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Edmonton North – Kingsway
How Do You Know If Bankruptcy Makes Sense?
Bankruptcy is a legal process that clears most unsecured debts. It’s intended for people who truly cannot keep up with what they owe.
Maybe you’re making minimum payments on $50,000 in credit card debt and barely covering the interest. Or perhaps you’re juggling a line of credit, personal loans, and payday loans that together total $70,000 or more. Every month feels like survival mode.
If your income isn’t enough to cover your basic living expenses and your debt payments, that’s insolvency.
In Canada, only a Licensed Insolvency Trustee can legally file a Bankruptcy or Consumer Proposal. A Trustee’s job is not to pressure you into Bankruptcy. In fact, many people who meet with a Trustee end up choosing a different solution. That’s why reviewing all of your debt options with a Trustee is a good idea.
The goal is to look at your full financial picture and determine what realistically works.
What Happens When You File for Bankruptcy in North Edmonton?
If Bankruptcy is the right option, your Trustee prepares and files the paperwork with the Office of the Superintendent of Bankruptcy.
Once that’s done:
- Collection calls must stop.
- Wage garnishments end.
- Legal actions tied to unsecured debts are paused.
- You no longer make payments directly to unsecured creditors.
For many people, this is the first real relief they’ve felt in a long time.
Your LIT handles communication with creditors throughout the process. If any non-exempt assets need to be surrendered under Alberta exemption rules, your LIT oversees that as well.
You also have responsibilities. These include:
- Providing full and honest disclosure of your income, debts, and assets.
- Turning over your credit cards.
- Attending two financial counselling sessions.
- Notifying your Trustee if your address changes.
- Informing them of any property transfers in recent years.
The counselling sessions are particularly valuable. They focus on budgeting, credit rebuilding, and preventing future debt cycles.
Because relief only works long term if habits change too.
Who Qualifies for Bankruptcy in North Edmonton?
You must:
- Owe at least $1,000 in unsecured debt, and
- Be unable to meet your financial obligations as they come due.
You don’t have to be unemployed. Many people who file are working.
For example, if you bring home $3,700 per month but your minimum debt payments total $2,900, leaving little for rent, groceries, utilities, insurance, and transportation – the math simply doesn’t work. That’s when professional guidance becomes important.
What Debts Does Bankruptcy Eliminate?
Most unsecured debts are included, such as:
- Credit cards
- Lines of credit
- Personal loans
- Payday loans
- Medical bills
- Installment loans
- Student loans (if you’ve been out of school for at least seven years)
If you’re carrying $65,000 or $90,000 in unsecured debt with no reasonable path to repay it, Bankruptcy can legally discharge those balances once completed.
During your Bankruptcy
You will be informed of your bankruptcy duties by your LIT and it is your responsibility to perform these duties during your bankruptcy period. They include; making accurate payments, keeping your trustee (LIT) informed of any changes to your situation, providing monthly budget information, and attending two counselling sessions.
There may be instances during a bankruptcy where the Official Receiver may send a notice to the bankrupt instructing them to appear before him or her for an examination under oath. This often is a random selection, and if you are selected, your LIT at Allan Marshall & Associates will meet you prior to this examination to review the questions you will likely be asked to help you prepare.
Possible causes of your bankruptcy, property and asset questions, and the nature of your debts are examples of the types of questions often asked.
IF this examination is necessary, your trustee will help go through them with you and assist you during the process.
Another possible meeting during a bankruptcy is a meeting of creditors. They are less frequent and generally only held if you have significant tax debt. After filing for bankruptcy, if a meeting of creditors is called, the bankrupt must attend the meeting.
You would first meet with your LIT who would prepare a report about your assets and liabilities for presentation at the creditors meeting. The creditors may ask questions on specifics of the report and then will vote to either confirm the trustee’s appointment or deny. They may also give directions to the trustee with reference to the administration of the bankruptcy estate.
Again, these meetings are not necessary for every bankruptcy and only held in certain instances.
| Address: Kingsway Business Centre 11810 Kingsway NW, Edmonton, Alberta T5G 0X5 |
| Office Hours By appointment only 1-825-833-7850 |
| Phones are answered 9am-9pm (Monday – Saturday) Phone and virtual appointments are available 9am – 8pm (Monday – Saturday) In-Person appointments are available only by scheduled appt. 9am – 4pm (Monday – Friday) |
| Accessibility: The office location is on the second floor without an elevator, therefore, not wheelchair accessible. For clients with mobility issues, contact us, and alternative arrangements can/will be arranged. |
| Landmarks: We are located by the old Edmonton City Centre Airport and next door to the Ramada Inn. |
How to Get Out of Debt in Edmonton, Alberta
When seeking financial help, there is one thing that nearly everybody has in common: they feel a tremendous sense of relief once they decide to do something. Reaching out is often difficult. That is why we are here to help.
During your free consultation with Allan Marshall & Associates, your Trustee will provide advice and present you with options. You will be encouraged to ask as many questions as you need, to make an informed decision. We realize that every financial situation is different. Whatever the circumstances, you can be assured that you will be treated with dignity and discretion.
Meet Your Local Insolvency Trustee in Edmonton – Glenn Steiner
Meet Glenn, a licensed Insolvency Trustee with over 30 years of dedicated service in the industry. With a deep understanding of the challenges that financial struggles can bring, Glenn has built a reputation for being kind, compassionate and incredibly approachable. He offers not only his professional expertise, but also a wonderful listening ear to each of his clients. Glenn will find tailored solutions for your financial difficulties, and he is committed to going above and beyond to help his clients navigate their way through stressful, financial times.
“I have never been so stressed out and devastated feeling like I was drowning without a life boat. Glenn Steiner was so helpful, no judgment, answered any questions or concerns I had. I now have hope. I would 100% percent recommend him to anyone needing financial help when you feel alone with no path.”
~ Edmonton client review
Why Choose Allan Marshall & Associates?
Service is the key. We have been helping people overcome debt for over 40 years. Everyone you speak with at Allan Marshall & Associates will provide personalized, caring service to help you through tough financial situations. We all have enough stress in our lives without having to worry about finances. From the moment you reach out to us, you are guided through the steps towards becoming debt free.
Start on your journey with Allan Marshall & Associates. The bottom line is, you want to be out of debt. At Allan Marshall, we will discuss all of your options so that you can make an informed decision about your financial future.
Imagine your future without the heavy burden of debt.
You can make it a reality. We can help. When you call our office, you’ll speak to a Licensed Insolvency Trustee or an Estate Manager, not a call centre. We’re serious about serving you.
Call us today toll free at 1-888-371-8900 for your free, no-obligation consultation. Your future is waiting.
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