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When might bankruptcy be necessary for me?
If you are unable to pay your monthly bills, and are falling deeper and deeper into debt, bankruptcy may be the best option for you. Be sure to explore other bankruptcy alternatives as well, as bankruptcy is normally considered the last resort.
How does bankruptcy in Victoria work?
If you file for bankruptcy in Victoria, British Columbia, you will need to surrender most of your assets over to a licensed bankruptcy trustee in exchange for the elimination of your debts. Some property may be exempt from liquidation, so you should consult your trustee for a list of exemptions in Victoria.
How much does it cost to go bankrupt?
The cost of bankruptcy will be calculated according to your family size, your assets, and your monthly income. Your bankruptcy trustee can help you work out the numbers.
Can I file for bankruptcy without a trustee?
Although it is possible to file for bankruptcy without a trustee, it is not wise to do so. The bankruptcy process can be very confusing, and a bankruptcy trustee can ensure that you fulfill each step correctly. They can also advise you on the various options available to you.
For further information on bankruptcy in Victoria, British Columbia, contact us today. Our bankruptcy trustees offer initial consultations free of charge.
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