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Bankruptcy in Saskatchewan is a special legal process that was designed to help residents in Saskatchewan with debts that they will never be able to repay in full.
Most debtors that file bankruptcy have a large amount of debt, although you don’t need to have a lot of debt to be eligible to file for bankruptcy. A debtor is eligible to file bankruptcy as long as they owe $1,000 or more and you cannot pay on your debts as they become due for payment.
It is not hard to go bankrupt, although you need to use the services of a Licensed Insolvency Trustee (LIT).
In order to start the Saskatchewan bankruptcy process, simply contact one of our trustees to schedule a free consultation evaluation meeting.
The trustee will help you examine all of the alternatives to bankruptcy, or will explain why bankruptcy is the right solution to your money problems. You can always trust the advice of the trustee, as they must follow a very strict code of professional ethics.
If you decide to go bankrupt, the trustee will guide you through the entire process. Another job of the trustee is to establish a trust, which your creditors will receive funds from. Your payments to the trustee and any of your non-exempt assets will be kept in this trust.
What is Bankruptcy in Saskatchewan?
As a Saskatchewan resident struggling with debt, if you are unable to pay your bills as they become due you might find it necessary to file an assignment into bankruptcy.
Bankruptcy is a legal process that is governed by the federal Bankruptcy & Insolvency Act.
The concept of bankruptcy in Saskatchewan is simple: When going bankrupt you assign, or surrender, your assets to a trustee in exchange for an elimination of your unsecured debts.
The bankruptcy law is federally regulated, although bankruptcy is slightly different in each province or territory. For example, the province sets the assets that a bankrupt can keep.
What Can I Keep When Filing Bankruptcy in Saskatchewan?
The trust established by your trustee when you go bankrupt has claim to your assets that are not protected by the Saskatchewan bankruptcy exemptions.
The exemptions to your assets that must be surrendered (ie, what you can keep in bankruptcy) are as follows:
Home equity to $32,000;
Household furnishings up to $4,500 of value in equity;
Tools and equipment necessary to make a living to $4,500;
A motorvehicle necessary for business / trade;
Clothing for debtor and his family;
Medical devices necessary for the family;
RRSPs (the last 12 months’ of contributions are not protected).
What are the Pros and Cons of Filing Bankruptcy in Saskatchewan?
Saskatchewan bankruptcy is not the right debt solution for everyone. Your trustee will help explain all of your options, and will help you examine if bankruptcy is right for you. You can consider the following pros and cons so you have an idea of bankruptcy before you meet with one of our trustees.
The pros to filing bankruptcy include:
Debt collectors will not call you;
You will receive financial counselling and education so you can avoid money problems in the future;
You are able to keep some of your assets (in fact most debtors filing Saskatchewan bankruptcy keep all of their belongings);
Most, if not all, of your unsecured debts will be erased and you will receive a fresh start.
The cons to filing bankruptcy include:
You might lose your assets;
Your credit will be impacted.
For most debtors that file bankruptcy these cons do not apply. If you would lose significant assets your trustee will assist you in finding a more suitable debt relief solution for your circumstances.
And chances are, if you are considering bankruptcy, your credit is already very poor and in fact, bankruptcy gives you a chance to begin rebuilding your credit rating as you will have a fresh financial start.
Bankruptcy Saskatchewan – Licensed Insolvency Trustees
Bankruptcy Saskatchewan – Our SK bankruptcy trustees listed on this page are well trained professionals who are members of the CAIRP which sets a strict code of ethics that their members most abide by. When you are ready to take action on your debts one of these trustees in bankruptcy will provide you with a free consultation meeting. Payment terms are available. The total costs for a first time bankruptcy will be approximately $1,800 paid over a 9 month period.
The Purpose of the SK Bankruptcy Laws is to allow an unfortunate debtor to receive relief from their debts so they can begin on the road to a new financial life.
If you are wondering whether bankruptcy can be the right choice for you, our website has all of the Saskatchewan bankruptcy information available.
Trustees are also able to help people with filing a consumer proposal, an agreement to repay a portion of your debts over a three to five year period to your creditors. Bankruptcy can provide a relief from your debts in 9 months.
You can contact a local bankruptcy trustee to schedule a free, no obligation consultation meeting.
If you still have questions about Saskatchewan bankruptcy you can set up a consultation meeting with one of our trustees, or you can visit our Frequently Asked Questions page.
The vast majority of people who file bankruptcy keep all their assets.
Bankruptcy Saskatchewan – Get Help Today
Before you make any decisions about filing personal bankruptcy in Saskatchewan, we highly recommend speaking with a Licensed Insolvency Trustee in your local area.
As an expert on the Saskatchewan bankruptcy law, a trustee is also the only debt relief expert who can provide a full range of debt solutions.
The trustee can therefore help you explore all of your debt relief alternatives.
If you think that filing bankruptcy is the only solution for you, you could be surprised at all of the ways a trustee can help you get out of debt.
The trustee will meet with you for a free consultation to review your situation and all of the options available to fit your unique money problems. The trustee will help you work out a plan that works best for you and your family.