Vancouver Offices: Bankruptcy Solutions
Filing Bankruptcy In Vancouver
We are a fully Licensed Insolvency Trustees proudly serving Vancouver, West Vancouver, North Vancouver and the Province of British Columbia since 2003.
If you are considering filing bankruptcy or are in current financial difficulty, please learn more about our services below.
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.
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 go into retirement 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. Having to reduce your lifestyle to match the reduced income in retirement can be a challenge if you continue to service debt. Often we see seniors who have had to continue to use credit cards and lines of credit to keep up with their housing and medical costs into retirement causing them ultimately to file bankruptcy or make a consumer proposal to their creditors to deal their debt; however, this does not address the problem of 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.
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 filing process.
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 Vancouver 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.
Vancouver B.C. Offices
1055 W Hastings St – Suite 300 Vancouver, BC V6E 2E9
Call Us: 604-336-9533
Directions To Vancouver Offices: Our Vancouver office is located within the Guinness Building on West Hastings Street between Burrard and Thurlow. We are just a short walk from the Burrard Skytrain Station. Meter parking is available on the street, or hourly parking is available in our underground parkade on P4.