When an individual is facing financial difficulty, it is important that they get the correct information in order to make an informed decision. A meeting with a Licensed Insolvency Trustee (“LIT”) is a good place to start. Below we have mentioned all the steps to file Bankruptcy in British Columbia.
Bankruptcy is regulated by federal legislation under the Bankruptcy and Insolvency Act. All bankruptcies must be administered by a LIT, previously known as a Bankruptcy Trustee. The first step is to meet with a LIT for a financial assessment. During this assessment, the LIT will explain all of your options to you, including but not limited to bankruptcy.
When a bankruptcy in British Colombia is filed, a Stay of Proceedings comes into force. This means that your creditors can no longer take any further action against you, nor can they continue or start to garnish your wages or commence or continue legal actions against you (although there are a handful of exceptions). This gives the debtor the relief they are looking for when struggling with debt.
If you think that bankruptcy may be the option for you to solve your debt problems, follow these steps:
- Contact D. Thode & Associates Inc. for a free consultation where an assessment of your financial situation will be conducted, and all options will be explained to you. During this time all appointments are available by telephone or by video conference.
- The next step is to provide the LIT with the documentation requested. Your LIT uses this information to prepare the legal paperwork you are required to sign in order to file an assignment in bankruptcy.
- Once the paperwork is completed, you will meet with your LIT by video conference and sign the documentation. The paperwork is then filed with the Office of the Superintendent of Bankruptcy. Once it has been filed, the Stay of Proceedings comes into force and your creditors are notified.
Your LIT will explain to you all of the obligations and duties you are responsible for during your bankruptcy and answer any questions you may have.
Contact D. Thode & Associates Inc. today for a free financial assessment.