Bankruptcy British Columbia

Bankruptcy British Columbia – Know your Rights

If you are considering bankruptcy, British Columbia trustees can help.  Your first step is to find a local trustee who you will be comfortable discussing your finances with.

Personal Bankruptcy Canada Member Trustees are licensed by the government and carefully selected to assist people just like you with their bankruptcy applications and consumer proposals.  The initial consultation is free.

If you are ready to take charge of your finances, select your area from the list below.

British Columbia Bankruptcy

Canada law requires all bankruptcy petitions to be filed by approved trustees. Trustees can review your finances and discuss the different debt relief options that might be available to you, including bankruptcy.

British Columbia Bankruptcy Trustees

If you are considering bankruptcy, your first step is to find a local trustee who you will be comfortable discussing your finances with.  British Columbia Bankruptcy Trustees  PBC Members  are licensed by the government and carefully selected to assist people just like you with their bankruptcy applications and consumer proposals.  The initial consultation is free. During this session, the trustee will review your finances, answer your questions, and present your options. It is a choice you make together.

British Columbia Bankruptcy Laws

Bankruptcy exemptions differ from province to province.  British Columbia has specific exemptions for its citizens which makes filing for bankruptcy in British Columbia different than filing elsewhere in Canada.

Although you do not lose all that you own in a British Columbia bankruptcy, you may have to surrender some of your assets to the bankruptcy estate in exchange for the elimination of your unsecured debt.  To learn which assets you will be able to keep and which you will surrender, contact a British Columbia Bankruptcy Trustee by completing the Get Help With My Debt form in the sidebar of this page.

Necessary clothing for you and your dependents;

Household furnishings and appliances valued up to $4000;

One motor vehicle valued up to $5000, but if you are a maintenance debtor, $2000;

Medical and dental aids required by you and your dependents;

Equity in your principal residence of $12,000 if it is located within the boundaries of the Capital Regional District or the Greater Vancouver Regional District. $9,000 if the principal residence is located outside the boundaries of the Capital Regional District or the Greater Vancouver Regional District;

Personal property valued up to $10,000 that you use to earn income from your occupation;

Your Registered Retirement Savings Plans (RRSPs) or Registered Retirement Income Funds (RRIFs), apart from any contributions made in the 12 months prior to bankruptcy.

These exemptions are current to March 2014, but changes do occur.  Please visit a Trustee to learn how bankruptcy will affect your situation, and if any amendments have been made to the federal or provincial bankruptcy legislation. 

British Columbia Bankruptcy FAQs

British Columbia Help & Resources
There are many resources for those facing financial difficulty in British Columbia. We have a partial list of these below.

If you are aware of any free or affordable services for those in British Columbia that are not listed, please send them to us for review at resources@personalbankruptcycanada.ca.

Greater Vancouver Food Bank
The Greater Vancouver Food Bank Society (GVFBS) is a non-profit organization with a mission to empower people to nourish themselves by providing access to healthy food, education and training.

Helping Families in Need
Every item that we collect is given free of charge to those families who can pick up. For those who cannot pick up, we have a nominal fee for delivery to cover fuel costs.

Health Supplements
BCEA recipients who meet the Ministry of Health’s residency requirements are provided with premium free Ministry of Health medical coverage through the Medical Services Plan, and no deductible PharmaCare.

Rental Assistance Program
The Rental Assistance Program provides eligible low-income, working families with cash assistance to help with their monthly rent payments.

Pivot Legal Society
Pivot Legal Society works with the Pivot Foundation and other charitable organizations to support legal education, community empowerment, and other charitable activities.

Quest Outreach Society
Quest is British Columbia’s largest not-for-profit food exchange program. We offer access to affordable and healthy food choices for those facing barriers to this basic necessity.

The Lookout Emergency Aid Society
The Lookout Emergency Aid Society has a long history of providing services to those in need.

The Victoria Cool Aid Society
Quest is British Columbia’s largest not-for-profit food exchange program. We offer access to affordable and healthy food choices for those facing barriers to this basic necessity.

Schedule a free consultation with a trustee today to explore which debt relief option is best for your situation.