Get Personal Bankruptcy Help at A.C. Waring & Associates in Edmonton

If your personal financial situation is such that you simply do not have the resources to pay your debt and your creditors are unyielding and will not agree to a restructuring of your finances, bankruptcy protection might be your best option.

Bankruptcy Protection in Edmonton: What Next?

The first step is to meet with the Trustee for an assessment and subsequent review of your options. If the assessed options result in a Notice of Intention, a Consumer Proposal, or a filing for Bankruptcy Protection, there will be an immediate stay of creditor actions against you. Creditor calls and collections notices will cease along with debt collection action. Secured creditor rights, however, are not stayed.

Your Post-Bankruptcy Debt Plan

A stay of proceedings allows us to help you create a plan by which you will pay as much debt as you can, either through sale of non-exempt assets for a lump-sum payment or a monthly payment schedule, both of which usually have you repaying far less than what was originally owed. The method we will suggest to you will be determined by your personal circumstances. A.C. Waring & Associates Inc. can help you make a plan to get out of your financial difficulties. Call us now and get started!

  • Monetary cost is usually less than any other option.
  • Proceedings are often completed in nine months.
  • Non-exempt assets become vested in the Trustee, as the official between the debtor and the creditors.
  • Payments are determined by the standard set out by the Superintendent of Bankruptcy.
  • Provisions can be made to increase retained income for exceptional expenses like child maintenance and court fines.
  • Providing a co-signer is not necessary.
  • It is not necessary to know the exact amount of money owed to the creditors.
  • The stigma of bankruptcy is less in today’s society. The public is more accepting of the reality of the marketplace and of personal circumstances.
  • Bankruptcy stops legal action by unsecured creditors including guarnishees.
  • Bankruptcy halts debt-collecting agents.
  • Bankruptcy ensures essential services—water, gas, etc.
  • Income taxes owing prior to bankruptcy are also caught in bankruptcy.
  • Child maintenance and alimony payments may be credited against some surplus income.
  • Co-signers on loans will be responsible for the loans.
  • Some debts may still be enforceable after bankruptcy.
  • Credit cards must be turned over to the Trustee.
  • Credit rating will already be affected by prior Bureau notifications by creditors due to debtor history of late or non-payment, let alone bankruptcy.
  • Non-exempt assets must be vetted by the Trustee.
  • Self-employed individuals will have to file all income tax and GST returns after bankruptcy or they may not be discharged.