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1 Call (604) 310-0911 to meet with Sands & Associates for a free consultation.
- We’ll assess your financial situation and discuss all the options available to you to resolve your debts. For many people, a Consumer Proposal can be a better option than filing for personal bankruptcy.
- If filing for personal bankruptcy is the right option for you, we’ll review together all key concepts of personal bankruptcy and discuss with you what payment you will be required to make, what duties you must perform, and what the impact of filing for personal bankruptcy will be on rebuilding your credit rating. Our goal is a “no surprises” experience so we will spend the time with you, one-on-one, to make sure you understand the key concepts of filing for personal bankruptcy in BC.
2 Complete a detailed application form and meet with us to sign the legal personal bankruptcy documents.
- Our application form can be completed online or printed and completed in hard copy. Once we receive your completed application form, we will draft up the legal documents required to file for personal bankruptcy in BC. We can normally process your application and create the legal documents in a matter of days – we can work very quickly if you need immediate relief from your creditors.
- During your ‘sign-in’ appointment with us we will walk you through each of the legal documents, ensuring that you understand the legal process of personal bankruptcy in BC and are aware of the key duties that must be performed in order for you to achieve a discharge from your personal bankruptcy and be released from your debts.
3 Report your income and expenses each month and pay the prescribed fees.
- A key duty after filing for personal bankruptcy will be to submit a monthly statement of income and expenses – essentially a budget that will help assist you in developing good financial habits. Many people find the experience of keeping a monthly budget to be very useful.
- You will be required to submit a monthly budget for each month you are in personal bankruptcy, and the completed budget is due by the 10th of the following month (i.e. budget for January will be due by February 10th)
- Your payments in personal bankruptcy are set by Government tariff and will depend on your household size, allowable expenses, and national low-income cut-off guidelines. We will review with you in detail what monthly payment you will be required to make and how it is calculated. For most people, their payments in personal bankruptcy are significantly lower than what they are currently paying to service their debt load.
4 Attend two financial counselling sessions and assist the Trustee in the administration of your estate.
- By law, you will be required to attend two financial counselling sessions with us in order to complete the process. The fees for counselling are included in your monthly payment discussed in step 3. The counselling sessions are normally one-on-one, approximately an hour in length, and are conducted in our offices at a time that is convenient for you.
- The first counselling session is held within 30 days of your bankruptcy, which is a great opportunity to ask any questions and make sure you are in compliance with what is required to achieve your discharge.
5 Complete the personal bankruptcy, achieving a discharge from your debts and a fresh financial start.
- Provided you have completed the above steps, and no one has objected to your discharge, you will be free from your unmanageable debt burden at the completion of your personal bankruptcy in BC.
- Once we have received your final budget and confirmed that all duties have been complied with, we will issue you a certificate of discharge which absolves you from ever having to repay the debts that caused you difficulties.
- You have now achieved a financial fresh start!