Debt Help in BC
As a firm of Licensed Insolvency Trustees and debt specialists, Smythe Insolvency offers a range of services to help our clients deal with financial burdens and mounting debts.
Resources for Debt Relief in BC
Financial troubles are something that can sneak up on you. What may start as a few purchases on a credit card to help you make it until your next paycheque can quickly snowball out of control.
Couple this with all your other monthly bills, and you can fall behind and feel like you’ll never catch up. If your debt has grown to the point where it is overwhelming, or you can no longer make all your payments, you are not alone.
The good news is there are plenty of resources to help you navigate your way out of this situation, and Smythe Insolvency can help you find these resources. Continue reading to learn more about debt relief resources in Canada, or call one of our offices located across British Columbia.
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Smythe Insolvency Is Here To Help
We want to be there for you in your time of need. Our team can evaluate your current financial situation and determine how best to proceed.
We can direct you to the right resources and services to help you find relief from your debt.
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Debt Consolidation
In most cases, if you owe significant amount of debt, you will owe numerous different creditors. This can make it difficult to organize and stay on top of your payments.
Rather than continue to pay each of your creditors individually, one option is to consolidate your debt with the help of a Licensed Insolvency Trustee.
This process will allow you to combine all your debts, creating one manageable monthly payment that will help you get out of debt.
Our team can help you navigate the debt consolidation process to help you take the first steps toward fully paying off your debt.
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ICBC Debt
If you are a resident of British Columbia, you may find yourself owing money to the Insurance Corporation of British Columbia (ICBC) at some point in your life. This may be due to unpaid fines, denials by your insurance coverage or another situation.
Sometimes, the debts owed to the ICBC can be overwhelming, leaving you struggling to make the payments. Once you incur debt with the ICBC, it can grow rapidly, as additional charges can be added every time you miss a payment or make only a partial payment.
A Licensed Insolvency Trustee can help you find relief from your ICBC debt through a couple of different avenues.
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Small Business Solutions
Businesses can accumulate debt just as easily as individuals. While it’s normal to have some debt as you get your business up and running, things can become overwhelming quickly if your revenue stream isn’t as dependable as you predicted.
Our Licensed Insolvency Trustees offer small business solutions that can help you if you are a self-employed sole proprietor or have a small business with employees.
If your debt has become overwhelming, you can usually choose between filing for bankruptcy or a consumer proposal. We can help you determine which course of action is best for you and your business.
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Insolvency & Credit Counselling Program
As part of the insolvency process, the Office of the Superintendent of Bankruptcy (OSB) has developed an online counselling program for those involved in the bankruptcy or consumer proposal processes.
This resource will help you accumulate the right tools and knowledge needed during the insolvency process and beyond. Your Licensed Insolvency Trustee will help you understand the requirements of this counselling program.
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Other Resources
Our goal at Smythe Insolvency is to provide you with all the tools you need to overcome your financial difficulties. In addition to the services and resources we discussed on this page, you can also find additional help by using the following links:
FAQs
Deciding to finally take action and get help with your debt can be stressful and you probably have a lot of questions. Click below to find all the answers to your questions and more.
More QuestionsFiling for bankruptcy in BC is confidential and private. In most cases, when you file for personal bankruptcy, only your Licensed Insolvency Trustee, the Office of the Superintendent of Bankruptcy (OSB), your creditors and credit reporting agencies will know about the proceedings.
In many cases, you will not have to go to court for bankruptcy proceedings. If you are eligible for an automatic discharge, there is no court hearing necessary. You will be released automatically, and your trustee will send you a copy of your discharge papers. You can qualify for an automatic discharge if you complete all your bankruptcy duties and no one opposes the discharge. On the other hand, if you do not qualify for an automatic discharge, you may have to appear in court with your trustee to review the discharge before it is finalized.
Following notification of your bankruptcy, most credit card companies will cancel your card, so you can no longer use them. This means you will not be able to keep current credit cards after you file and may have to wait several months before you’re eligible for another. However, you can apply for a pre-paid credit card for situations where a credit card is necessary.
There are certain circumstances where you may be able to keep your credit card. There are stipulations and risks that come with keeping your existing credit cards, as you will be signing a new contract with the company. This essentially means you are again personally liable for the debt you accrue. Your insolvency trustee will be able to help you determine if keeping your current cards is a good idea. Usually, it isn’t.
All bankruptcy fees are regulated by the federal government and are consistent from LIT to LIT. The fees do vary depending on each individual’s unique financial situation. You can discuss what the costs of filing for bankruptcy would look like for you with a LIT during your free, initial consultation.