How to declare bankruptcy BC?

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To declare bankruptcy in British Columbia, you must reside in Canada, owe at least $1,000, and have overdue debts. Start by meeting with a Licensed Insolvency Trustee (LIT) for a free consultation. Share your financial details, and your trustee will manage the paperwork, informing creditors. You’ll attend mandatory sessions before your bankruptcy concludes, usually within nine months. Reach out via phone, text, or live chat if you have any questions. Not all trustees can be trusted.

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Bankruptcy Declaration In Bc Question

How to declare bankruptcy BC? I need to know the process for declaring bankruptcy in British Columbia. It’s confusing to figure out the steps.

From: Anonymous Question
Location: Delta, British Columbia (BC)
Category: personal bankruptcy

Bankruptcy Declaration In Bc Answer

To declare bankruptcy in British Columbia, you’ll first need to see if you qualify. You should either live or operate in Canada, owe at least $1,000, have missed payments, or find your debts outweigh your assets. Once you check these boxes, it’s time to sit down with a Licensed Insolvency Trustee for a casual chat about your finances—this one won’t cost you a dime.

After that, gather up all your financial paperwork—like your list of assets, debts, income, and expenses—and share them with your trustee. They’ll handle the rest, filing the necessary bankruptcy forms with the Office of the Superintendent of Bankruptcy. This puts your creditors in the loop, letting them know it’s time to back off. But wait, it doesn’t end there! You’re going to have some homework. You’ll need to complete a few tasks, like attending mandatory counseling sessions, before your bankruptcy is officially wrapped up. If it’s your first rodeo and everything goes smoothly, expect this to take at least nine months.

Reach out, we can help!

From: Insider Adam

Office of the Superintendent of Bankruptcy (OSB) Answer

To declare bankruptcy in British Columbia, follow these steps:

1. Consult a Licensed Insolvency Trustee: You must meet with an LIT, who will evaluate your financial situation and explain your options, including bankruptcy.

2. Complete the Bankruptcy Application: If you decide to proceed with bankruptcy, your trustee will help you fill out the necessary forms, including a Statement of Affairs (refer to the Bankruptcy and Insolvency Act, RSC 1985, c B-3, section 49 for specifics on necessary disclosures).

3. File the Application: Your LIT will file the completed application with the Office of the Superintendent of Bankruptcy (OSB).

4. Attend Creditors’ Meeting: After filing, you may be required to attend a meeting with your creditors (as outlined in the Bankruptcy and Insolvency Act, RSC 1985, c B-3, section 95).

5. Comply with Duties: You must fulfill your responsibilities during the bankruptcy process, including attending credit counseling sessions and submitting monthly income and expense reports (Bankruptcy and Insolvency Act, RSC 1985, c B-3, sections 68 and 69 detail these obligations).

6. Discharge from Bankruptcy: The process will typically last 9 months, after which you may be eligible for automatic discharge, depending on your compliance with the terms of the bankruptcy (as stated in the Bankruptcy and Insolvency Act, RSC 1985, c B-3, sections 91-95).

For detailed legislative references, consult the Bankruptcy and Insolvency Act and the associated regulations, including C.R.C., c. 368 and SOR/2007-256.

From: OSB Helper

Related Questions to Declaring Bankruptcy In Bc

Here are the top 5 most frequently asked questions related to declaring bankruptcy in British Columbia, along with brief answers:

1. Who can file for bankruptcy in BC?

To file for bankruptcy, you must owe at least $1,000, live or do business in BC, and be unable to pay your debts as they are due or have stopped paying them[1][2][4].

2. What are the steps to declare bankruptcy in BC?

The steps include gathering your financial information, meeting with a licensed insolvency trustee, filing the assignment in bankruptcy, working with the trustee, attending two counselling sessions, and receiving a discharge from bankruptcy[2][4][5].

3. What are my duties during bankruptcy in BC?

Your duties include surrendering non-exempt assets and credit cards, attending two credit counselling classes, reporting your income and expenses to the trustee, providing necessary information for your tax return, and making monthly payments to the trustee and creditors if applicable[1][4][5].

4. How long does it take to be discharged from bankruptcy in BC?

For first-time bankruptcies, you are typically discharged after nine months, but this can extend to 21 months if you have surplus income or if it is your second bankruptcy[1][4][5].

5. What assets are exempt from bankruptcy in BC?

Certain assets, such as your primary residence (up to a certain value), essential household items, and tools of your trade, are exempt from being sold to pay creditors[1][4][5].

If you have a question about debt see our debt questions or ask your own debt related question.

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