Bankruptcy New Brunswick – Licensed Insolvency Trustees
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Personal Bankruptcy in New Brunswick
Bankruptcy Trustees are highly ethical professionals who are well trained and are concerned about the best interests of their clients. NB Bankruptcy trustees are regulated by the government, so trustee fees are controlled and they must abide by their code of ethics at all times.
Making a consumer proposal or filing bankruptcy can be a quicker way of rebuilding your credit score than by working with a credit counsellor or another debt relief professional.
NB Insolvency laws are provided so people with unbearable debt can get a new start. Under New Brunswick Bankruptcy law a person can file bankruptcy, or they may make a consumer proposal to their creditors with the help of a bankruptcy trustee. If you decide to file for bankruptcy you can receive a discharge of your debts within as little as 9 months; a bankruptcy will cost about $1,800 spread out over the 9 months.
A proposal is an agreement you will make with your creditors to repay a portion of your debts (possibly 30 percent) over a three to five year period.
Because there are alternatives to bankruptcy and the rules of what assets you can keep are different in every province, it is important that you discuss your finances with a trustee before making the decision to file.
Our listed trustees in bankruptcy are experts at the NB insolvency law and are regulated by the federal government. When you deal with a trustee you know you are dealing with a professional who has your best interests at heart and who is highly ethical. Our trustees are pleased to answer your questions about New Brunswick insolvency.
Bankruptcy New Brunswick – Learn About Bankruptcy in New Brunswick
The largest debt increase in Canada was in New Brunswick, and this is leading many residents of New Brunswick to consider filing bankruptcy. It is important for these debtors to be aware that there are alternatives to bankruptcy available in New Brunswick.
Many debtors in New Brunswick will find themselves in severe debt problems. If you find yourself in a situation where you cannot afford to service your debt each month and you need professional debt relief, then our New Brunswick bankruptcy experts are available to provide answers to your questions and explore your debt relief options.
Bankruptcy New Brunswick Facts
Individuals from New Brunswick are able to file bankruptcy if they are insolvent and owe at least $1,000. “Insolvent” means you owe $1,000, are unable to pay your debt as payment becomes due, and your total debts are larger than the value of all of your assets. If you are not insolvent, then you cannot file bankruptcy, but you can still make a consumer proposal with the assistance of a Licensed Insolvency Trustee.
Bankruptcy will have a negative affect on your credit, and should only be considered as a last resort, once you and the Trustee have explored all other alternatives to bankruptcy. On the hand, filing bankruptcy provides many benefits and gives a person trapped in debt a chance for a fresh start.
The positive aspects of bankruptcy in New Brunswick include getting creditors and their collection agents off your back, providing you with counselling that allows you to learn how to manage your finances and avoid money problems in the future, bankruptcy allows you to keep some assets, and you get a new financial start, free of debt and creditor harassment.
What Can I Keep if I File Bankruptcy in New Brunswick?
Although you must turn over certain assets when you file New Brunswick bankruptcy, there are certain assets that you can keep as a bankrupt. When you file bankruptcy in New Brunswick, you can keep the following assets, listed under the NB Bankruptcy exemptions:
A motor vehicle used for work to a value of $6,500 in equity (Exemption is reduced to $3,000 for personal use);
Professional tools and books worth $6,500 (equity);
Furniture and appliances to a value of $5,000 (equity);
Fuel, food and clothing for the debtor and his dependents;
Livestock and 6 months of feed;
More assets are exempt, please ask your trustee for a full list of exempt assets.
Bankruptcy New Brunswick
If you are a resident of New Brunswick and are considering personal bankruptcy, we recommend contacting our Licensed Insolvency Trustees in New Brunswick.
All of our Trustees will provide a confidential evaluation, assist you in understanding the options that are available to you for getting out of debt, answer your questions and help you choose the right debt relief solution for your particular situation.
We are committed to giving New Brunswick residents trapped in debt individual care and attention so they can make an informed decision. Going bankrupt is not an easy decision, but with our assistance you can feel confident you are making the right decision.
Licensed Insolvency Trustees in New Brunswick Canada
Whether you are considering bankruptcy because of a job loss, your wages are being garnished, or you are trapped in unpaid credit card debt, our local Licensed Insolvency Trustees can help. Our team in New Brunswick is local, knowledgeable and friendly.
A Licensed Trustee is the only debt relief professional that can offer a full range of financial options.
A Trustee is also the highest trained debt advisor.
All of the Trustees on our page offer a free and confidential consultation meeting. We provide discreet and professional care for individuals struggling with debt problems.