Filing Bankruptcy in Chilliwack
We are a fully Licensed Insolvency Trustees with a local office in Chilliwack 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 Chilliwack or surrounding areas, learn more about our services below.
What We Are Noticing in Chilliwack:
Residents in Chilliwack and the Fraser Valley Struggle with Overextended Credit.
Residents may be facing increased financial difficulties after entering into long term finance agreements, such as loans for vehicles. For the monthly payments to become more affordable, dealers and loan companies are extending loans well past the average term of five years. Now it is not unusual for us to see loans extended to 8 years or more.
There are big risks and problems associated with financing a vehicle over a longer period, such as a significant increase in interest and the vehicle depreciating at a rate much faster than you can pay off the loan. Therefore, once the vehicle maintenance costs go up, say after five years, many people will want to sell or trade the vehicle for a newer model. At this point, you find yourself in a position where you cannot sell the vehicle at an amount that will pay off the loan and clear the title, or you carry the deficiency balance onto the new vehicle loan. The new vehicle loan absorbs the remaining loan balance for the first vehicle, and the cycle repeats itself.