Bankruptcy can provide relief from the debt you can’t afford to pay back. But is it right for your personal situation? There are several options to address unmanageable debt to consider. Information about the eligibility requirements and bankruptcy process will help you decide if it is the right option for you.
Keep on reading for answers to some of the most common questions about bankruptcy. Or better yet, if you are considering bankruptcy, get personalized advice from our Licensed Insolvency Trustees in Richmond and Vancouver.
Who decides if I am eligible to file for personal bankruptcy?
A Licensed Insolvency Trustee presents to you all your possible options and you choose which path you want to go, i.e. bankruptcy. Contact us to schedule a free initial consultation to discuss whether you meet the minimum qualifications to file for bankruptcy. We will review all of your debts and assets and examine your budget to assess whether you can afford to meet your debt payment requirements. If you decide that declaring bankruptcy is the right choice for you, our LITs will then help you prepare and file the paperwork and oversee the bankruptcy process from filing to discharge.
How long does the bankruptcy process take?
How long bankruptcy lasts depends on a few factors, including whether it is your first filing and whether you have surplus income:
If you are filing for bankruptcy for the first time and don’t have any surplus income, you are eligible for discharge from bankruptcy after 9 months. If you are a first-time bankrupt with surplus income, it can take up to 21 months.
If you are filing for bankruptcy for a second time and don’t have any surplus income, you are eligible for discharge from bankruptcy after 24 months. If you are a second-time bankrupt with surplus income, it can take up to 36 months to be discharged from bankruptcy.
If you are filing for bankruptcy for the third time, fourth time, etc., the length of the bankruptcy process will be longer since the application for bankruptcy discharge has to be made in Court.
Do I need to be a Canadian citizen? What if I am Canadian but live abroad?
You don’t need to be a citizen to file for bankruptcy in Canada, but you do have to reside in Canada, have business in Canada, or own Canadian property. If you are a citizen, it is possible to file for bankruptcy in Canada while living abroad. An individual or business owner who is living internationally but wants to deal with debts in Canada should contact the Vancouver Licensed Insolvency Trustees at Campbell Saunders Ltd. today for advice.
Who can I contact for guidance on personal bankruptcy in Vancouver?
Licensed Insolvency Trustees at Campbell Saunders Ltd. offer legal guidance on the subject of personal bankruptcy in Vancouver and Richmond. We will explore all available options and ensure that all your bankruptcy questions are answered. Get in touch with us today to book your free and confidential initial consultation.