Bankruptcy Vancouver and Alternatives Information Site

If an individual was in the process of initiating a bankruptcy, and at that time that person believed they had a significant asset held in trust by someone else, would the individual be required to use that asset to pay her creditors? Would she be required to declare the asset on her statement of assets? If the asset existed, or the individual believed the asset existed, would the trustee in bankruptcy look into getting the asset for the individual?

I owe $50,000 in credit card debt and can not meet the minimum payments any more. I know bankruptcy is an option for me. My question is, can I include a leased automobile in a bankruptcy? My payments are too high and it is a lemon.

I live in Portland Oregon. I have significant Canadian debt. I am on contract for a short period of time in Portland. Can I file for bankruptcy in Canada?

I owe approximately $50,000 to 8 credit card companies. I have just got a new job earning approximately $3,000 net after income tax. My wife is pregnant with our 4th child and is due in October. I do not want to file for bankruptcy. Can I do a proposal?

I moved overseas five years ago and have since accumulated debts to a credit card company and to Revenue Canada. I am unable to pay these debts. Can I submit a Consumer Proposal or Declaration of bankruptcy from overseas?

Does This Example Sound Like You?

Tony and Tracy Jones met when they were at school. Upon completion of schooling, they married and both were working full-time. As part of their plans they purchased a home and started a family. The costs of home ownership soon began to demand more money each month then budgeted. Renovations, utilities, mortgage payments, property taxes, etc. all became large expenses. Tracy’s income was reduced during her maternity leave, leaving the family even shorter each month. Their goals were to take care of the family and keep their house. The financial pressure began to affect Tony and Tracy and now they did not know what to do.

What Can You Do?

The financial requirements of home ownership tend to be larger than most expect. When coupling the cost of home ownership with a wedding, a family, an education, a vehicle, and other costs, it can be too large to handle. If you are having trouble making ends meet the likely starting place is to seek financial counselling to review your situation in greater detail. A consumer proposal or a bankruptcy may be required to give you a fresh start financially. To investigate your options, click here for more information.

Does This Example Sound Like You?

Larry White was married for 8 years and had two children. Recently, things did not work out in the marriage and it ended a year and half ago. Larry is now paying $500 per month in child support. The costs of living on his own, the child support, and his debt payments have become too large to handle each month.

What Can You Do?

If you are now in the position where you can not make ends meet due to significant changes in your marital situation, there are a few options to assist with your debt payments and getting a new start. The likely starting place is to seek financial counselling to review your situation in greater detail. A proposal or a bankruptcy may be required to give you a fresh start financially. To investigate your options, click here for more information.