Surrey Offices: Bankruptcy Solutions
Bankruptcy Solutions Surrey
We are a fully Licensed Insolvency Trustees proudly serving Surrey and the Province of British Columbia since 2003.
If you are considering bankruptcy or are in current financial difficulty and you live in Surrey or surrounding areas, please learn more about the process of bankruptcy and our services below.
What were are noticing in Surrey:
Residents in Surrey face a growing problem with Payday Loans. People who are having financial struggles in the wake of COVID-19 are often tempted by quick loans or cash advances from Payday Loan Companies. What are some of the downfalls to relying on this type of borrowing?
First, they are very expensive. Interest rates on payday loans can be up to 10 times higher than conventional borrowing.
Secondly, it’s very common that come payday, you can’t afford to pay the full amount you’ve borrowed, so you pay a fee to roll over the loan until your next payday, or you simply take out another loan immediately after paying off the first. This leads to a troubling cycle of debt.
For anyone, stuff in this cycle, there might be options to relieve this stress.
Considering Bankruptcy? Call us now for a FREE no obligation assessment: 604-336-9533
Individuals who are unable to meet their debt obligations can file for bankruptcy under the Bankruptcy and Insolvency Act (Canada). The 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 process.
Other 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 Surrey 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.
Surrey B.C. Offices
7404 King George Blvd. 2nd Floor, Surrey B.C. V3W 0L4
Call Us: 604-336-9533
Directions To Surrey Offices: Our Surrey office is located at the Kings Cross Shopping Centre near the corner of 74th and King George Blvd, across the street from Costco. A convenient location with ample free parking.
Map to Surrey Offices
Many British Columbia residents who are facing credit and debt problems are unaware that a provincial statute of limitations exists …