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== First steps == | == First steps == | ||
If you cannot pay your debts: | If you cannot pay your debts: | ||
# Contact | #<span class="noglossary">Contact</span> your creditors. If necessary, see if you can negotiate a different repayment plan with each of them. For example, they may give you more time. | ||
# If the creditors won’t agree, see if you can get a | #If the creditors won’t agree, see if you can get a ''consolidation loan'' from your bank or credit union to put all the debts together at a lower interest rate than you are now paying. Seek the assistance of a not-for-profit credit counselling agency that can assist you in planning and applying for such a loan. See [[Credit Counselling Society of BC]] in the [[Resource List for Legal Help for British Columbians|Resource List]]. | ||
# If you cannot negotiate a repayment plan or arrange a consolidation loan, you should speak with a credit counsellor about some of the options under the Bankruptcy and Insolvency Act, including | #If you cannot negotiate a repayment plan or arrange a consolidation loan, you should speak with a credit counsellor about some of the options under the ''Bankruptcy and Insolvency Act'', including ''proposals'' and ''bankruptcy''. | ||
== What happens next | == What happens next == | ||
If you pursue a formal | If you pursue a formal proposal or bankruptcy itself, you must have a trustee in bankruptcy to assist you. To locate a trustee, the website of the Superintendent of Bankruptcy has a [http://www.ic.gc.ca/app/osb/tds/search.html?lang=eng lookup registry of all trustees in Canada]. You can also try the Yellow Pages of your phone book under "bankruptcy". Most of your creditors <span class="noglossary">will</span> have to agree to a formal proposal. In a bankruptcy, your assets (except for necessities like clothing, medical aids, work tools, $4,000 worth of furniture and appliances, an inexpensive vehicle, and sometimes your <span class="noglossary">residence</span>) are turned over to your trustee, who <span class="noglossary">will</span> use them to pay off some of your debts. | ||
Once you are "discharged" from bankruptcy (usually after nine months) the bankruptcy debts <span class="noglossary">will</span> be cancelled. There are some debts, such as support payments, court fines and some student loans, that won’t go away after a bankruptcy. It <span class="noglossary">will</span> take some time after the bankruptcy for you to re-establish your credit. | |||
== Where to get help == | == Where to get help == | ||
See the [Resource | See the [[Resource List for Legal Help for British Columbians|Resource List]] for a list of helpful resources. Your best bets are: | ||
* [[Credit Counselling Society of BC | *[[Credit Counselling Society of BC]]. | ||
*[[Access Pro Bono]], [[Lawyer Referral Service]], and [[Private Bar Lawyers|private bar lawyers]]. | |||
*The ''Law Students' Legal Advice Program Manual'' chapter "[http://www.clicklaw.bc.ca/resource/1727 Creditors' Remedies and Debtors' Assistance]," which has useful information on getting out of debt. | |||
* [[Access | *The Clicklaw common question "[http://www.clicklaw.bc.ca/question/commonquestion/1014 I'm thinking about declaring bankruptcy]" for a few more resources on bankruptcy. | ||
* | |||
Before meeting with a lawyer or advocate, complete the form [[Preparing for Your Interview]] included in this Guide. Make sure you bring copies of all documents relating to your case. | |||
{{REVIEWED | reviewer = [[Drew Jackson]], March 2017}} | |||
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