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 | Government Licensed Debt Repayment Agency in the Province of AB.
Offering a full range of debt solutions to residents of the Calgary area.
Call Today for Free, No Obligation Advice. 1-800-961-7816 or (403) 648-9152. |
| What is Bankruptcy
Unmanageable debt can affect anyone.
No one plans to become bankrupt, but talking with Debtors Advocates can help you through bankruptcy.
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 | Almost 100,000 Canadians filed
personal bankruptcy in 2006 alone. |
The leading causes of unmanageable debt in Canada include:| Job loss | | Divorce | | Health problems |
All these circumstances can affect people unexpectedly.
Are you using credit cards as a necessity, not a convenience?Are your wages being garnisheed?Do you have to use borrowed money to live between pay cheques?
If this sounds familiar, you may be in a serious debt situation.
If credit counseling, consumer proposals, or debt consolidation loans havent helped or are unavailable, you may consider bankruptcy. Bankruptcy is a last alternative when you cannot pay your creditors.
How Debtors Advocates can Help:
We have supported Canadians like you through difficult financial situations. With our free one-on-one consultation, we can help you understand all your options. Our financial assessment will determine what is best for you. If bankruptcy is your best solution, we will help guide you through the process of finding a reputable, independent bankruptcy trustee.
What is Bankruptcy?
Put simply, filing for bankruptcy means that you surrender your assets in return for freedom from your debts. You surrender what you own to a trustee in bankruptcy, who works with your creditors to eliminate your debts. Bankruptcy is a legal procedure, outlined in the Bankruptcy & Insolvency Act, which aims to give honest Canadians a way to start fresh with no debt.
Benefits of our service:
We cover all aspects of your assessment, guiding you through the process both looking at and explaining all other possible options, ensuring there will be no nasty surprises once you visit the trustee and file for bankruptcy. This helps ensure that you will not be kept in bankruptcy longer than initially agreed because something was overlooked.
How Long does Bankruptcy Last?
If this is your first time declaring bankruptcy and you do not have surplus income, you will be discharged after nine months if no one opposes your discharge. Under new legislation, those with surplus income can be kept in for 21 months even if it is their 1st bankruptcy. You will then be free from the debts and restrictions covered in the bankruptcy.
If this is not your first bankruptcy, then you will usually be discharged in 24 to 36 months. However, if a creditor opposes the discharge it can extend beyond 36 months.
What Happens if Someone Opposes the Bankruptcy Discharge?
A creditor, the Trustee, or the Superintendant of Bankruptcy can oppose your discharge. The Trustee is required to oppose your discharge if you:
- Did not pay the agreed amount of surplus income.
- Filed for bankruptcy instead of pursuing a consumer proposal, when a consumer proposal was a better solution.
What is Surplus Income and how does it Affect Bankruptcy?
Surplus income is income you earn that is above a government-determined income level based on your household size. If your income exceeds this level, you must make additional payments to your bankruptcy trustee. Having a large amount of surplus income can also extend the time period of your bankruptcy.
How will Bankruptcy Affect my Credit Rating?
A bankruptcy will remain on your credit report for six years from the date of your discharge. A second bankruptcy will remain on your report for 14 years. This does not mean that you will not be able to get credit again. With smart control of your finances, you will be able to start rebuilding your credit once you are discharged from bankruptcy.
Now Get Your Free Debt Consultation:
 | For a FREE consultation to seewhich Debt Solution is right for you. Click Here or call us FREE on 1-800-961-7816. If you have any questions regarding Consumer Proposals, ask our consultants now. |
Please note: We are not Bankruptcy Trustees. If after your assessment, Bankruptcy or Consumer Proposal is a chosen option, this will be administered by a Licensed Bankruptcy Trustee, not by Debtors Advocates (7100621 Canada Inc).
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