Things to Know About British Columbia Bankruptcy
Most of the laws, regulations, and procedures remain the same regardless of where you are located in Canada.
However, there are crucial differences that could be relevant to you, that you should be aware of.
For instance, a trustee may interpret things differently depending on your location.
Here are some of the changes and differences relating specifically to BC.
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What Assets Are Exempt, And Which Are Not
When you file for bankruptcy your assets are liquidated and the proceeds created are then used to pay your creditors.
Most people are aware of this and it’s commonly understood to mean that your items are repossessed.
However, it’s important to note that if you live in B.C, not all your assets will be liquidated.
There are exceptions.
For instance, you could be permitted to keep anything from the car to the house you live in, depending on the value.
You can check this when you speak to a financial relief agency.
They will ensure that you know which assets can be kept.
A Bankruptcy Trustee
If you have decided to declare bankruptcy, then it is important that you speak to a bankruptcy trustee.
Only these people can deal with any filing under the Bankruptcy and Insolvency Act, meaning that if you want to declare, then you’re going to have to speak to one of these professionals sooner rather than later.
These people are crucial to the process, because not only will they administer any filing, they will also ensure that you understand all of your options and the process.
You might think that you know how this works, and you know all about the proceedings, but a bankruptcy trustee will go over everything with you to be sure.
It’s possible that you will learn some new information from this, and while you need the advice of this professional, you should also get advice from a professional debt consultant as well.
Loans, Debts, and Payments
It is a common misconception that when you declare bankruptcy all your debts are cleared.
This is not the case because you have to keep making payments to certain creditors.
For example, one of the debts that won’t be cleared is alimony and child support payments.
Also, any debts that have come from fraud or criminal activity will also stay on your record.
If you have any student loans, and it has been less than seven years, these debts will also not be cleared and you will continue to have to pay them back.
Any of these that are found on your record will not disappear if you declare bankruptcy.
As such, if you are filing because you think that it will help with any debt like this, you are going to want to look into alternatives instead.
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If you think bankruptcy could be the right choice for you, make sure that you contact our expert team today.
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