The cost of a BC bankruptcy is set by the Government.
Our trustees have payment terms available.

We are available to assist you in identifying your options and forming a plan to get you a fresh financial start. Our Nanaimo bankruptcy trustees have many ways to assist people with their financial problems. These include:

• Consumer proposals,

• Budgeting;

• Debt Counselling;

• Third party settlements with creditors and

• Refinancing.

 

Important Information for your protection from our Nanaimo bankruptcy trustees: Although you need a bankruptcy trustee to go bankrupt, bankruptcy is not the only thing bankruptcy trustees can help you with. Our Nanaimo bankruptcy trustees are highly trained professionals who will give you the best advice they can even if it means you do not use our services. Our Nanaimo bankruptcy trustees are licensed and regulated by the Federal Government and subject to stringent codes of ethics. Bankruptcy trustees are the only debt professionals who can provide a full range of financial solutions. Furthermore, bankruptcy trustees are the only debt professionals who can guarantee that you will get protection from your creditors. Our Nanaimo bankruptcy trustees are knowledgeable, helpful and friendly.  We'll start by scheduling a meeting with you to discuss the solutions best suited to your situation. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life.

 

Our experienced financial counsellors help people manage and resolve severe financial problems. We understand how stressful this situation can be and know how to help. Our goal is to guide people through a very difficult time and help them move towards a brighter, more financially secure future.

All our bankruptcy trustees are members of provincial and national professional associations. We honour and respect the Codes of Ethics of these associations and The Superintendent of Bankruptcy.

If a BC bankruptcy or a BC proposal is your best option for getting a fresh financial start you are allowed to keep up to $31,000 of personal assetsas follows:

• Equity in a home in Greater Vancouver and Victoria = $12,000. In the rest of the province = $ 9,000;

• Equity in Household items = $ 4,000;

• A vehicle exemption is available only if the value of the vehicle does not exceed $5,000;  The vehicle exemption drops to $2,000 if the debtor is behind on child care payments (to facilitate the enforcement of Maintenance Orders)
  

• Equity in work tools = $ 10,000;

• Equity in essential clothing and medical aids is unlimited.

BC Harmonized Sales Tax Credit (BCHSTC). To help offset the impact of the new tax on low-income residents, the province is introducing a new refundable credit program called the BCHSTC. The BCHSTC is an ongoing non-taxable quarterly payment that will be integrated with the Goods and Services Tax Credit (GSTC) and the British Columbia Low Income Climate Action Tax Credit (BCLICATC) payments starting in July 2010. The Climate Action Tax Credit is exempt from seizure by the trustee. However, the GST/HST tax credit and the BCHSTC will be available to the trustee to the amount necessary to cover trustee fees.

 

Filing a BC bankruptcy or a BC proposal will stop actions by creditors such as:

• Collection Calls;

• Canada Revenue Agency (CRA);

• Garnishee of your pay; and

• Creditors seizing your assets.

 

Please note that this is general Nanaimo bankruptcy information as well other debt solution options, and does not replace the specific details that need to be discussed in a meeting with one of our Nanaimo bankruptcy trustees. Some other issues may include being judgement proof, co-signers, the effect on your spouse, separation between spouses, surplus income guidelines, stay of proceedings, and income tax consequences.

Most of the people who file a Nanaimo bankruptcy or a Nanaimo proposal are good, honest, hard-working people who file as a last resort after months or years struggling to pay the bills left over from some catastrophic event or set of circumstances. It can be because of a divorce, the loss of a job, a failed business venture, a serious illness, or some family emergency, or because the person honestly and mistakenly fell into debt at a young age before they knew better, and before they knew anything about budgeting or how to manage money.

BC's bankruptcy laws are designed to permit an honest but unfortunate debtor to obtain a discharge from his or her debts while treating creditors equally and fairly.

In 2009 more than 115,000 individuals in Canada filed for personal bankruptcy or filed a proposal.