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About Bankruptcy Law in Coquitlam, Canada

Bankruptcy is a legal process in Canada designed to help individuals and businesses deal with unmanageable debt. In Coquitlam, the process is governed by federal law, primarily the Bankruptcy and Insolvency Act, but it also interacts with local legal and financial practices. Bankruptcy allows individuals or business owners who cannot meet their debt obligations to get relief from most debts, either through liquidation of assets or the creation of a repayment plan. The process is overseen by a Licensed Insolvency Trustee, who ensures all legal requirements are met and that creditors are treated fairly.

Why You May Need a Lawyer

Although the bankruptcy process in Canada is designed to be accessible, there are many situations where having a lawyer's guidance can be crucial:

  • Your financial situation is complex, with multiple types of debts and assets.
  • You are unsure whether bankruptcy is the right solution, or whether alternatives such as a consumer proposal may be better.
  • You have been threatened with legal action, wage garnishment, or asset seizure.
  • You own significant assets, are self-employed, or have joint debts with someone else.
  • You have filed for bankruptcy before or have been discharged from bankruptcy in the past.
  • You need advice on how bankruptcy will affect your credit rating, employment, or future borrowing ability.
  • There are disagreements with a creditor or your Licensed Insolvency Trustee.

Local Laws Overview

Bankruptcy law in Coquitlam follows the federal Bankruptcy and Insolvency Act, but also involves local courts and procedures.

  • Licensed Insolvency Trustees (LITs) administer all consumer and business bankruptcies. LITs must be licensed by the federal government and are available in the Coquitlam area.
  • If you declare bankruptcy, you surrender certain assets to the LIT, but some assets are exempt under BC law (for example, necessary clothing, RRSPs except recent contributions, and a basic vehicle or household goods up to specific values).
  • The British Columbia Supreme Court may be involved if there is a dispute or your bankruptcy is complex.
  • The process generally lasts 9 to 21 months for first-time bankruptcies but can take longer if conditions are not met or if it is a second bankruptcy.
  • Alimony, child support, and some government fines or debts are not typically discharged in bankruptcy.

Frequently Asked Questions

What is bankruptcy?

Bankruptcy is a legal process that provides relief from most debts for individuals or businesses that are unable to pay what they owe. It involves surrendering some assets to pay creditors and can wipe the financial slate clean, though it has significant consequences for credit and assets.

Do I need a lawyer to file for bankruptcy in Coquitlam?

No, you are not legally required to hire a lawyer to file for bankruptcy. However, a lawyer can provide advice, protect your interests, and help you understand complex situations, especially if you have assets or disputes.

Who oversees bankruptcies in Coquitlam?

Bankruptcies are overseen by Licensed Insolvency Trustees, who are licensed and regulated by the federal government. The process may also involve local courts in certain cases.

Will I lose all my assets if I declare bankruptcy?

No, you are allowed to keep certain exempt property under British Columbia law, such as basic household goods, clothing, some retirement savings, and a modest vehicle. Non-exempt assets must usually be surrendered.

How long does bankruptcy stay on my credit report?

A first bankruptcy will typically remain on your credit report for 6 years after your discharge. A second bankruptcy will remain for up to 14 years.

Are all debts wiped out in bankruptcy?

No, certain debts cannot usually be discharged in bankruptcy, such as alimony, child support, court fines, student loans less than 7 years old, and certain government debts.

How much does bankruptcy cost in Coquitlam?

There are typically administrative fees as well as payments you may need to make from your income if it exceeds government-set thresholds. Most LITs can explain all costs involved during an initial consultation.

What is a consumer proposal, and is it an alternative to bankruptcy?

A consumer proposal is a legal process that allows you to propose a settlement to your creditors to pay back part of what you owe over up to 5 years. It is often considered a less severe alternative to bankruptcy.

Can I keep my car if I file for bankruptcy?

You may be able to keep your car if its value is less than the province's exemption limit, or if you can arrange to pay the difference. Each case is assessed individually by your LIT.

Will everyone know I have declared bankruptcy?

Bankruptcies are a matter of public record, but they are not routinely published. Most people and employers will not know unless you tell them or they check public federal databases.

Additional Resources

For more information or assistance, these resources can be helpful:

  • Office of the Superintendent of Bankruptcy Canada - Provides guidance, forms, and information about bankruptcy and insolvency processes nationwide.
  • Licensed Insolvency Trustees - Many are based in the Greater Vancouver and Coquitlam area and provide free initial consultations.
  • Legal Services Society of British Columbia - Offers free or low-cost legal services and information for eligible residents.
  • People’s Law School - Offers accessible guides to BC bankruptcy law and personal finance issues.
  • Access Pro Bono - Connects residents with free legal help and advice on bankruptcy and related matters.

Next Steps

If you are considering bankruptcy or facing overwhelming debt in Coquitlam, here are some steps you can follow:

  • Contact a Licensed Insolvency Trustee in your area for a confidential assessment of your situation.
  • Consult with a bankruptcy lawyer if you have complicated assets, business interests, or legal questions.
  • Gather all your financial documents, including lists of assets, debts, income, and expenses.
  • Review all alternative debt solutions, such as consumer proposals or debt consolidation, before proceeding with bankruptcy.
  • Be honest and transparent in all your dealings with creditors, trustees, and any legal professionals.
  • Use reputable local and national resources for additional guidance and support.

With proper legal and financial guidance, you can make an informed decision about bankruptcy and work toward a more stable financial future.

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Disclaimer:
The information provided on this page is for general informational purposes only and does not constitute legal advice. While we strive to ensure the accuracy and relevance of the content, legal information may change over time, and interpretations of the law can vary. You should always consult with a qualified legal professional for advice specific to your situation. We disclaim all liability for actions taken or not taken based on the content of this page. If you believe any information is incorrect or outdated, please contact us, and we will review and update it where appropriate.