Best Bankruptcy Lawyers in Surrey

About Bankruptcy Law in Surrey, Canada:

Bankruptcy in Surrey, Canada, is governed by the Bankruptcy and Insolvency Act, which outlines the legal process for individuals or businesses who are unable to repay their debts. Bankruptcy provides a way for individuals or businesses to have their debts discharged and make a fresh financial start.

Why You May Need a Lawyer:

Individuals may require a lawyer in cases where they are considering filing for bankruptcy, facing legal action from creditors, or need assistance navigating complex bankruptcy laws. A lawyer can provide guidance on the best course of action and ensure that all legal requirements are met.

Local Laws Overview:

In Surrey, Canada, individuals filing for bankruptcy must follow the guidelines set out in the Bankruptcy and Insolvency Act. This includes completing credit counselling, submitting financial disclosure documents, and attending meetings with creditors. It's important to be aware of the local laws and regulations to ensure a successful bankruptcy process.

Frequently Asked Questions:

1. Can I file for bankruptcy on my own?

Yes, individuals can file for bankruptcy without a lawyer, but it is recommended to seek legal advice to ensure all legal requirements are met.

2. Will all my debts be discharged in bankruptcy?

Not all debts may be discharged in bankruptcy, such as child support payments, court fines, and certain types of taxes.

3. How long does bankruptcy last?

Bankruptcy typically lasts for nine months for first-time bankruptcies, but this can vary depending on individual circumstances.

4. Will I lose all my assets in bankruptcy?

Some assets may be exempt from bankruptcy, such as necessary household items and tools of the trade. It is important to consult with a lawyer to determine which assets may be affected.

5. What are the alternatives to bankruptcy?

Alternatives to bankruptcy may include debt consolidation, consumer proposals, or negotiating with creditors. A lawyer can help explore these options.

6. Can bankruptcy stop creditor harassment?

Yes, once a bankruptcy is filed, an automatic stay is put in place, which stops creditors from taking collection actions against the individual.

7. Will bankruptcy affect my credit score?

Bankruptcy will have a negative impact on your credit score, but it is possible to rebuild credit over time.

8. Can I keep my car in bankruptcy?

Individuals may be able to keep their car in bankruptcy, depending on its value and whether any loans are outstanding on the vehicle.

9. What are the consequences of not filing for bankruptcy properly?

Failing to comply with bankruptcy laws could result in your discharge being denied or prolonged, and could have legal consequences.

10. How much does it cost to file for bankruptcy?

The cost of filing for bankruptcy includes court fees and administrative costs, which can vary. It is important to budget for these expenses when considering bankruptcy.

Additional Resources:

For more information on bankruptcy in Surrey, Canada, individuals can contact the Office of the Superintendent of Bankruptcy Canada or consult with a local bankruptcy lawyer for personalized advice.

Next Steps:

If you are considering bankruptcy or need legal advice, it is important to consult with a bankruptcy lawyer in Surrey, Canada. A lawyer can guide you through the process, ensure your rights are protected, and help you make informed decisions about your financial future.