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Personal Bankruptcy in Canada - Abakhan & Associates

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Personal Bankruptcy in Vancouver

Bankruptcy is a legal process available to resolve your debts. It allows unfortunate debtors the ability to get out from under the unmanageable burden of debt and to “Start Fresh.” For example, you must be insolvent before you may apply for bankruptcy, meaning that you must owe at least $1,000 and must be unable to pay your debts as they come due. If this describes you or if you feel that your debts are such that you would benefit from bankruptcy, contact an Abakhan & Associates Inc. office to learn more about personal bankruptcy in Vancouver. Our trustees in bankruptcy can help you to take advantage of this opportunity to resolve your overwhelming debt.

The Length of Bankruptcy in Vancouver
The length of your personal bankruptcy in Surrey for example, will be dependent on your actual income and the size of your household, so discuss those factors with your insolvency professional when initially consulting with him or her. The process for a first-time bankruptcy will take 9 or 21 months. For a second-time bankruptcy, the process is 24 or 36 months—a drastic increase. For this reason, it is important to work to avoid multiple bankruptcies. However, if that is not an option for you, we can help you to navigate the increasing complexities of multiple bankruptcies at any of our BC offices. Our bankruptcy trustees in Victoria, as an example, are equipped and prepared to guide you through even the most complex regulations in personal bankruptcy, helping you to file bankruptcy legally and safely.

Your Duties
Personal bankruptcy in Prince George and surrounding areas involves a number of duties you are required to perform in order to be eligible for a discharge from your debts. These include:

  • Reporting your income each month and making certain payments if required
  • Attending two mandatory counselling sessions
  • Assisting a Trustee in the administration of your estate
  • Providing information for the filing of tax returns

These duties are essential, and with a little planning they are easy to complete. Your duties are also beneficial to you—attending counselling sessions can help you to avoid a second bankruptcy, giving you strategies to succeed with your new start!

Bankruptcy vs. Consumer Proposals in Vancouver
Depending on your income and household size, a consumer proposal may be more practical for you. In order to determine whether personal bankruptcy in Victoria or a consumer proposal in Vernon might be the best option for you, consider these factors:

  • Can you manage a monthly payment at minimum for 36 to 60 months and still maintain your usual living expenses without causing undue hardship?
  • Can you reasonably assume continued employment or earnings in order to maintain the payments for the duration of the proposal (up to a maximum of 5 years)?
  • Are you retired with a fixed income or nearing retirement, or looking at a potentially long-term health related leave of absence?
  • Do you have a high debt load versus relatively low monthly earnings?

After further consideration of your age, employment, and the size of your debts, a proposal may not be feasible and personal bankruptcy may be the right option. We offer free, confidential initial consultations, where we can help you to resolve any uncertainties about whether to pursue personal bankruptcy in Vernon or a consumer proposal.

Meeting with a licensed Trustee to discuss your financial situation will help you determine the best course of action to deal with your debt. For an assessment of your financial situation, please contact our trustees at one of are 5 locations in Vancouver, Surrey, Vernon, Prince George or Victoria.