Bankruptcy in BC
Benefits of Bankruptcy/Consumer Proposal in British Columbia
If you’re facing serious debt issues and are wondering whether you should file for a bankruptcy or consumer proposal in British Columbia (or anywhere in Canada for that matter), it’s best to seek expert guidance from a licensed insolvency trustee. They can guide you in the right direction after evaluating your unique situation and recommending the course of action that’s best suited for resolving your debt issue.
That said, it’s important to note that filing a bankruptcy in BC may be a good idea in some cases. Here are some advantages of filing for a bankruptcy instead of a consumer proposal in British Columbia or anywhere else in Canada:
Advantages of Declaring Bankruptcy in BC:
- While bankruptcy is by no means an easy solution, it does provide closure by giving you the opportunity to make a fresh start financially. Depending on your situation, you can be discharged of almost all unsecured debts some of which include credit card balances, medical bills, unsecured personal loans and lines of credit, arrears of income taxes, and overdue insurance premiums.
- You will be allowed to keep property if it’s exempt from bankruptcy.
- Relief from debt collectors is one of the biggest advantages of filing for bankruptcy. Once the ‘automatic stay’ is in effect, creditors cannot call, sue, or harass you to recover their debts. While no one looks forward to declaring a bankruptcy, it allows you peace of mind.
While bankruptcy offers some advantages, it may not be the best solution for everyone. Depending on your situation, you can also consider filing a consumer proposal in British Columbia, after seeking guidance from a bankruptcy trustee in BC. It has a less severe impact on the credit rating and allows you to keep more of your assets.
Although personal bankruptcy in Canada is governed by federal legislation called the Bankruptcy & Insolvency Act, what you get to keep if you go bankrupt in British Columbia, for example, is governed by provincial legislation. The rules are complicated, and that’s why before you decide to file bankruptcy in British Columbia, you should consult a knowledgeable expert on bankruptcy British Columbia law.
We have compiled a list of Licensed Insolvency Trustees licensed by the federal government in British Columbia, that are also members of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). This means they are subject to the highest ethical standards.
Money problems won’t go away on their own. For help with bankruptcy in British Columbia, fill out the form below for a free initial consultation.
If you would rather not wait and want to call directly, follow these easy instructions to get help:
|1. Look at the list below, or use the search box to find the city, or location, nearest you|
2. Call the phone number to book a free, confidential, no-obligation consultation
3. You’ll be put in touch with a debt relief specialist who will explain all options to help you
4. Your meeting will initially take place on the phone or online
For your next step, you can:
- Contact any of the professionals above and arrange for a free initial consultation.
- Email your personal questions to a British Columbia Licensed Insolvency Trustee near you, who will respond to your questions in confidence.