• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer

Phone: (604) 605-3335  Toll Free: (888) 850-6585

 

 

Boale, Wood and Company

Boale, Wood and Company

Licensed Insolvency Trustee

  • Our Company
    • Why Use Us
    • David Wood
  • Solutions
    • Personal Solutions
      • Alternatives to Bankruptcy
      • Consumer Proposal
      • Consumer Proposal vs. Debt Management Program
      • Division 1 Proposal
      • Personal Bankruptcy
      • Proposal Comparison
    • Corporate Solutions
      • Bankruptcy
      • Debt Restructuring
      • Informal Workouts
      • Creditor Proposal
      • Receiverships
      • Liquidator Strata Wind Ups
      • Court Appointed Administrators
  • Resources
    • Forms
    • Newsletter
      • Newsletter Archive
    • Social Media
    • Media
    • FAQ
    • Articles
    • CAIRP
    • Privacy Policy
  • Blog
  • Ask a Trustee
    • Submit your Question
  • Contact Us
    • Free Initial Consultation
    • Vancouver Office
    • Surrey Office
    • Yukon Territory

Personal Bankruptcy

Under the Bankruptcy and Insolvency Act, a reasonable and honest individual is given the chance to be released of his/her debts by declaring bankruptcy.

At the end of nine months, if you perform certain duties required of you by law, your debts will be discharged or wiped out subject to certain exceptions.  It is intended to allow you to make a fresh start.

The bankruptcy gives you protection against phone calls from your creditors; wages will no longer be garnisheed; and your utilities will not be cut off.

Generally, you are allowed to keep basic furniture and your personal effects when you go bankrupt, and under certain circumstances you may even be allowed to keep your car; your house/trailer, RRSPs and life insurance policy.

Some debts such as student loans, court fines and any debts incurred as a result of fraud will not be discharged.

It should be noted that only a Licensed Insolvency Trustee can assist you with anyone of these options.  LITs are licensed by the federal government, through the Office of the Superintendent of Bankruptcy and are the only ones who can file a consumer proposal or a bankruptcy.  No one else can, despite their claims of being able to do so.  For more information on this you can visit the website of the OSB.

Primary Sidebar

Call Us Now

Phone: (604) 605-3335
Toll Free: (888) 850-6585
or use the Contact Form

We have offices located in Vancouver and Surrey.  We also provide services to residents and businesses in the Yukon Territory.

 

Looking for Forms?

We have a number of forms available for download here.

Footer

  • Email
  • Facebook
  • LinkedIn
  • Twitter