Bankruptcy

HIGHEST RATED BANKRUPTCY TRUSTEE IN EDMONTON

If you are currently facing financial hardship and are facing an uncertain financial future, it is time to consult with Edmonton’s highest-rated bankruptcy trustee.  Our team of licensed bankruptcy trustees will help you plan and recover from your current situation.  We will help you navigate through the bankruptcy process with compassion and dignity. 

You are not alone.  Many people will experience financial difficulties throughout their lives.  Depending on the severity of a debt situation, some financial education and guidance may be required. There are many options to explore in your search for a financial resolution; these can include:

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Bankruptcy Trustee
Will Help You Choose the Best Path to Financial Recovery

It is essential to understand all the debt relief solutions available to you before selecting the best course of action.  Our Licensed Bankruptcy Trustees will thoroughly explain each option to you, the pros and cons of each, and then will work with you to choose your best path to successful financial recovery.  Our team recognizes that this is an incredibly stressful situation for you to be in. 

The pressures of mounting debts and financial security can put a devastating toll on yourself and your loved ones.  Our team will compassionately guide you through each step of the process of bankruptcy to ensure you come out the other side confident in your financial future.  Contact our team today to book your free bankruptcy consultation.

REASONS TO DECLARE BANKRUPTCY IN EDMONTON

Bankruptcy is designed to be a fresh financial start, free of the threat of unsecured creditors and the inability to meet the demands of your current financial situation.  There are several reasons why declaring bankruptcy might be a suitable option for you.  These reasons can include:

  • Inability to pay debts as they come due within a reasonable amount of time
  • Cannot reach a settlement or an informal agreement with your creditors
  • Wages or bank accounts have been garnished
  • Constant calls from creditors
  • Loss of employment
  • Deteriorating health

Who can file bankruptcy:

  • You must have some property and conduct business within Canada
  • You must have liabilities of over $1,000.00 to creditors, according to the BIA (Bankruptcy and Insolvency Act ) – and meet one of the following conditions:
    1. Are unable to meet current financial obligations as they become due
    2. You have stopped paying the current obligations
    3. Current financial obligations exceed the fair market value of your property

Bankruptcy is a court driven process where the Licensed Trustee instructs and monitors the individual’s progress during the process to assess the outcome. The duration of bankruptcy is subject to the Bankruptcy and Insolvency Act and the courts.

THE IMPACT OF DECLARING BANKRUPTCY

First-Time Claiming Bankruptcy

A first-time bankruptcy may only be nine months in duration if all individuals’ responsibilities have been met, and there is no surplus income.  If the circumstance of surplus income does occur, the time frame is extended to 21 months monitoring period.  With the bankruptcy occurrence appearing on your credit bureau scores for six additional years, there is a misconception you will have lousy credit during this entire 6-year time frame. Once you are discharged from bankruptcy, and you are debt-free, you can start rebuilding your credit. 

Second-Time Claiming Bankruptcy

In a second-time bankruptcy, the monitoring period is a minimum of 24 months.  In the instance of surplus income, 36 months is required before a discharge could occur.

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ADVANTAGES OF BANKRUPTCY

Bankruptcy is a court driven process that is designed to provide immediate relief to those declaring bankruptcy.  Advantage of declaring bankruptcy include:

  • Wage garnishment stops immediately
  • Collection attempts are to be eliminated immediately
  • Credit counselling is provided
  • A clear understanding of one’s finances and potential pitfalls
  • Recognize warning signs of financial over-extension
  • Learn how to budget

When faced with mounting debts, you must contact a Licensed Bankruptcy Trustee to understand how to best proceed with fixing your current situation.  Declaring bankruptcy is a complicated, federally legislated process.  To successfully declare bankruptcy, always seek assistance from a Licensed Bankruptcy Trustee in Edmonton.

HOW DOES BANKRUPTCY WORK?

Below is an outline of the process of declaring bankruptcy:

  1. Schedule consultation with a licensed bankruptcy trustee
  2. Review the current financial situation with your trustee
  3. The trustee will thoroughly explain the bankruptcy process and applicable laws
  4. Review how bankruptcy will work for you considering all your debt obligations
  5. Further review of bankruptcy laws that must be followed during the entire process
  6. Assessment of duties that must be followed by the applicant
  7. Upon successful completion of required applicant duties, your debt will be discharged under the Bankruptcy and insolvency act.
  8. At this point, you will be debt-free
  9. Bankruptcy will remain on your credit bureau score for six years
  10. During the 6-year window, you will be able to begin to rebuild your credit score
What happens if I chose to declare bankruptcy?

When bankruptcy occurs, you will work with the Licensed Insolvency Trustee (LIT) to complete your assessment.   Your bankruptcy will become active after filing with the Office of the Superintendent of Bankruptcy (OSB). At this point, the following occurs:

 

If you are considering declaring bankruptcy, contact our team of professional Licensed Bankruptcy Trustees in Edmonton.  We are here to help you.