Bankruptcy Solutions British Columbia

Contact us for a FREE "Know Your Alternatives" consultation.

Bankruptcy Solutions British Columbia

Contact us for a FREE "Know Your Alternatives" consultation.

The Bankruptcy Process

An inability to meet one’s debt can be an overwhelming challenge. Missed payments, collection calls and surmounting obligations cause significant stress and anxiety for many Canadians.

Should you fall into this category, a Licensed Insolvency Trustee can help assess your financial situation and together, determine the best course of action for you.
There are many different options to get relief from debt, but if you are unable to pay your bills, the smartest choice for you may be to obtain a fresh start by declaring bankruptcy.

Credit Counselling

What it means to declare Bankruptcy

Individuals who are unable to meet their debt obligations, and who do not have a reasonable expectation of meeting those obligations in the near future, can file for bankruptcy under the Bankruptcy and Insolvency Act (Canada).

It is a tool meant to give relief to those burdened with debt a fresh financial start.  The process must be carried out through a Licensed Insolvency Trustee who will be responsible for the administration of the bankruptcy and will assist you obtaining your discharge from your debt.

Eligibility to file for Bankruptcy

If you are an individual that lives in Canada, has debt exceeding a minimum of $1,000.00 and cannot pay their obligations in a timely fashion, you are likely a good candidate for bankruptcy. 

Debtors who are clearly not able to service their debt, and whose debts exceed their assets are entitled to file for bankruptcy in order to get relief from their obligations and a chance to effectively rebuild their financial future.

The process for filing for Bankruptcy

If together you and D. Thode & Associates Inc. determine that bankruptcy is the best way for you to manage your debts, your Licensed Insolvency Trustee will proceed to prepare and file all of the necessary paperwork with the Superintendent of Bankruptcy.

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Contact us for a FREE "Know Your Alternatives" consultation.

Discharge from Bankruptcy

Once bankruptcy has been filed, you will need to provide your Licensed Insolvency Trustee with monthly financial statements and any surplus income payments until your bankruptcy is discharged. You will also be required to attend credit counselling sessions, and to pay your administrative fees as required.

FAQ's

Bankruptcy FAQs

If you have a secured vehicle loan, mortgage or loan secured by another asset, in most cases, you are able to continue to pay the financial institution and retain possession of the asset.  If you are unable to maintain payments or are already in arrears with the payments and the asset is seized or sold by the secured creditor, any shortfall resulting would be dischargeable by your bankruptcy.

NO. Tax debt for the most part is considered unsecured debt and is dischargeable under bankruptcy. If you have tax debt outstanding, CRA will be unable to take steps to collect tax debt incurred prior to bankruptcy. There are debts that cannot be erased through the bankruptcy process. Your Licensed Insolvency Trustee will be able to help you determine if any of your debts will not be discharged through bankruptcy.

The bankruptcy process is meant to provide relief from debt in a fair and equitable manner and is not meant to be punitive. There are some assets that are exempt in order to help individuals to secure work and maintain a reasonable standard of living.

Every Province and Territory has its own rules regarding asset retention during bankruptcy.

You will be able to earn an income during the bankruptcy process.  You will be required to submit monthly reports, and to pay any surplus income to your Trustee. If your income exceeds the standard amounts set by the Superintendent of Bankruptcy, you will be required to submit a portion of this amount which will be applied against your original debts.

The length of time before discharge varies depending on a number of factors. First time bankruptcy usually results in a nine-month period, unless there is a large amount of surplus income, then it will take 21 months for the discharge. For a subsequent bankruptcy, it will take 24 months for a discharge, and 36 months if there is considerable surplus income. 

A bankruptcy should be reported for about 6 years following your discharge. If more time has elapsed and you still note the bankruptcy on your file, you should contact the credit bureau to have this information updated.

Professional fees will be charged for the services provided by your Licensed Insolvency Trustee. These fees are minimal and are meant to cover the cost of document preparation, administrative matters, tax preparation and client management. These fees can be paid over time, instead of in one lump sum, and are a worthwhile investment in your financial future.

Contact us for a FREE "Know Your Alternatives" consultation.

Your Credit Report

Are you struggling with your finances, and accumulating debt problems? it can be difficult to know where to begin. As time passes, debts go into collections and transferred from one company to another. This makes it difficult to keep track of who you owe and how much. With your permission, D. Thode & Associates Inc., can help you figure out what you owe. Understanding the full extent of your debt is an Important step in determining the best way to move forward.

Learn Your Alternatives

Bankruptcy

Applying for personal bankruptcy releases you from your debts and gives you a fresh financial start. We’ll help you prepare documentation for bankruptcy and walk you through the proess.

Consumer Proposals

Let us negotiate a payment plan for you though the filing of a consumer proposal. You don’t have to file for bankruptcy. Pay your creditors on a modified payment schedule with no further interest.

Debt Help

Get started today. Download and complete our convenient online application form and bring it with you to your next appointment and save time.

Our B.C Offices

Should you require bankruptcy solutions and counselling outside of Burnaby & Area, D. Thode & Associates has several offices to serve you throughout British Columbia.

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