How long does a bankruptcy last?

The length of the bankruptcy depends on a few factors – whether you have ‘surplus income’ (see below) and whether you have been bankrupt before. If you have no surplus income and have never been bankrupt before, you will be eligible for an automatic discharge after nine months.

How long does the Consumer Proposal last?

A Consumer Proposal must be completed within 5 years. Usually the payments are monthly (over 60 months), but a Consumer Proposal can also include a lump sum payment, or a combination of the two. If your finances allow, you can pay it off sooner than the agreed-upon payment schedule lays out.

What is a bankruptcy?

A bankruptcy is a legal process to discharge your debts. It is a declaration that your debts are too high for you to repay – and far better than the old concept of a ‘debtor’s prison’! It allows for a fresh start, while giving your creditors some return on what’s owed only if you have a level of income that allows for payments to be made to them, or unprotected assets that can be liquidated (however, most common assets are protected during this process – see below for more information on protected personal assets).

What is a Consumer Proposal?

A Consumer Proposal is an offer to your creditors to pay back a percentage of what you owe them, based on your ability to pay. It is governed by the Bankruptcy and Insolvency Act, administered by a Licensed Insolvency Trustee. Unlike other negotiated debt settlement plans, it is legally binding on all creditors and usually involves paying back less than the total amount of your debt.

What is a Licensed Insolvency Trustee (LIT)?

Licensed Insolvency Trustees (LITs) are federally regulated professionals who provide advice and services to individuals and businesses to reorganize and resolve financial difficulties with expertise and compassion. LITs help individuals or businesses make informed choices to deal with their financial difficulties. They are the only professionals able to administer bankruptcies or proposals.

Discover Why Clients Choose Campbell Saunders for Debt Relief Solutions

For four decades, Campbell Saunders has been the go-to choice for individuals and businesses seeking effective debt relief solutions in Vancouver, Richmond, and Surrey, BC. We understand that financial challenges can be overwhelming, and our dedicated team of experts is here to guide you toward a brighter financial future.

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Why Choose Campbell Saunders?

With 40 years of experience, Campbell Saunders is a leading authority in the field of insolvency and debt relief. Our team consists of licensed insolvency trustees who are not only highly knowledgeable but also deeply committed to helping you regain financial stability.

At Campbell Saunders, we prioritize your financial well-being above all else. We have helped countless clients overcome their debt challenges through personal and corporate bankruptcy, consumer proposals, informal proposals, receivership, and business reviews. Your success is our success.

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