Bankruptcy

Bankruptcy

Sometimes, declaring bankruptcy is the only option.

It is not a decision to be taken lightly and can have long-lasting impacts on your future. All your options can be reviewed and discussed with Chris Grew and the team at 4 Pillars to ensure that if you take this path, it is the right path for you. We can work with you and a Licenced Insolvency Trustee to administer the bankruptcy in Victoria and make the right filings.

Bankruptcy should be the “last resort” and only considered after all other options have been exhausted and debts are truly overwhelming. In Canada, up to 80,000 people file for bankruptcy in any given year. They range from people struggling to get by on low incomes to very successful business people who had high incomes. You are not alone if you have to file for bankruptcy.

Bankruptcy declarations are strictly governed by the Bankruptcy & Insolvency Act and come with a lot of requirements, including a Licenced Insolvency Trustee taking control of your non-exempt assets before your bankruptcy is discharged.

Depending on your surplus income and other factors, a Bankruptcy can last as long as 21 months. During this period, you will be required to file monthly income and expense reports. There are other restrictions also, during this time. You cannot be a director of an incorporated company nor will you be able to get credit. A Bankruptcy, even after discharge, will remain on your credit report for 6 years.

Usually, when you declare a bankruptcy, interest stops accumulating on most debts and most wage garnishments cease immediately. You can no longer be contacted by Collection Agencies. Based on provincial legislation, you can keep some of your assets.

In order to qualify for a bankruptcy filing, your debts must be more than your assets (you must be insolvent). Back child support, alimony or student loan debt that is less than 7 years old at the time of filing, will not be extinguished by the Bankruptcy. Secured debts such as mortgages or car loans will usually not be included.

Filing for bankruptcy is a weighty decision and one that should not be taken lightly. Other options, such as credit counselling, attempting to get a consolidation loan, or filing a Consumer Proposal may be more suitable options. Chris Grew and the team at 4 Pillars have assisted hundreds of people in the Victoria area in difficult situations and can apply their expertise to work with you to make the right decisions for your situation and future.

Most importantly, 4 Pillars can put together a plan that works for you and through the education and support, provided by their Aftercare Program, help to prevent future financial difficulties, allowing you to build wealth and prosper in the future.

We'd love to discuss how we can help you become debt free. ALL discussions with Chris Grew & 4 Pillars are completely confidential, and your information is protected by the Privacy Act.


Amount of Unsecure Debt

$10,000 - $50,000$50,000 - $100,000$100,000 - $250,000More Than $250,000
Postal Code Must Follow Canadian Format

Province

Home Owner

YesNo


A representative will make contact with you by phone within one business day to chat with you about your options