Claiming Bankruptcy in Canada
Claiming Bankruptcy is simply a declaration of unmanageable debt. One is Insolvent when one is unable to meet financial obligations when payment is due. When you declare Bankruptcy in Canada, a Bankruptcy Trustee advises your creditors that you are insolvent.
Unmanageable debt can affect anyone. Almost 100,000 Canadians filed personal bankruptcy in 2006 alone.
No one plans to become bankrupt, but speaking with a Debt Management Counselor at bcbankruptcy.info can help you. There are many alternatives to claiming bankruptcy in Canada. Our Debt Management Counselors are experts in Bankruptcy laws in Canada and ways to avoid claiming Bankruptcy, throughout Canada.
Call us today. There is always something we can do.
The leading causes of bankruptcy in Canada include:
Job Loss
Divorce
Health Problems
All of these circumstances can affect people unexpectedly.
If credit counseling, consumer proposals, or debt consolidation loans haven't helped or are unavailable, you may consider claiming bankruptcy or filing a consumer proposal in Canada. Claiming Bankruptcy is a last alternative when you cannot pay your creditors. The precise rules (Bankruptcy laws) vary in each Province of Canada. Our advisors can help guide your options in Canada, so that you can make an informed decision, in your best interests.
Does this sound familiar?
Are you using credit cards as a necessity, not a convenience?
Are your wages being garnisheed?
Do you have to use borrowed money to live between pay cheques?
If this sounds familiar, you may be close to claiming bankruptcy.
What is Bankruptcy?
Put simply, filing bankruptcy in Canada means that you surrender your assets to a bankruptcy trustee in Canada in return for freedom from your debts. You surrender what you own to a bankruptcy trustee in Canada, who works with your creditors to eliminate your debts. Claiming Bankruptcy in Canada is a legal procedure, outlined in the Bankruptcy & Insolvency Act. Bankruptcy laws aims to give honest Canadians a way to start fresh, with no debt. Use Bankruptcy law to your advantage!
How will Bankruptcy Affect my Credit Rating?
Canada bankruptcies remain on credit reports for six years from the date of your discharge. A second personal bankruptcy will remain on your report for 14 years. This does not mean that you will not be able to get credit again. With smart control of your finances, you will be able to start rebuilding your credit once you are discharged from bankruptcy in Canada.
How bcbankruptcy.info can Help:
With our free one-on-one consultation, we can help you understand all your options. Our financial assessment will determine what is best for you. If bankruptcy is your best solution, we will help guide you through the process of finding a reputable, independent bankruptcy trustee. The precise rules vary in each province of Canada. Our advisors can help guide you through your options in Canada, so that you can make an informed decision, in your best interests. Your Advisor will also help you explore alternatives to bankruptcy such as:
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Schedule a free consultation. Remember, we work for you, it's confidential, and there is always something we can do!
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What is Surplus Income and how does it Affect Bankruptcy?
Surplus income is income you earn that is above a government-determined income level based on your household size. If your income exceeds this level, you must make additional payments to your bankruptcy trustee in Canada. Having a large amount of surplus income can also extend the time period of your bankruptcy in Canada.
What Happens if Someone Opposes the Bankruptcy Discharge?
A creditor, the Bankruptcy Trustee, or the Superintendant of Bankruptcy can oppose your discharge. The Trustee is required to oppose your discharge if you:
Did not pay the agreed amount of surplus income.
Filed for bankruptcy instead of pursuing a consumer proposal, when a consumer proposal was a better solution.
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Tags: Canada CA, Canada, Personal Bankruptcy, law, statutes, process, information, services, free, Financial Counselling, Causes, Bankruptcy Insolvency Act, credit rating, Surplus, Income, discharge
