Courtenay Personal Bankruptcy

Are you struggling with debt and considering filing for Bankruptcy? Declaring personal Bankruptcy is a common and practical solution to your debt issues. In general, all your debt relief options, such as a Consumer Proposal, should be explored before you make a decision. But sometimes declaring Bankruptcy can be the best way to eliminate your debt and give you the chance to start over with a clean slate. If you’re considering filing for Bankruptcy in Courtenay, keep reading to find out if it’s the right choice for you.

How Do I File for Bankruptcy?

Filing for Bankruptcy starts with seeing a Licensed Insolvency Trustee (LIT). We will help you understand your debt situation and help you decide if declaring Bankruptcy is the right choice for you. When you meet with us, we will explain all of your options and make sure you are given a full explanation of the Bankruptcy process before you make your decision. If Bankruptcy is the right choice for you, only a Licensed Insolvency Trustee and their qualified staff can file your Bankruptcy. LIT’s are regulated and licensed by the federal Government.

Is Courtenay Personal Bankruptcy the Right Choice for Me?

To file for Bankruptcy in Canada, you have to meet 3 general qualifications:

1. You must be a resident of Canada;
2. You are unable to pay your bills when they are due; and
3. You owe more than $1000.00

Just because you meet these criteria doesn’t mean Bankruptcy is always your best option. You should always meet with a Licensed Insolvency Trustee to explore all of your debt relief alternatives. Here are a couple of things to consider when you are making your decision:

Advantages of declaring Bankruptcy:

• You are legally protected from your creditors (collection phone calls and wage garnishments stop)
• Most of your debt is eliminated (credit cards, loans, etc.)
• The cost depends on your individual situation, but is relatively inexpensive compared to other debt relief options

Disadvantages of declaring Bankruptcy:

• It will lower your credit score and affect your credit history
• You may need to surrender some of your assets. However many personal assets are exempt from your creditors.
• You must provide your Licensed Insolvency Trustee with detailed financial information for a period of time.

Where can I go for Courtenay Personal Bankruptcy? Sign up for a free consultation

Declaring Bankruptcy is not an easy step to take, but we are here to help. If you live in the Comox Valley and have difficulties managing debt, contact our office for a free, confidential and judgement-free consultation. There has never been a better time to eliminate your debt and take back control of your finances.