Bankruptcy in BC - Declaring Bankruptcy in BC
Get Out of Debt Quickly and Easily
Filing bankruptcy allowws you to get out of debt and receive a fresh financial start through a legal process in British Columbia.
When you go bankrupt in BC, you can eliminate your unsecured debts with the help of a Licensed Insolvency Trustee.
If you are struggling to manage your debts nobody can prevent you from seeking bankruptcy protection.
It is totally your right to make the decision to declare personal bankruptcy.
In order to go bankrupt you need to work with a Licensed Insolvency Trustee, as only these debt professionals are licensed by the federal government to file bankruptcies.
The Office of the Superintendent of Bankruptcy (OSB) regulates and licenses Insolvency Trustees.
If you are dealing with financial difficulties please understand that you are not alone.
We have helped thousands of BC residents just like you get personal debt relief and receive a fresh financial start.
We know that trying to get out of debt on your own can seem overwhelming and pointless.
Bankruptcy in BC
Bankruptcy in BC is not a rare occurrence, and if you are considering it, you should be aware that there are many others in the same situation you are in.
Even though BC has some of the highest income levels in the country, it also has some of the highest unsecured debt levels as well.
Many BC residents are in the same situation you are in - having trouble dealing with consumer debt.
We know that dealing with creditors and finding a way of dealing with debt and saving money is a difficult challenge.
While there are several ways to get out of debt, including consolidating your debts or a consumer proposal, many BC residents find the only way to get out of debt is to file for bankruptcy.
Going Bankrupt in BC - How Does it All Work?
Bankruptcy in BC is designed to be a way for individuals to get out of debt they have no way of repaying.
BC bankruptcy law is governed by the Bankruptcy & Insolvency Act, which is a federal statute.
The law states that anyone who owes $1,000 or more is eligible to go bankrupt.
In reality however, people that go bankrupt owe far more.
To declare bankruptcy, you must file the paperwork with a licensed bankruptcy trustee, who will administer the entire bankruptcy process.
You will have to surrender any non-exempt assets to your Trustee, who will sell the assets and hold the funds in trust to distribute to your creditors.
Most bankrupts have no non-exempt assets, so you will often keep all of your belongings while still receiving debt relief.
Most bankrupts will be in bankruptcy for 9 months.
If you complete all of your bankruptcy duties and make all the required payments (usually $200 a month) you will receive your discharge from the bankruptcy.
The discharge is what releases you from your unsecured debts.
What Are The Benefits of Declaring Bankruptcy in BC?
If you are dealing with a mountain of debt and are wondering if filing for bankruptcy is right for you, it is important that you seek expert debt relief advice from a Licensed Insolvency Trustee.
We can point you in the right direction and help you decide if bankruptcy is right for you, or if you should look for another way to resolve your debt issue.
Here are the advantages of going bankrupt:
You can receive a fresh financial start, while keeping most, if not all, your assets and belongings,
You will receive relief from your debt collectors through the automatic stay, which means your creditors cannot sue, call or harass you for collection,
It gives you peace of mind, knowing that you will be out of debt in a set period of time,
You can save money on interest charges.
The rules of bankruptcy are complicated so you need to seek help from a licensed debt relief professional.
Declaring bankruptcy in British Columbia can help you get out of debt, avoid harassing collection attempts from your unsecured creditors, and improve your credit rating.
If you have surplus income, your bankruptcy will be extended, but it is often the most cost effective way for debt management.
Determing the Best Way to Get Out of Debt in BC
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 BC 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.