Looking for a personal bankruptcy consultant in Vancouver? Most people at some point in their life will experience financial problems. If you’ve been saddled with an insurmountable amount of debt and have creditors harassing you for payment, there is no need to feel embarrassed or ashamed. Our bankruptcy trustee at Crowe MacKay & Company can suggest strategic options to deal with your creditors. We can help you understand the complete bankruptcy filing process and handle paperwork on your behalf.
Bankruptcy is a legal process that can provide relief to honest but unfortunate individuals who are unable to pay their debts.
The advantages of filing personal bankruptcy are as follows:
In order to be eligible for bankruptcy, an individual must be insolvent. There are a number of factors to consider when determining whether an individual is insolvent which include, but are not limited to, the following:
Although some individuals may consider themselves as insolvent, there may be other options available to you besides bankruptcy. Your first step should be to meet with a Licensed Insolvency Trustee (“LIT”) in Vancouver. The professionals at Crowe MacKay & Company will evaluate your financial situation and discuss the various alternatives that could help you solve your financial problems.
Below is how the filing of a personal bankruptcy works:
If you have declared bankruptcy, you must fulfill certain duties to get discharged. Some of the essential duties are:
Upon completing all these duties, you will be eligible for automatic discharge, whereas non-compliance to these activities or providing false information will have consequences.
Your income is unaffected by bankruptcy, but you must report your monthly income and spending to your trustee when you file for bankruptcy. You also have to keep the LIT notified of any changes in your income during the procedure.
Regarding the assets, when you declare bankruptcy, you agree to hand over many, if not all of your personal assets. But certain things are exempted from seizure, which may include sentimental objects, clothing, retirement plans, and more.
In addition, declaring bankruptcy will not always clear all your debts. Note that some debts such as child support payments, criminal fines, and more are not included in the bankruptcy.
LIT's are federally regulated professionals who deal directly with the creditor on your behalf. The trustee will analyze your financial situation and advise the best insolvency plan. Irrespective of the solution your choose, be it declaring bankruptcy or opting for a consumer proposal, the trustee will be your representative. Your trustee would help you complete the paperwork and manage the disbursement of your assets to the creditors. The professional at Crowe MacKay & Company have over 50 years of experience serving the Greater Vancouver area with personal bankruptcy and debt relief solutions.
As your trusted insolvency trustee, we provide you with a variety of debt solutions and evaluations. If you are looking for personal bankruptcy consultants in Vancouver, contact the professionals at Crowe MacKay & Company. We can help you regain control of your finances and give you the tools to rebuild a better, more financially-secure future.