5800 - 2nd Street S.W.
Personal Bankruptcy is a legal process which provides an
individual with protection from their creditors and immediate relief from most
legal actions. It is intended to provide the debtor with the ability to start
over by eliminating most, if not all, of his or her debts. It allows the
creditors, through the Trustee, a means of liquidating the debtor's non-exempt
assets for the benefit of the estate. Bankruptcy is not intended to be an easy
way to escape debt obligations, but rather an action taken to relieve a burden
of debt while eliminating the pressure of dealing with each individual
The Bankruptcy and Insolvency Act allows the debtor to
propose an arrangement to his creditors to reduce the amount of debt, extend
the time to pay off the debt, or a combination of both. The actual terms of a
proposal are only limited by the imagination of the person making it. The
terms of the proposal must be completed in five years and must offer the
creditors at least what they would be paid in a bankruptcy. Consumer proposals
are aimed at those who do not have many debts or complicated financial
ORDERLY PAYMENT OF DEBT ?
The O.P.D. program is administered only in B.C.,
Alberta, Saskatchewan, Manitoba, P.E.I., and Nova Scotia. It is a program
where consumers repay all of their debts in full over a period of time.
Monthly payments are based on the debtor's ability to pay. There is a minimum
criteria which must be met by the debtor in order to qualify for this
NON-LEGISLATIVE METHODS ?
Under the Bankruptcy and Insolvency Act the Trustee can
also act as a mediator between the debtor and his creditors and invoke a
private agreement, usually in writing, which settles the debt either by
partial or full payment.
If you are in a debt crisis you are not alone. There are
alternatives and solutions to dealing with overwhelming debt. We have
attempted to provide you with a brief outline of some of your options. We
would be pleased to meet with you to discuss your personal situation more
fully, outline possible specific solutions, and set you back on the road to
success. Call for an appointment.