Smythe Insolvency Squamish, BC Licensed Insolvency Trustee

Smythe Insolvency Inc, 604-757-0740
Toll-Free: 1-888-224-3394

37897 Second Avenue, Squamish, BC  V8B 0R2


When it comes to personal bankruptcy, many people have misgivings and fears.


This is because only a handful of people have the right information about Canadian bankruptcy laws.


But don’t worry, you’re not alone.


You can get detailed knowledge about bankruptcy laws from a Squamish, BC Licensed Insolvency Trustee.


Filing for bankruptcy in British Columbia is a straightforward process.


Most importantly, it gives people a fresh, financial start.


As a Canadian, you have the right to live without debt and this is where a Licensed Insolvency Trustee can help.


Smythe Insolvency Squamish, BC Licensed Insolvency Trustee

37897 Second Avenue
Squamish, BC V8B 0R2
Phone: 1-888-224-3394


Bankruptcy in Squamish, British Columbia


It is a federally-legislated and legal process designed to eliminate a person’s debt.


If you’re unable to make monthly payments towards your debt and if the value of your assets is less than your debt, then you will benefit from personal bankruptcy.


To declare personal bankruptcy in BC, you must first speak to a Squamish, BC Licensed Insolvency Trustee, also known as a Bankruptcy Trustee.


To be eligible for personal bankruptcy, your debts must be insolvent.


In addition, you:


–         owe a minimum of $1,000;

–         are unable to pay down debt when it’s due.


It’s important to note that being ‘insolent’ doesn’t make you bankrupt.


How can a Squamish, BC Licensed Insolvency Trustee Can Help?


To file for bankruptcy in BC, you must have a consultation with a Licensed Insolvency Trustee.


You don’t need permission from creditors to file for bankruptcy.


According to Canadian Laws, you have the right and ability to seek relief from debts.


At this consultation, your LIT will evaluate your finances and decide whether personal bankruptcy or another debt relief option is applicable.


In case personal bankruptcy is the best route, you will be required to submit certain legal documents that will be prepared and signed.


This will officially start the bankruptcy process.


In British Columbia, only a Licensed Insolvency Trustee has the legal power to file for bankruptcy on your behalf.


Which Debts Are Included In a Personal Bankruptcy?


The following types of debt are eliminated:


–         Consumer debts such as lines of credit, payday loans, overdrafts, etc.

–         Student Loans (private, provincial, federal)

–         Income tax debts

–         Secured debts such as mortgage foreclosure, vehicle shortfall, etc.

–         Debts owed to other persons.


How Can I Get Discharged?


To be discharged from personal bankruptcy means to become debt-free.


In a majority of cases, this granted within 9 months after filing.


However, you must meet all the required duties and submit all the necessary documents.


To book your first debt consultation appointment, get in touch with our Squamish, BC Licensed Insolvency Trustee.