time bankruptcy) and complete any other duties that the Trustee requests of you.

Bankruptcy BC: Step 4: Attend the 2 Required Financial Counselling Sessions

As a bankrupt another of your required duties in order to receive your discharge is to complete two financial counselling sessions with your Trustee. You can complete these counselling sessions with another group of bankrupts, or you can have it 1 on 1 with your Trustee. The meetings will usually last one hour, and are intended to teach you good financial management skills. The first meeting must be held within 30 days of your bankruptcy filing, and the second meeting usually occurs at the 7th month of your bankruptcy.

Bankruptcy BC: Step 5: Receive Your Bankruptcy BC Discharge

Once you have completed your personal bankruptcy, along with all of the necessary duties, you will receive your discharge from bankruptcy. Your debts will be discharged and you will have a fresh financial start.

Your discharge might be objected by your creditors, the Trustee or the Office of the Superintendent of Bankruptcy, although this is very rare, and is almost always because you didn’t complete your duties, which your Trustee will help you complete so your discharge is not objected.

Once you have received your discharge you will be issued a certificate of discharge from your Trustee. You now have your fresh financial start and can begin rebuilding your credit.

Bankruptcy BC: What Can I Keep?

When you file bankruptcy in BC you are permitted to retain your assets that are listed in the bankruptcy exemptions. The BC bankruptcy rules lay out which assets are exempt for BC bankruptcy. The personal bankruptcy exemptions in BC include:

  • Your car with equity of $5,000 or less (If your car is worth $25,000 but you have a $20,000 loan on it, you have equity of $5,000 and can keep the vehicle. The vehicle exemption in BC drops to $2,000 if the bankrupt is behind on child care payments;
  • Your home if the equity is $9,000 (or $12,000 of equity in the Greater Vancouver Regional District or the Capital Regional District);
  • $10,000 in “Tools of the Trade”;
  • Household goods to a value of $4,000 (Resale value);
  • Necessary clothing for the debtor and the family;
  • Required medical aids for the debtor and family;
  • RRSPs (Any amounts invested in the prior 12 months must be surrendered to the Trustee for benefit of your creditors.)

Bankruptcy BC: What is The Cost of Bankruptcy in BC?

The cost of filing bankruptcy in British Columbia is a minimum of $1,800, which includes the Trustee fees. Most Trustees will accept $200 a month for 9 months, which is the minimum length of bankruptcy. The cost of filing bankruptcy in BC can increase substantially however if you are required to pay surplus income payments. In certain cases, you might find a consumer proposal more cost effective than filing for bankruptcy.

Bankruptcy BC:  When Are My Debts Extinguished?

Your unsecured debts (with certain minor exceptions) will be legally eliminated when you receive your bankruptcy discharge. For most bankruptcies the discharge occurs automatically after 9 months. This is for a first time bankruptcy in BC, where the debtor has no surplus income requirements. The bankruptcy discharge will be delayed if the debtor has a prior bankruptcy or must make surplus income payments.

Your discharge from bankruptcy can also be delayed if you don’t complete your bankruptcy duties.

  • A first time bankrupt with no surplus income, who completes all his duties, will receive their discharge automatically in 9 months;
  • A first time bankrupt with surplus income, who completes all his duties, will receive their discharge from bankruptcy automatically in 21 months;
  • A second time bankrupt with no surplus income, who completes all his duties, will receive their discharge automatically in 24 months;
  • A second time bankrupt with surplus income, who completes all his duties, will receive their discharge from bankruptcy automatically in 36 months;
  • A third time bankrupt will have to go to court to receive their bankruptcy discharge.

Bankruptcy BC: What Debts Survive Filing Bankruptcy in BC?

All of a bankrupt’s debts will be legally discharged once they receive their absolute discharge from bankruptcy with the following exceptions:

  • Secured debts (bankruptcy only deals with unsecured debts);
  • Child support payments;
  • Alimony;
  • Debts obtained through fraud;
  • Debts not included in the bankruptcy (ie, debts you incur during your bankruptcy);
  • Court ordered fines or penalties;
  • Student loans, if you have not been out of school for at least 7 years.Section 178 of the Bankruptcy and Insolvency Act lists the debts that are not dischargeable in a personal BC bankruptcy.

