WHAT IS BANKRUPTCY?

Suppose you cannot cover your bills, debt, and expenses over a long or even short timeframe. In that case, you should consider reaching out to a Licensed Trustee to review your financials during your free initial consultation.

Managing debt relief solutions is a complex process.  Do not attempt to draft a consumer proposal or declare bankruptcy alone.  Always consult with a Licensed Insolvency Trustee to understand the options available to you.  Fox-Miles will explain the process so you can make an informed decision.

If you are facing financially challenging times and cannot pay off your debts.  It might be time to explore debt relief options that can help relieve some financial pressure.  Call Fox-Miles for a free consultation to explore all available options.

Bankruptcy takes a minimum of 9 months, and consumer proposals can take up to 5 years. Default is not always your only, or even the best solution.  Our expert Trustees will work with you to ensure you choose the best debt solution for your financial situation.

If you find yourself getting calls from creditors, this will usually mean that you have found yourself in a situation where your debt load is not being paid on time.  The collection process can be stayed (stopped) by any of the alternatives under the Bankruptcy and Insolvency Act.

A debtor has rights under the Civil Enforcement Act of Alberta, and you should contact a lawyer or a trustee for a consultation on your requests.  The Licensed Trustees at Fox-Miles will guide you through your legal rights and next steps.

Declaring bankruptcy will clear most of your debt, but not all. Obligations that bankruptcy cannot remove; secured debts, child support, alimony payments, court-imposed fines, fraudulent debts, and some student loans.  Your trustee will review your debts with you, so you clearly understand which debts are and are not removed during bankruptcy.

All your creditors receive notice of the proceedings, and the process is a matter of public record.  Your name will not be published on any database as a private individual.  The general public will not have access to your bankruptcy filing information.

Once you have declared bankruptcy, the office of the Superintendent of Bankruptcy will disclose your bankruptcy to credit bureaus.  Your first bankruptcy will remain on file with Equifax for six years from your official bankruptcy discharge.  If you declare bankruptcy for a second time, it will remain on file for 14 years.

Filing a consumer proposal to repay debts will harm your credit score.  You will need to work with your counsellor to find the best strategies to rebuild your credit over time.

Generally speaking, filing for Bankruptcy in Canada will not directly impact your spouse or their credit rating.  There are, however, instances where bankruptcy will affect your spouse.  Examples could include co-signed loans or credit cards.  Speak to your trustee to fully understand any potential impact.

You can begin to rebuild your credit score even during the 6- or 14-year window after declaring bankruptcy.  Speak with your trustee to understand the various strategies you can use to rebuild your credit score during and after a bankruptcy.