{"id":10543,"date":"2021-11-05T15:32:19","date_gmt":"2021-11-05T22:32:19","guid":{"rendered":"https:\/\/www.sands-trustee.com\/?p=10543"},"modified":"2025-11-01T13:31:54","modified_gmt":"2025-11-01T20:31:54","slug":"10-facts-you-should-know-about-personal-bankruptcy","status":"publish","type":"post","link":"https:\/\/www.sands-trustee.com\/blog\/10-facts-you-should-know-about-personal-bankruptcy\/","title":{"rendered":"10 Facts You Should Know About Personal Bankruptcy"},"content":{"rendered":"\r\n

From qualifying to costs, the process of legal debt solutions such as personal bankruptcy are often unknown to or misunderstood by consumers, usually to the detriment of those dealing with a debt problem and trying to find a way out of debt.<\/p>\r\n\r\n\r\n\r\n

Every year thousands of people across BC work with a Licensed Insolvency Trustee to get formal debt forgiveness through filing Consumer Proposals<\/a> or declaring personal bankruptcy. If you have concerns about managing your debt payments or your debts are becoming a challenge, here are some key facts you should know about personal bankruptcy in BC. As we often say at Sands & Associates, \u201cKnowing is not owing!\u201d<\/p>\r\n\r\n\r\n\r\n

Bankruptcy Eligibility and Assistance in Canada<\/strong><\/h2>\r\n\r\n\r\n\r\n

Most bankruptcies are considered voluntary, meaning the person filing seeks out relief and debt forgiveness through bankruptcy. Unfortunately many people face unnecessary delays getting debt help, prolonging their financial stress and difficulties because they are unsure as to whether they qualify for bankruptcy assistance. In reality bankruptcy is an accessible legal remedy should you find yourself in a position where you are unable to repay your debts.<\/p>\r\n\r\n\r\n\r\n

The first step in getting debt relief through Consumer Proposal debt consolidation or personal bankruptcy is to <\/em>connect with a Licensed Insolvency Trustee for a free confidential debt consultation<\/em><\/a>. <\/em><\/p>\r\n\r\n\r\n\n

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\n GET A FINANCIAL<\/span>\n FRESH START <\/h2>\n

Book your free consultation with one of our experts and start living a debt-free life.<\/p>\n \n BOOK YOUR FREE CONSULTATION <\/a>\n <\/div>\n <\/div>\n<\/div>\n\r\n\r\n\r\n

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    $1,000 is the Minimum Amount of Debt Needed to Declare Bankruptcy<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

    In Canada bankruptcy eligibility is very simple: You must owe $1,000 or more and be \u201cinsolvent\u201d, meaning you are not able to repay all your debts.<\/p>\r\n\r\n\r\n\r\n

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    • A $1,000 qualifier leaves a low barrier for consumers who need to access legal debt solutions, although it is uncommon for someone owing less than $5,000 to declare bankruptcy.<\/li>\r\n\r\n\r\n\r\n
    • Each person\u2019s situation is unique, a $5,000 debt load can be just as unmanageable as a $75,000 one.<\/li>\r\n<\/ul>\r\n\r\n\r\n\r\n

      There is no need for you to be facing a stressful situation such as creditor harassment or even having a low credit score to file bankruptcy. Research has shown that most people who file bankruptcy have never actually missed a payment, and as many as 70% have a strong credit score.<\/p>\r\n\r\n\r\n\r\n

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        You Don\u2019t Need Permission from Your Creditors to File for Bankruptcy<\/strong><\/h3>\r\n<\/li>\r\n<\/ol>\r\n\r\n\r\n\r\n

        Your creditors cannot stop you from seeking the protection and financial fresh start of personal bankruptcy. Not only do you not need to obtain permission from your creditors to start bankruptcy, but there is also no need to make a court application as part of the personal bankruptcy process.<\/p>\r\n\r\n\r\n\n

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