Bankruptcy BC: How Does Filing Bankruptcy Affect my Credit Rating?

When you go bankrupt you will receive an R9 credit rating on your credit report, which is the lowest score. However, if you are insolvent and considering bankruptcy, your credit score is probably already as low as it can get. Even though your bankruptcy will appear on your credit report for at least 6 years (or 14 years for a second bankruptcy), filing bankruptcy gives you a fresh start, which is often exactly what bankrupts need to begin rebuilding your credit.

A record of your bankruptcy being on your credit report will not mean you are refused credit.

After you have received your bankruptcy discharge, you can immediately begin rebuilding your credit score. In fact, a bankrupt can receive a mortgage – which is often the most difficult credit to be approved for – within as little as 2 years after their bankruptcy discharge if they work diligently at rebuilding their credit.

Before going bankrupt many BC debtors have a very poor credit score, and actually filing bankruptcy is their first step to rebuilding a good credit score.

Bankruptcy BC: Who Will Know I Filed Personal Bankruptcy in BC?

While your bankruptcy filing is a matter of public record, your friends and family will likely never know you went bankrupt unless you decide to tell them. Your employer will also never know of your bankruptcy, unless your wages were garnished (in which case your employer will be notified to stop the wage garnishment.)

Your bankruptcy will appear on your credit report and your creditors will be notified, but your Trustee does not notify anyone else, and no notice is made in the newspaper for personal bankruptcies in British Columbia.

Bankruptcy British Columbia

Personal bankruptcy in British Columbia is for individuals who are facing financial difficulties and finding it hard to manage. There are some bankruptcy alternatives that could be available to you, although bankruptcy helps hundreds of British Columbia residents get out of debt every month.

To learn more about BC bankruptcy, British Columbia consumer proposals, and other bankruptcy alternatives please contact one of our Government Licensed British Columbia Bankruptcy Experts today. You can schedule a free consultation and get answers to all of your questions.

Bankruptcy BC: Why you Should use a British Columbia Bankruptcy Trustee
if you have Serious Debt Problems.

Bankruptcy Trustee Expertise: A Licensed Insolvency Trustee must undergo rigorous training and receive training in a bankruptcy and law course before they can be granted a trustee license. Most trustees have an accounting certification in addition to their university degree. Bankruptcy trustees in BC must be investigated by the RCMP and engage in ongoing professional development.

Protection From Your Creditors: Under the BC bankruptcy laws a bankruptcy trustee is the only debt relief professional who can provide you with protection from creditor harassment.

Rebuild Credit: When you file bankruptcy or submit a consumer proposal you can rebuild your credit score faster than by working with a credit counsellor.

Cost: BC Licensed Insolvency Trustees have their fees controlled by the government so filing bankruptcy with a BC Licensed Insolvency Trustees will be cheaper than by using another debt consultant.

BC Licensed Insolvency Trustees Have a High Level of Integrity: Trustees must follow a strict code of ethics, and in many cases will advise people that they can get out of debt without filing bankruptcy. BC Licensed Insolvency Trustees must give you their best advice, whether that means you will file bankruptcy with them or not.

Ease of Mind: BC Licensed Insolvency Trustees must follow their strict code of ethics and arealso regulated by the government, ensuring that you will be dealing with a professional when you file bankruptcy with the services of a BC Licensed Insolvency Trustees. Under Canadian law the only debt relief professionals are bankruptcy trustees.

Bankruptcy BC: Providing BC Bankruptcy Information

We wrote this site to provide personal bankruptcy and consumer proposal information to residents of British Columbia and Canada. We are proud to provide answers about consumer proposals – the number one bankruptcy alternative – and bankruptcy in British Columbia. This site is for information only.

Our Government Licensed BC Bankruptcy Trustees offer risk free evaluation meetings to discuss your options, including personal bankruptcy or a consumer proposal.

Don’t hesitate to contact one of our British Columbia bankruptcy experts today to learn how bankruptcy in BC can help you get out of debt and get a fresh financial start.