Bankruptcy Services
in Vancouver
Eliminate almost all of your unsecured debts and get a fresh financial start
Goth and Company helps Vancouver residents eliminate overwhelming debt through government-approved bankruptcy and debt settlement programs across British Columbia. As Licensed Insolvency Trustees, we are the only professionals legally authorized to file bankruptcy and consumer proposals in Canada.
Trusted Bankruptcy Services in Vancouver
When filing for bankruptcy in Vancouver, you need expertise you can rely on. Not all bankruptcy services are equal in BC, and choosing the right Licensed Insolvency Trustee can make all the difference in your debt relief journey.
Goth and Company has been incorporated since 1993 and currently serves Vancouver and communities throughout British Columbia. We take a personal approach to understand your unique financial situation and provide guidance at each stage. We review all of your options and ensure you understand how bankruptcy will impact your life in Vancouver.
Once you decide to regain control of your financial future, you choose the path that makes the most sense for your situation. Goth and Company is one of Vancouver’s most experienced bankruptcy service providers, after helping thousands across British Columbia achieve successful debt elimination.
Filing for Bankruptcy in Alberta
See the bankruptcy process broken down into five simple stages.
Looking for a Bankruptcy Trustee?
Find out why you need a Licensed Insolvency Truste instead.
The Bankruptcy & Insolvency Act
Everything you need to know about Canada’s insolvency legislation.
Alberta Bankruptcy Exemptions
Find our what assets are considered exempt from bankruptcy proceedings.
Who Should Consider Professional Debt Relief?
Bankruptcy serves as a last resort for individuals and families who are in a position where they cannot afford to deal with their debt in any other fashion. Here are the top signs you should be discussing your finances with a Licensed Insolvency Trustee:
- Avoid answering the phone afraid of harassing creditors
- Paying minimum payments on credit cards
- Owe CRA back taxes for multiple years
- Wages garnished for unpaid bills
- Turned down multiple times for extended credit
- Use one credit card to pay another
- Repeatedly use cash advance or payday loans
- Skip payments or are behind on accounts
Vancouver personal bankruptcy eliminates most types of unsecured debt. Once you file bankruptcy, creditors must deal directly with your Licensed Insolvency Trustee instead of contacting you directly.
Bankruptcy & Debt Relief Services
Multiple bankruptcy alternatives are available in Vancouver and throughout British Columbia. Bankruptcy is typically considered as a last resort for individuals and families who cannot afford to deal with their debt in any other way. Goth and Company, as Licensed Insolvency Trustees, delivers immediate creditor protection through the federally regulated bankruptcy process.
Personal Bankruptcy
This legal process eliminates most unsecured debts. Bankruptcy is designed to relieve honest but unfortunate debtors of their debts. Filing for bankruptcy can only be done by a Licensed Insolvency Trustee and must follow procedures outlined in the Bankruptcy & Insolvency Act of Canada.
Consumer Proposals
A bankruptcy alternative that enables you to keep all your assets while paying only a portion of what you owe. This binding agreement can reduce your debts by up to 70% over a maximum 5-year term. Consumer proposals we file achieve acceptance at a rate of 99% or better. Goth and Company has this exceptional success rate because our Licensed Insolvency Trustees understand exactly what creditors expect and create realistic debt solutions.
Debt Consolidation
Consolidate multiple debts into a single manageable payment. We’ll help you explore all consolidation options in Vancouver before considering bankruptcy as your debt relief solution.
Your Journey to Financial Freedom
Bankruptcy processes may appear complex initially, but they become much clearer once you understand what happens at each stage.
1. Free Bankruptcy Assessment
Our team reviews your debts, income, and assets during a confidential meeting. Our Licensed Insolvency Trustee explains all your options and helps determine if bankruptcy makes sense for your situation.
2. File Your Bankruptcy Documents
If bankruptcy proves your optimal choice, we handle all the paperwork and file with the federal government. Creditor protection starts immediately – no more collection calls or legal action.
3. Complete Your Bankruptcy Requirements
Monthly reporting fulfillment, attending counselling sessions, and making any required payments becomes your responsibility. We guide you through every requirement to ensure you complete bankruptcy successfully and receive your discharge.
Debt Elimination Through Legal Proceedings
Debts Closed or Cancelled by Bankruptcy:
- Credit Card Debt
- Income Tax Debt (CRA debts included)
- Bank Loans (Personal and unsecured loans)
- Payday Loans
- Student Loans (If 7+ years since completion)
- Lines of Credit
- Phone Bills
- Utility Bills
- Personal Loans
Get Your Free Consultation Today
Goth and Company has been incorporated since 1993 and provides personalized bankruptcy services in Vancouver that combine decades of expertise with compassionate guidance through even the most complex financial situations.
Take control of your financial future today. Our Licensed Insolvency Trustees help you understand your options and find the best path forward. Free bankruptcy consultations from Goth and Company ensure every Vancouver resident understands their debt relief options without pressure or cost.
Find out if declaring bankruptcy is right for you!
Free Professional Advice
Goth & Company are here to help. No cost. No obligation.
Client Reviews
See what our clients have to say about their experience with Goth and Company.
Recent Posts About Bankruptcy
We publish content based on questions and feedback from our clients and visitors.
Will This Clear My Credit Report?
A Consumer Proposal or Personal Bankruptcy Will Clear Up My Credit Report Myth or Fact? Several times a week I get calls from individuals (debtors) who believe that if they go through a consumer proposal or personal bankruptcy their debts will be removed from their...
How Much Will I Have To Pay If I Go Bankrupt?
