Bankruptcy Newfoundland – Understand Your Options
Are you worried about bankruptcy. Newfoundland and Labrador trustees can help. If you are unable to pay your bills, a free assessment of your finances by a bankruptcy trustee is the first step towards getting a fresh start.
In 2013, local trustees in Newfoundland and Labrador helped 1,710 people file for bankruptcies and consumer proposals, but trustees can also offer you so much more.
Contact a trustee by selecting your city below:
- Bay RobertsJanes & Noseworthy(709) 757-0150
- Conception BayJanes & Noseworthy(709) 757-0151
- Corner BrookJanes & Noseworthy(709) 757-6077
- GanderJanes & Noseworthy(709) 757-6076
- Grand Falls - WindsorJanes & Noseworthy(709) 800-8078
- MarystownJanes & Noseworthy(709) 800-8079
- Mount PearlJanes & Noseworthy(709) 757-0151
- St. JohnsJanes & Noseworthy(709) 757-0151
Newfoundland and Labrador Bankruptcy Trustees
You do have options, but the first step is to find a trustee near you. All Personal Bankruptcy Canada Trustee Members are licensed by the federal government and offer a free, non-judgmental consultation.
Your trustee will review your financial situation – what you owe, what you own, and what you earn – and make a recommendation. Trustees are well versed in the laws and and clearly explain the legal options that are available to you.
Should you decide that bankruptcy or a consumer proposal is the best solution, a trustee is the only debt professional in Canada who can facilitate the process on your behalf.
Newfoundland and Labrador Bankruptcy Laws.
No one loses all the own in a Newfoundland and Labrador bankruptcy, but you may have to surrender a portion of your assets in exchange for the forgiveness of your unsecured debt.
Bankruptcy exemptions are established by provincial legislation and do vary from place to place.
When you file for bankruptcy in Newfoundland, you can usually keep the following assets:
- Food and fuel or heating required by you and your dependents over the next 12 months
- Necessary clothing for you and your dependents up to $4000
- Household furnishings and appliances valued up to $4000
- One motor vehicle valued up to $2000
- Items of a sentimental value to you, up to $500
- Medical and dental aids required by you and your dependents
- Equity in your principal residence of $10,000
- Personal property valued up to $10,000 that you use to earn income from your occupation
- Farming, fishing or aquaculture property used to earn income valued up to $10,000
- Your Registered Retirement Savings Plans (RRSPs) or Registered Retirement Income Funds (RRIFs), apart from any contributions made in the 12 months prior to bankruptcy
After a thorough review of your situation, your trustee will determine which assets you’ll keep and which you’ll have to turn over. You can contact a Newfoundland Bankruptcy Trustee by completing the Get Help With My Debt form in the sidebar of this page.
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.
Newfoundland and Labrador Help & Resources
Newfoundland and Labrador offers a variety of resources for those having financial difficulty.
If you know of any free or affordable Newfoundland and Labrador services, please send them to us for review at firstname.lastname@example.org.
Community Sector Council NL
The Community Sector Council of Newfoundland and Labrador is an independent organization promoting social and economic well-being.
Newfoundland & Labrador Department of Health & Human Services
The Mental Health and Addictions Division is responsible for providing leadership in the planning, development, implementation and evaluation of provincial policies and programs related to mental health and addictions in Newfoundland and Labrador. The division works in partnership with the four regional health authorities (RHAs), various community groups, the provincial Mental Health and Addictions Advisory Council as well as other stakeholders in Newfoundland and Labrador.
Newfoundland & Labrador Housing & Homelessness Network
The Newfoundland and Labrador Housing and Homelessness Network (NLHHN) is a group of community-based service providers, municipal, provincial and federal departments and agencies, and representatives of persons at risk of homelessness, who are committed to working collaboratively on issues related to homelessness and housing.
Newfoundland & Labrador Food Bank
Our immediate goal is to feed hungry people. Our ultimate goal is to ensure that, by easing the struggles of the poorest in the province, no one goes hungry.
Schedule a free consultation with a trustee today to explore which debt relief option is best for your situation.