Bankruptcy Alberta - Declaring Dankruptcy in Aberta
Get Out of Debt Quickly and Easily
Declaring bankruptcy in Alberta is something you might be thinking about doing if you have an overwhelming amount of debt.
If you are looking for a bankruptcy expert in AB, you shouldn't feel guilty or worried, as many people just like you are in need of professional debt help.
Many people find themselves dealing with debt in Alberta.
From mortgages, to student loan debt to credit card debt, many Albertans find themselves facing a debt crisis at some point in their life.
Albertans hold some of the highest levels of personal debt in the country and this is why personal bankruptcies are on the rise across the province.
If you are looking for bankruptcy protection in Alberta, you have come to the right place.
Our friendly Bankruptcy Trustees in Alberta are here to help you find the best way to get out of debt.
For some people, they can avoid bankruptcy through a consumer proposal, debt consolidation or an informal debt settlement.
However, for many other consumers, declaring personal bankruptcy in Alberta is the correct solution for them.
If you are having trouble making minimum payments on your debt, you need professional assistance to get out of debt.
Information on Declaring Personal Bankruptcy in Alberta
When you go bankrupt you get a chance for a fresh financial start in as little as 9 months.
When you get your discharge you will wipe out all of your eligible debts, and you will have a clean slate free of debt.
You will have a chance for a fresh financial start.
Although you cannot include mortgage debt or other secured debts in a bankruptcy filing, many debtors find it managable to make the payments on these debts because their unsecured debt, such as their credit card bills, are completely wiped out.
You can start the bankruptcy process if you have unsecured debts totaling more than $1,000 and you are insolvent (you are unable to pay your debts as they become due, and your assets are insufficient to cover your debts), although you should realistically have much more debt before you consider personal bankruptcy in Alberta.
The reason for this is that there are some negative repercussions to bankruptcy, and the minimum cost to declare bankruptcy in Alberta is $1,800 ($200 a month for 9 months).
In order for an Alberta resident to get out of debt through bankruptcy, you must work with a licensed insolvency trustee.
When you go bankrupt you will turn over any non-exempt assets and make payments to your trustee each month.
The trustee will hold your assets surrendered in the bankruptcy and the money you pay in trust and will disburse some of the funds to your creditors.
Alberta Bankruptcy Pros and Cons
Before filing for bankruptcy in Alberta you must understand the pros and cons with a personal bankruptcy.
The main advantage to bankruptcy is you will have your debts eliminated and get a fresh financial start.
Additionally, collection calls, wage garnishments and other legal actions against you will cease.
The main drawback is your credit will be impacted for a period of time.
However, your trustee will explain how you can begin restoring and rebuilding your credit and be able to obtain credit - even a mortgage - at competitive rates within 24 months of your discharge from bankruptcy.
To learn more about personal bankruptcy in Alberta, AB please contact your local Bankruptcy Alberta office to arrange your own debt consultation.
Determing the Best Way to Get Out of Debt in Alberta
If you are considering claiming bankruptcy, the first thing you should do is to contact your local Bankruptcy Canada Licensed Insolvency Trustee to speak about your available options to get out of debt.
Our friendly insolvency team will help you determine the best way for you to get out of debt.
In some cases, filing for bankruptcy in Alberta will be the best option and if so, we will help you understand the entire process of going bankrupt.
In other cases, we can help you explore other debt solutions that will work better for you.
We can help with several other debt relief alternatives to your debt problems, such as:
When you are struggling with debt and looking for a way to get out of debt, it can be challenging to know who to turn to and what to do next.
Fortunately there are several solutions to you, including filing for personal bankruptcy.
At Bankruptcy Canada we are experienced and knowledgeable debt experts who can help you get out of debt in a way that fits your unique financial challengings.
With the help of our friendly debt relief team we can explore all of your debt relief options.
All of the Licensed Insolvency Trustees of Bankruptcy Canada are members of CAIRP (Canadian Association of Insolvency and Restrucuring Professionals).
CAIRP is the governing body that advocates for the insolvency (bankruptcy and consumer proposal) process in Canada.