Burnaby Offices: Bankruptcy Solutions
Filing Bankruptcy In Burnaby
We are a fully Licensed Insolvency Trustees with a local office in Burnaby and several other locations throughout the Province of British Columbia.
If you are considering filing bankruptcy or are in current financial difficulty and you live in Burnaby or surrounding areas, please learn more about our services below.
What We Are Noticing in Burnaby:
Burnaby residents face uncertainty with mounting retail losses.
The retail industry has suffered tremendous losses in the wake of the COVID-19 pandemic. In the past few months, high-profile closures have included Addition-Elle, Thyme Maternity, David’s Tea and more recently Le Chateau. Retailers who have reopened continue to see losses and need to shift how they conduct business. With the original lockdown, a slow reopening, social distancing and reduced customers, the retail workforce has become even more vulnerable than it was before. Online purchasing has become the norm and consumers have significantly reduced their visits to brick and mortar stores.
Emergency subsidies and other measures taken by the federal and provincial governments have assisted retailers with covering wages and rent, but these were always meant to be temporary measures and cannot be counted on in the long run, and cannot make up for what may become permanent shifts in the way consumers purchase products.
At least in the short term, many retail employees will face the precarious reality of lower earnings, lower commissions, and difficulty in finding long-term stable employment, resulting in a struggle to cover living expenses and maintain regular payments to creditors. When you are barely making ends meet it becomes more and more difficult to see a large portion of your debt payments being applied to interest and your balances not being reduced.
If you are facing financial difficulties due to loss of income and need a fresh start, find out the best options available to help you get out of debt for good.
Individuals who are unable to meet their debt obligations can file for bankruptcy under the Bankruptcy and Insolvency Act (Canada). This process can be stressful. We have the expertise to guide individuals through the process and make sure that you understand your rights.
What are the main benefits of personal bankruptcy?
- You’ll have relief from all of your creditors. If you’re this deep in debt, your creditors have probably been harassing you for payments for a long time. When you file for bankruptcy, your trustee will see that you no longer have to worry about or deal with your creditors directly. You may also benefit from the termination of wage garnishment, if applicable. In short, you can start over.
- You’ll have consolidated all of your debt payments. Your wallet and budget won’t be strained every which way, because you’ll have only one payment and one set interest rate to deal with. The bankruptcy process is designed to get you back on your feet more quickly, relieving you of financial stress.
Why is an insolvency trustee required?
Your trustee will handle all aspects of the bankruptcy process on your behalf.
- Drafting legal documentation
- Dealing with creditors
- Setting personal budget and payment schedule
- Distributing assets
During The Process
If bankruptcy is the right solution, you are now on a course to a better situation. Once your bankruptcy documents are filed, you will continue to work with your Trustee in Bankruptcy to understand your entire income to set a personal budget for you and meet your debt obligations. This means that, until your debts are met, your financial flexibility may be limited. This can be challenging for some, but it is imperative to meet your obligations and discharge your bankruptcy as soon as possible.
Many people that ultimately go this route do feel relief once they make the decision to begin the bankruptcy filing process.
Questions We Often Get Asked About Bankruptcy.
- Can I keep my home if I go bankrupt?
- Will my student loan be included?
- Can bankruptcy help if I owe taxes?
- Will bankruptcy affect my spouse’s credit rating?
- What happens to my vehicle?
- Will I ever be able to have credit again?
- What would you do if you were me?
Alternatives To Bankruptcy
A Consumer Proposal allows you to consolidate your debts and make one monthly payment. You can negotiate with your creditors so that you end up owing less debt overall.
Learn more about how our Burnaby trustees can help you file a proposal with your creditors.
When credit card debt and other high interest loans get out of control, it may be time to consolidate your debts. A Consolidation Loan is offered by your bank or other financial institution. All of your debts will be rolled into one lower monthly payment with a lower interest rate.
Burnaby B.C. Offices
501 – 3292 Production Way, Burnaby, BC V5A 4R4
Call Us: 604-336-9533
Directions To Burnaby Offices: Our Burnaby office is located immediately beside the Production Way SkyTrain station at the corner of Production Way and Lougheed Highway. Hourly parking is available in the underground, credit card payment only, or free on the street.