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Review Your Financial Situation

If you’re unable to make more than minimum monthly payments on your debts, rely on credit to meet your monthly expenses, or are being harassed by creditors, please know that there are options available to you. You can move forward without debt.

A Licensed Insolvency Trustee will work with you to evaluate your current financial standing. Many people feel anxious about contacting an advisor about their debts. At Sands & Associates, we are here to help you manage your situation – judgement free. We’ll start our conversation by asking you about your financial goals. For most people we work with, their goal is to become debt-free.

A Licensed Insolvency Trustee is your best ally and the only professional who is qualified to advise you on all of your options to achieve a financial fresh start. The first step is to meet with us to assess your situation – no jargon or confusion – just clear, practical advice.


assess-iconDebt Assessment Tool

Fill in the amounts below to calculate your debt ratio using our Debt Assessment Tool.

Monthly Debt Payments

  1. Enter how much you currently pay towards credit card debt per month.
  2. Enter how much you currently pay towards student loan debt per month.
  3. Enter how much you currently pay towards your vehicle lease or loan per month.
  4. Enter how much you currently pay for rent per month.
  5. Enter how much you currently pay for spousal or child support per month.
  6. Enter how much you currently pay for out-of-pocket medical costs per month.
  7. Monthly Income

  8. Enter your monthly net (after tax) income.
  9. Enter any other monthly income you receive (ie Child Tax Benefits, Child or Spousal support).

Your debt ratio:


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Are creditors harassing you? Are the endless phone calls and collection letters causing you stress? Are you living on your credit cards? Are you unable to maintain your minimum payments? Are you being pursued for government debt? If you answered "yes" to any of these questions, you are not alone. In the twelve-month period ending July 2016, more than 66,000 Canadians were in the same financial position and found relief by seeing a Licensed Insolvency Trustee and filing personal bankruptcy. Another 57,000 Canadians settled their debt management problems by filing a consumer proposal.

If you are not a resident of British Columbia, more information is available about bankruptcy in Canada.

No matter what the cause of your financial difficulties, the Bankruptcy and Insolvency Act does not restrict a person from filing personal bankruptcy or making a consumer proposal. For example, you could be in financial trouble due to the loss of employment, a divorce, a leaky condo, medical problems, gambling, substance abuse, or poor money management. Regardless of the reason, filing personal bankruptcy or making a consumer proposal to your creditors is based upon your unique individual circumstances and is ultimately your personal decision. In BC, both of these remedies can only be filed by utilizing the services of Licensed Insolvency Trustees. At Sands & Associates, our Licensed Insolvency Trustees understand that most people file into bankruptcy or make a consumer proposal to creditors because of unfortunate circumstances, and we will guide you through this difficult time. 

Personal bankruptcy or a consumer proposal to creditors can provide shelter from the financial storm. Each will stop virtually all legal proceedings, garnishees, and phone calls from your creditors. These legal remedies provide a fresh start by pardoning your debts including credit card debts, lines of credit, legal bills, utility bills, medical bills, automobile insurance, judgments, government debts, etc. A Licensed Insolvency Trustee can help you understand the relative merits of each of these debt management options within BC. 

At Sands & Associates, we make filing personal bankruptcy or making a consumer proposal to creditors simple. We will arrange for a free initial consultation with one of our knowledgeable staff to discuss your financial status, and help you to determine whether bankruptcy or a proposal to creditors is the right choice for you.

Should you choose to file personal bankruptcy or make a consumer proposal to your creditors, we will process the necessary paperwork, arrange for possible meetings with creditors, provide two credit counselling sessions at our convenient offices located in Vancouver, Burnaby, New Westminster, Richmond, Surrey, Langley, Coquitlam, Maple Ridge, White Rock, Abbotsford, Chilliwack, Victoria, Nanaimo, Kamloops and Kelowna. 

After you have filed personal bankruptcy or a consumer proposal, you are required to perform your duties as outlined in the Bankruptcy and Insolvency Act. Some of the duties in a personal bankruptcy include keeping the Licensed Insolvency Trustee informed of your current address, declaring your monthly income and expenses for a minimum of nine months, attending two credit counselling sessions, and paying the Licensed Insolvency Trustee an amount that is dependent upon your income and the assets that you own. 

If this is your first personal bankruptcy, the earliest that you will be eligible for your discharge is nine months after your date of filing. A discharge from bankruptcy means that your debts will be eliminated and your creditors can no longer pursue you for the outstanding amount owed. It provides peace of mind and a chance for a fresh financial start. 

If you choose to make a consumer proposal to your creditors and if the creditors and the court accept it, the contract is binding between you and the creditors. A certificate of completion, which discharges your indebtedness, will be given as long as you meet the terms of the contract and remit the appropriate funds or assets to the Licensed Insolvency Trustee.