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PEI Bankruptcy — Learn the Basics From an Expert
Are you dealing with debts that you are having trouble paying on time which is leading you to consider bankruptcy in PEI? Our government licensed insolvency (bankruptcy) trustees can assist you with filing bankruptcy and all the alternatives to bankruptcy.
Deciding to file bankruptcy in Prince Edward Island is an important decision that should not be taken lightly.
By meeting with a member of our PEI team, you will have your personal situation reviewed by a PEI bankruptcy expert who will explain all of your options, which is not limited to just filing bankruptcy.
Our PEI trustees are known for their friendly and professional attitude. You can schedule a free evaluation meeting today.
Bankruptcy in PEI
PEI bankruptcy law has established rules for the bankruptcy process for individuals who cannot pay their monthly debt as it becomes due.
Bankruptcy in PEI should be a last option after you have explored all other debt relief alternatives. Most bankrupts explore other debt relief programs before they file for bankruptcy.
Bankruptcy is not only for people that owe a huge amount of unsecured debt; you only need to owe $1,000 or more in unsecured debt. However, almost all bankrupts have a much larger debt load.
In fact, as it costs at least $1,800 to file bankruptcy, in reality, you must owe much more than $1,000 in order to make filing bankruptcy a sensible debt relief option.
In order to go bankrupt, you must file bankruptcy through a PEI insolvency trustee. All insolvency trustees are licensed by the federal government.
You must schedule a free and confidential consultation to have a PEI bankruptcy expert assess your situation to determine if bankruptcy is right for you and your unique situation.
The trustee will answer your bankruptcy questions at this meeting and will also ensure that you have a full understanding of all bankruptcy alternatives that are available to you.
The trustee will help you make an informed decision, but the final decision of whether to file bankruptcy or not is completely up to you.
A trustee cannot force you into bankruptcy – although your creditors have an opportunity to force you into bankruptcy in certain rare situations.
Filing bankruptcy is a serious decision and you must not file bankruptcy before considering how it will impact you, your family and your financial future. Generally, filing for bankruptcy will hurt your credit and you might lose some of your assets.
However, bankruptcy offers many benefits, and for thousands of PEI residents, filing bankruptcy is the only way to get a fresh financial start. The benefits of filing bankruptcy often outweigh the drawbacks for certain debtors. Filing bankruptcy will eliminate all of your unsecured debt in most cases and will stop creditor harassment in all cases.
Another major benefit of filing bankruptcy is your trustee will provide you with two financial counselling sessions, which will help teach you how to lay a strong financial foundation in the future so you do not need to go bankrupt again.
What Can I Keep When Filing PEI Bankruptcy?
As in all provinces and territories in Canada, PEI bankruptcy law lists the assets you can keep in the PEI bankruptcy exemptions. The exemptions in PEI for a bankrupt include:
A motor vehicle to a value of $3,000 in equity;
Food and other household items to a value of $2,000 in equity;
Clothing for the bankrupt and their family;
RRSPs (contributions in the 12 months prior to filing bankruptcy are not exempt).
Ready to Learn More About Bankruptcy in Prince Edward Island?
For certain debtors, an alternative to bankruptcy such as a consumer proposal is the best solution for them. A Licensed Insolvency Trustee is the only debt expert who can provide a full range of debt solutions.
However, for many more debtors filing bankruptcy is the right path to get out of debt.
To learn more about bankruptcy and all alternatives to bankruptcy that might be suitable for you, our Prince Edward Island bankruptcy experts are proud to offer individuals a free and confidential initial consultation. We can answer your questions regarding bankruptcy and help you find the right solution for your debt problems.
Bankruptcy PEI – Licensed Insolvency Trustees
The insolvency trustees that are listed on our page are highly trained, ethical professionals who are regulated by the government and who can provide you with all the necessary information you need to make an informed decision about bankruptcy PEI. Before you decide whether you should file bankruptcy, we recommend that you connect with one of our bankruptcy trustees listed here for a free, no obligation consultation. One of our PEI trustees can show you alternatives to bankruptcy, including making a proposal.
If you have the necessary additional income to make a consumer proposal, you can avoid bankruptcy. To learn more about consumer proposals and bankruptcy in PEI, schedule a free consultation with a bankruptcy trustee today.
A trustee can also show you how you can get a credit card again after you are discharged.
PEI Insolvency Law Allows Debtors With Overwhelming Debts to Receive a Discharge of their Debts.
A trustee in Prince Edward Island can help you with making a consumer proposal, or guide you through the process of filing Prince Edward Island bankruptcy. A Consumer Proposal is an agreement you make with your creditors to repay a portion of your debts over a three to five year period. Your creditors will usually accept your proposal because they will receive more money through a proposal than if you go bankrupt.
Prince Edward Island debtors can be discharged from bankruptcy and receive a write off of their debts within 9 months of filing. The cost will be approximately $200 a month for a 9 month period.
It is important that you make an informed decision about how to get your fresh financial start. To get the information you need, contact one of our trustees for a free, no obligation initial consultation.