Welcome to Victoria Bankruptcy .ca!
Living in debt is one of the hardest life altering events a person or family can endure. When your home is no longer safe, invaded by harassing phone calls, debt collectors calling at all hours and you even wonder if the utilities will be turned off over night. Financial debt problems are not something we should live with. Find your path to financial freedom, free of debt and bill collectors!
Featured Asked Questions
My business isn’t making as much money as I had expected, and I have had to use my personal credit to cover expenses, like wages and supply costs. My personal debt seems to be growing faster than my business can pay me. What can I do? - Continued from last issue: If you have updated your financial records and find the business income isn’t enough to pay the debts, there are various restructuring options available. Sole-proprietorships are “personal debts” and have the same proposal or bankruptcy options as any individual debtor. An individual can continue to be self-employed while completing a proposal or bankruptcy. Limited companies can restructure through business planning, taking on shareholders with investment capital, or they can file a Proposal to creditors through a trustee. Limited companies can file bankruptcy, however, this is usually done only if there are realizable funds/assets to distribute to the creditors, or if it is realistic to sell the business.
Victoria Bankruptcy.ca located in Victoria BC specializes in helping people find their way to financial freedom. We can help you negotiate payment terms with your creditors, we can work on consumer proposals to help keep your creditors satisfied and you sleeping easy at night.
In a worst case scenario, our Victoria based bankruptcy trustees can help you take that step into bankruptcy if that is the best option for you!
Drop by our Victoria location for your free consultation and see what options are best suited to your current financial situation!
Consumer bankruptcy is a legislative procedure under Bankruptcy and Insolvency Act ("the BIA")
- complemented by provisions of federal and provincial legislation
- that allows an insolvent person, who cannot pay his debts and liabilities, and who assigns himself or petitioned by the creditors into bankruptcy, to surrender his property to a trustee in bankruptcy for the purpose of distribution among creditors in accordance with legislative priority of distribution scheme; and upon bankrupt’s compliance with bankruptcy procedures
- allows a bankrupt to be discharged (excused) from paying all or part of his debts and liabilities. The legislation may be complemented by regulations and Office of the Superintendent of Bankruptcy directives (OSB Directive(s)) (the latter provide guidelines to the trustees in bankruptcy on various aspects of the BIA).
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