Personal Bankruptcy Nanaimo

Are you struggling with a debt load that is not going down each month? Are you considering filing for personal Bankruptcy?  Declaring personal Bankruptcy is a common and practical solution to 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 gain a fresh start with your finances. If you’re considering filing for Bankruptcy in Nanaimo and eliminating your debt anxiety, keep reading to find out how.

How Do I File for Bankruptcy?

The Bankruptcy process starts with a meeting with a Licensed Insolvency Trustee (LIT). This can be done either in person or via video. During the meeting we will help you understand your debt situation and help you decide if declaring Bankruptcy is the best choice for you.

We will take the time to 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 for the protection of the public.

Do I Qualify for Bankruptcy?

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 $1,000.00

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 about declaring Bankruptcy:

Pros:

• 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. The cost is regulated and set by the Federal Government

Cons:

• 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.
• You must provide your Licensed Insolvency Trustee with detailed financial information for a period of time.

Personal Bankruptcy Nanaimo: Where can I go for debt help?

Declaring Bankruptcy is not an easy step to take, but we are here to help. If you live in Nanaimo, or the mid island, and have difficulties managing debt, contact our office for a free, confidential and judgement-free consultation. Make this year the time to be debt free.