Filing Bankruptcy in Chilliwack B.C. & Area
We Can Help STOP:
- Debt Stress
- Being Harassed by creditors
- Receiving Calls from collection agents
- Wages being Garnished
- High Tax Debt
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.
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This is not only hard on your monthly cash flow but also impacts your debt to asset ratios. In addition, many car dealers are offering now offering you cashback for other expenses, such as to pay off credit card balances. Again, this increases the amount of debt you have financed against the vehicle. We see a significant problem: people take the cashback and either do not pay their credit card balances; or do, but then end up using the credit cards again and increasing their debt further.
If you face financial challenges because of financing charges impacting your cash flow, find out the best option for you to deal with your debt.
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 challenging to see a large portion of your debt payments applied to interest and your balances not being reduced.
If you face 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.
You will have relief from all of your creditors. 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. The bankruptcy process is designed to get you back on your feet more quickly, relieving you of financial stress.
Your trustee will handle all aspects of the bankruptcy process on your behalf. This includes drafting legal documentation, dealing with creditors, setting personal budget and payment schedule, and distributing assets.
Once your bankruptcy documents are filed, you will continue to work with your trustee to set a personal budget and meet your debt obligations. Until your debts are met your financial flexibility may be limited. This can be challenging but it is imperative to meet your obligations and discharge your bankruptcy as soon as possible.
Chilliwack B.C. Offices
46167 Yale Rd. – Suite 102 Chilliwack, BC V2P 2P2
Call Us: 604-392-3533
Directions to Chilliwack Offices: Our Chilliwack office is located in the Chilliwack Business Centre, located a short distance from the courthouse. Ample free parking is available on the street or in the lot located at the rear of the building.