Sometimes we field the question: Am I even eligible for bankruptcy?
An honest question. The Bankruptcy and Insolvency Act (BIA) is Federal Law and is available for people from coast to coast to utilize in order to obtain a fresh start with their finances. It is the BIA that sets the requirements to be able to assign into bankruptcy.
Some things in this world are very fast. A peregrine falcon or a cheetah come immediately to mind. For plant lovers, maybe you would think of fast growing bamboo, or more locally, bull kelp. However, nothing can compare with how fast interest on credit card statements can grow! It seems that even if you make a big payment, the interest charge on the next statement is barely reduced and the balance is virtually the same. This can be very depressing.
If you are experiencing significant financial difficulty, it’s tough to know where to look for help. The stress of facing possible bankruptcy can cloud your ability to judge good advice from poor advice. There are so many options to choose from, all with different titles, and you might not be aware of your rights when seeking help. On top of that, the internet can be a tricky place where things can look good at first glance.
I had the distinct pleasure of attending the 2017 Annual CAIRP Conference in beautiful Kelowna, BC back in August. As we were in the winery-rich Okanagan, the organizers invited us to ‘sip and savour’ the knowledge and insights offered by our peers and industry experts.
The conference was packed with panel discussions and presentations, featuring leaders and influencers from within the Licenced Insolvency Trustee profession.
Some people love to shop. Other people hate it. There is no doubt about it that we are not all the same which is a good thing. However, whether you are looking at buying a vehicle, toaster or a pair of jeans everyone should be asking how much does it cost? The same question is appropriate when you are seeking relief from your debt. If you don't ask that question and get a specific answer you may end paying thousands more than necessary and take way longer to pay off your debt.
When you were a kid, did you ever experience difficulty sleeping because you thought there was something, maybe a monster, under the bed or in the closet? Living with debt can produce a similar sense of unease and can create difficulties sleeping. When you make the decision to get some debt help you have taken a big step towards the goal of managing your debt and hopefully eliminating it.
Canada Revenue Agency (CRA) has a very heavy hand when it comes to collecting on income taxes which can include seizing your bank account. This is usually the last resort, after repeated phone calls and letters so you can't pretend this is a surprise. You may not have believed they'd do something like this, but they do and they did it to you! So now what?
For many Canadians the idea of filing for personal bankruptcy is very foreign. Not knowing how the process will affect your day-to-day life and employment is just one of the many reasons that the term “bankruptcy” can be so intimidating. Thankfully, the Bankruptcy and Insolvency Act rules were designed to provide Canadians coast to coast with the opportunity for a fresh start and debt protection all while allowing them to maintain a fair standard of living.
For the majority of situations, an employer will not be notified of an employee’s bankruptcy proceeding.
On December 2, 2015 the Office of the Superintendent of Bankruptcy made a big announcement; there will be formal change to the designation of insolvency professionals nationwide. As of April 1, 2016 the designation of “Trustee in Bankruptcy” will be replaced with “Licensed Insolvency Trustee.” This new designation will more appropriately describe the many services that these professionals provide to the individuals and businesses.
To read more about the new designation and what it means, please click the link below:
Offices in Campbell River, Courtenay, Powell River, Sechelt, Terrace
Serving: North Central Vancouver Island. Campbell River, Comox Valley - Courtenay, Comox, Cumberland. Sunshine Coast of BC - Powell River, Sechelt, Gibsons. BC North Coast - Terrace, Prince Rupert, Kitimat