How Much Will I Have To Pay If I Go Bankrupt? First We Evaluate Your Options With You When you meet with a Licensed Insolvency Trustee (LIT) to review your situation and your options, the bankruptcy process results in the least amount you pay and is usually the...
Do I Have To Disclose All Of My Debts?
Do I Have To Disclose All Debts In A Consumer Proposal Or Bankruptcy? Why It Matters When a consumer proposal or bankruptcy starts there is immediate protection from the collection action of all unsecured creditors against the debtor. To get this protection, certain...
Bankruptcy Is Not Just “Bankruptcy”
Bankruptcy Is Not Just "Bankruptcy" What is it Then? Bankruptcy is commonly used to describe one of the government law processes available in federal legislation known as the Bankruptcy and Insolvency Act (BIA). The BIA regulates the options available to deal with...
Frequently Asked Questions
Below are commonly asked questions about bankruptcy in Vancouver and BC.
What Exactly Is Bankruptcy and How Does It Work?
Bankruptcy is a legal process, provided and regulated by the federal government, to help citizens and permanent residents overcome unmanageable debt and have a fresh start. Through bankruptcy you can be discharged from your unsecured debts, meaning that your debts are eliminated and can no longer be enforced by your creditors. This process functions by filing official documents with the federal government, which immediately stops all creditor collection activities through a “stay of proceedings.” Key mechanisms involve surrendering non-exempt assets to your trustee, monthly reporting requirements, mandatory counselling sessions, and potential surplus income payments based on government guidelines. Typical timelines include 9 months for first-time filers or 21 months if surplus income payments are required. For second bankruptcies, the timeline extends to 24 or 36 months respectively.Who Qualifies for Bankruptcy in Vancouver?
For Vancouver and BC residents, eligibility requires meeting specific federal requirements. You qualify for bankruptcy when you owe at least $1,000 in unsecured debt, cannot make your regular payments as they become due, or cannot pay all of your debts if all your property was sold. An important limitation involves that you cannot file bankruptcy independently – federal law requires working with a Licensed Insolvency Trustee who handles the process. You must also be a Canadian citizen or resident, or do business in Canada, or own property in Canada.What Happens to Your Assets During Bankruptcy?
BC’s Court Order Enforcement Act determines which assets are exempt from seizure during bankruptcy proceedings. The protected assets include:- Home equity up to $12,000 (if you co-own a home this amount differs based on your ownership percentage)
- Vehicle equity up to $5,000
- Household furnishings and appliances up to $4,000
- Work tools required to earn income up to $10,000
- All necessary clothing for you and your dependents
- All medical and dental aids
- All RRSPs and RESPs
- Enough food to support you and your dependents for up to 12 months
How Much Does Bankruptcy Cost in Vancouver?
Bankruptcy filing involves costs that are regulated by the Office of the Superintendent of Bankruptcy. The cost depends on your income, family size, and assets you own. Federal regulations set the costs with no hidden fees. First-time bankruptcy without surplus income can expect automatic discharge after 9 months. If you have surplus income (calculated based on government guidelines), the timeline extends to 21 months. Surplus income calculations consider your monthly income, number of people in your household, income of others in the household, and certain necessary expenses like medical costs. First vs. Second Bankruptcy Timeline:- First bankruptcy: 9 months (no surplus) or 21 months (with surplus)
- Second bankruptcy: 24 months (no surplus) or 36 months (with surplus)
How to File for Bankruptcy in Vancouver
Vancouver bankruptcy filing requires working with a Licensed Insolvency Trustee. Only Licensed Insolvency Trustees can file and administer a bankruptcy in Canada. This process starts with a free consultation where we assess your financial situation and explain all available options. The Bankruptcy Process Timeline:- Initial meeting: Free consultation to review your situation and all options
- Document preparation: Gather required information and prepare bankruptcy forms
- Filing: Submit bankruptcy documents electronically to the government
- Stay of proceedings: Immediate creditor protection takes effect
- Ongoing requirements: Monthly financial reporting, two mandatory counselling sessions, surplus income payments (if your income exceeds government thresholds), and surrender of any non-exempt assets to your trustee
- Discharge: Receive Certificate of Discharge and debt freedom
What Are the Alternatives to Bankruptcy in Vancouver?
Goth and Company believes it’s important for everyone to understand that there are more options than just bankruptcy. To help ensure everyone is aware of what options exist, we provide a free initial consultation meeting with a Licensed Insolvency Trustee. Available alternatives are:- Various debt consolidation loans throughout BC
- Debt management plans
- The Orderly Payment of Debts program
- Filing a consumer proposal in BC
- Declaring bankruptcy
How Does Bankruptcy Affect Your Credit Score?
Bankruptcy filings are reported to the Credit Bureau resulting in an R9 rating on your credit report. An R9 rating means the debt has been sent to a collection agency or is included in a bankruptcy filing. The bankruptcy notation stays on your credit history for 6-7 years for a first bankruptcy, or up to 14 years for subsequent bankruptcies.
Although credit impact proves significant, many people find their credit scores had already dropped considerably due to missed payments and high debt levels before filing bankruptcy. You can begin rebuilding your credit immediately after discharge through secured credit cards and consistent payment habits.
What Are the Risks and Limitations of Bankruptcy?
Not all debt types can be eliminated through bankruptcy. The exceptions include:- Secured creditors (mortgage or car loan)
- Court fines and penalties (including traffic violations)
- Debts obtained by fraud or misrepresentation
- Civil lawsuits involving intentional bodily harm, sexual assault or wrongful death
- Student loans, if you have taken any classes in the 7 years prior to filing