If you find yourself facing bankruptcy, you’re not alone. With soaring levels of consumer debt, many Canadians are finding themselves contemplating bankruptcy as a means to resolve their financial difficulties.
Bankruptcy is a term that most people are familiar with; however, there are many myths and misconceptions associated with the term. When people receive full and factual information about bankruptcy, they are struck by the simplicity and fairness of the process. Moreover, the simple act of becoming informed provides a sense of great relief.
This 5-part series is meant to provide a general overview of bankruptcy; however, individuals contemplating bankruptcy, or exploring other options, should meet with a Licensed Insolvency Trustee for further information to learn how bankruptcy will impact them based on their unique circumstances.
Step 1 – Meet with a trustee to review your options
Anyone who finds themselves in a bit of a financial pickle (the signs may be different for different people) first needs to meet with a Licensed Insolvency Trustee, who will review the individual’s specific situation and explain all of the options available. A meeting or phone call with a Licensed Insolvency Trustee is free and confidential.
Many people in financial difficulty don’t realize that there are options other than bankruptcy. A Licensed Insolvency Trustee has a responsibility to go through all of these options. If bankruptcy is the best option in the circumstances, the trustee will advise you of the next steps.
Stay tuned for Part 2, where we'll discuss how to file for bankruptcy.
More articles in this series:
Lana Gilbertson is a Licensed Insolvency Trustee with MNP Ltd., based in Vancouver, BC for more about how Lana can help, contact her directly at 604-637-1599 or email@example.com.
Click here for a list of our offices throughout Greater Vancouver, Fraser Valley and Vancouver Island.
BC Bankruptcy & Consumer Proposal Blog