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Dealing with debt in Vancouver? You’re not alone

If you’re struggling with an overwhelming amount of debt, you’re not the only one — countless Canadians are in the same boat. In fact, the average consumer debt load in British Columbia is $23,011¹. Rest assured you have options. While filing for bankruptcy might be the first thought that comes to mind, there may be alternatives available to you that better suit your unique financial situation. Permanently erasing debt from your life is no small feat, which is why it’s vital to take the time to understand all available options so you can make an informed decision.

What comes next?

You’re ready to break free of personal debt once and for all, but where to begin? The first and most important step is to get informed. Start by learning more about all of the debt relief solutions that may be available to you, including bankruptcy, consumer proposal, orderly payment of debts, debt consolidation, informal debt settlement and credit counselling. If you’re feeling overwhelmed, talk to a Licensed Insolvency Trustee. A Licensed Insolvency Trustee will get to know your unique financial situation and identify which solutions you qualify for. Your Licensed Insolvency Trustee will walk you through your options and explain the benefits and challenges of each, so you can determine the best path to take.

Consumer proposals in Vancouver

Generally considered more desirable than bankruptcy, a consumer proposal is a flexible solution that can allow you to keep certain assets and restructure your payments. If you decide a consumer proposal is the best path to take, you will work together with a Licensed Insolvency Trustee to develop a formal offer to your creditors to secure your unsettled debt. This may mean arranging a single monthly payment over a set period of time, or it may involve cashing in RRSPs to fund a proposal or offering a lump sum to be borrowed from family members. The consumer proposal process can range from 3 months to 5 years, depending on your unique financial situation and proposed payment plan.

Did you know?

For the first time ever, consumer proposals are outweighing bankruptcy filings in the Vancouver CMA (Census Metropolitan Area). In 2014, bankruptcies made up 51% of consumer filings in Vancouver and consumer proposals made up 49% of filings. This year (Jan-Jun), consumer proposals are now making up 54% of filings while bankruptcies are at 46%. In June 2015, proposal filings were up a whopping 19% compared to June 2014.²

The bankruptcy process in Vancouver

If, after carefully reviewing your options, you decide filing for bankruptcy is the right choice for you, you will need to work with a Licensed Insolvency Trustee to fill in all the required paperwork. As soon as all paperwork is filed, wage garnishments will stop and your creditors can no longer phone or sue you.

MNP LTD is here to help

If you want to put an end to harassing phone calls from creditors and start taking control of your finances, the Licensed Insolvency Trustees at MNP LTD are here to help. Our goal is to help you get your finances back on track so you can stop worrying and start living. You can count on your local MNP LTD office in Vancouver for:

• More than 50 years of experience offering life-changing debt solutions 
• Free confidential consultations with a Licensed Insolvency Trustee  
• Permanent solutions, including bankruptcy and consumer proposals, as well as alternative options 
• Unbiased, non-judgmental advice and support throughout the entire process

Call today for a FREE confidential consultation

¹ Equifax Canada Q1 2016 National Consumer Credit Trends Report
² “Annual Consumer Insolvency Rates by Province Economic Region 2010-2014”, Innovation, Science and Economic Development Canada