Filing Bankruptcy in Vancouver
We are a fully Licensed Insolvency Trustees with a local office in Vancouver 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 Vancouver or surrounding areas, learn more about our services below.
What We Are Noticing in Vancouver:
Seniors facing financial troubles in Vancouver are on the rise.
Aging adults often head into retirement with some amount of debt, whether it’s still making payments on a mortgage or carrying unsecured debt, such as credit cards and lines of credit.
In an ideal world, seniors would retire with a paid-off mortgage, no debt and plenty of savings. However, given the cost of living in Vancouver, this is often not the case. Reducing your lifestyle to match the reduced income in retirement can be a challenge if you continue to service debt. We often see seniors use credit cards and lines of credit to keep up with their housing and medical costs into retirement. This can lead them to ultimately file bankruptcy or make a consumer proposal to their creditors to deal with their debt; however, this does not address rising living costs on a fixed income.
Vancouver, in general, has affected the personal finances of many. As the cost of living has risen quickly, many residents still earn roughly the same income, and bankruptcy is sometimes the best option to deal with the increased debt.