BC Bankruptcy Debt Erased.

Debt Erased in BankruptcyBC Bankruptcy Debt Erased.

BC bankruptcy debt erased is applicable to bankruptcy or entering into a consumer proposal, when you can have most of your BC bankruptcy debt erased.  Almost all debt can be erased by a consumer proposal or going bankrupt except for the following debts that are not able to be erased in a bankruptcy or consumer proposal:

  1. Fines that have been imposed by a Court;
  2. Damages awarded by a court for intentionally inflicting bodily harm or sexual assault.
  3. Money that you owe for things that have been obtained through theft;
  4. Debts that have arisen through misrepresentation;
  5. Payments required for maintenance or alimony payments as required;
  6. If bankrupt prior to or within seven years after the finish of studies student loans can not be erased by bankruptcy. You must wait until you have been out of school for 7 years. Student loans can be included in a consumer proposal prior to the 7 year rule.

To learn more about the bankruptcy laws, and whether the debts that you owe can be erased in a bankruptcy filing or by making a consumer proposal to your creditors please contact one of our insolvency trustees. You can find a trustee in your area of Greater Vancouver here.

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Bankruptcy Essentials Book.

Bankruptcy Essentials.

This book is a “MUST HAVE” for anyone considering bankruptcy or a proposal or considering using a credit counsellor.

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