Allan Marshall & Associates Nova Scotia Offices
Allan Marshall & Associates is where you are.
To book a free consultation in one of our offices, or other service areas, please call to schedule an appointment (888) 371-8900. We Can Help ™
Allan Marshall & Associates, Inc. Licensed Insolvency Trustees Bankruptcy and Consumer Proposal Offices
Find a Licensed Insolvency Trustee near you:
Other Service Areas:
We service the following areas from one of our above offices and can offer initial phone or video consultations for your convenience. Look forward to speaking with you.
| Bridgewater Surrounding Areas | Dartmouth Surrounding Areas | Halifax Surrounding Areas | Truro Surrounding Areas |
 Cookville | Cole Harbour | Bedford | Brookside |
| Mahone Bay | Shearwater | Glen Haven | Stewiacke |
| Lunenburg | Westphal | Hammonds Plains | Shubenacadie |
| Annapolis Royal | Cherry Brook | Timberlea | Kemptown |
| Digby | Eastern Passage | Waverley | Brookfield |
| Berwick | Lawrencetown | Hubbards | New Glasgow |
| Kentville | Herring Cove | Oxford |
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| Wolfville | Peggy’s Cove | Amherst |
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| Windsor | Beechville | Springhill |
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| Lower Sackville | |||
| East Hants | |||
| Enfield |
Phones are answered 9am – 9pm Monday to Saturday to book both in-person or telephone appointments.
| Bridgewater | Halifax |
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80 Logan Road |
362 Lacewood Drive, Unit 207 |
| Truro | Dartmouth |
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28 Esplanade St. |
530 Portland St, Evergreen Place, Suite 208 |
How to Get Out of Debt in Nova Scotia
With over 8,000 miles of coastline in Nova Scotia, you are always close to the ocean, however, for those in debt, you may feel like you can never reach shore.
So what can you do when you’re in debt and can’t see a solution?
Filing For Personal Bankruptcy Nova Scotia
Declaring Bankruptcy is typically the last resort for people who can no longer keep up with their debts. It’s a legal process that releases the debtor from most of their unsecured debts. The purpose of Bankruptcy is not to punish, but to help those down on their luck find a fresh financial start.
If you’re feeling overwhelmed by your debt, you can speak to a Licensed Insolvency Trustee (LIT) to see if filing for Bankruptcy in Nova Scotia is the right option.
Who Can File for Personal Bankruptcy in Nova Scotia?
You can file for Personal Bankruptcy in Nova Scotia if:
- You can’t pay your debts when they’re due
- You have debts over $1,000
- The value of your debts is greater than the value of your assets
How to File for Bankruptcy in Nova Scotia?
In Canada, Bankruptcies are governed by the Bankruptcy and Insolvency Act (BIA). Debt experts, known as Licensed Insolvency Trustees are the only professionals in Canada permitted to administer insolvency proceedings, which include Bankruptcies and Consumer Proposals.
If you’re thinking about filing for Bankruptcy in Nova Scotia, here’s what you can expect.
1. LIT will assess your finances. You and your LIT will discuss if filing for Bankruptcy is the best path forward based on your financial situation.
2. LIT files your paperwork. If you decide Bankruptcy is the right fit, your LIT will file your Bankruptcy documents with the Office of the Superintendent of Bankruptcy (OSB). Once this is complete, you are declared Bankrupt. From this point forward, you stop making bill payments directly to your creditors.
3. LIT sells your assets. To try and raise money for your creditors, your LIT will sell your non-exempt assets. In Nova Scotia, certain items are exempt from sale. Some examples of exempt assets and the maximum amount of exemption include:
- Unsecured furniture and household appliances up to $5,000
- Motor vehicle up to $3,000 or up to $6,500 if you need it for work
- Tools for work up to $7,500
4. Attend two financial counselling sessions. The purpose of attending these sessions is to help you understand what caused your Bankruptcy and to improve your financial management skills.
5. Make surplus income payments. Every year, the OSB sets monthly income standards establishing how much income a family needs to maintain a reasonable standard of living. If your net income exceeds this amount, you may have to make surplus income payments to your creditors.
6. Released from debt. If you complete all of the requirements for Bankruptcy, you will be released from your debts.
What Debts Are Included in Bankruptcy?
Personal Bankruptcy will eliminate most of your unsecured debts, including:
- Credit cards
- Lines of credit
- Installment loans
- Payday loans
- Personal loans
- Student loans (if you’ve been out of school for seven years or more)
- Tax debts
Bankruptcy doesn’t include certain unsecured debts such as child support, alimony, and court fines. Similarly, secured debts, such as your mortgage or car loan are not included.
Pros and Cons of Filing for Bankruptcy in Nova Scotia
A LIT can help you weigh the benefits and challenges associated with filing for Personal Bankruptcy in Nova Scotia, which include:
Pros
- Your LIT will deal with your creditors on your behalf
- Wage garnishment and credit lawsuits will stop immediately
- Some of your assets are exempt from sale
- When you’re discharged, you are released from your debts
- You get a fresh financial start
Cons
- Your LIT will sell your non-exempt assets
- Your credit score will drop
- You might have to make surplus payments
- Some debts are not included
Alternatives to Bankruptcy in Nova Scotia
Bankruptcy is not always the answer for dealing with debt. When you meet with a Licensed Insolvency Trustee in Nova Scotia, you might find that you have other debt-relief options available.
Credit counselling
The purpose of credit counselling is to help you increase your financial knowledge and skills. For instance, you might work with a counsellor to learn how to budget or improve your credit management skills.
Consumer Proposal
A Consumer Proposal is a legal process that can only be administered by a Licensed Insolvency Trustee. You and your LIT create a proposal in which you offer to pay your creditors a percentage of your debt, extend the time you have to pay, or both. A major benefit of a Proposal over Bankruptcy, is you don’t have to sell your assets.
Nova Scotia Licensed Insolvency Trustees
If you are having financial difficulties, call us. There’s an Allan Marshalls & Associates Inc. location near you.
As one of the oldest and largest independent insolvency firms in the Maritimes, Allan Marshall & Associates is proud to offer a wide range of services including bankruptcy and Consumer Proposals on behalf of the residents of Nova Scotia. We have offices conveniently located in Halifax, Dartmouth, Truro, Bridgewater, and the surrounding areas.
At Allan Marshall we both got good vibes, everything was explained in such a manner that we felt we were talking to a friend, which in a state of anxiety was very comforting indeed, and throughout the whole procedure each staff member would answer our call in the same caring manner.
George and Helen
You can meet with a Licensed Insolvency Trustee in person or by phone. In either case, we strive to put you at ease and help you find the right solution for your situation. Allan Marshall & Associates is part of the community where you live. You’re not simply a customer number to us. We will give your situation the complete attention you deserve.
Nova Scotia Licensed Insolvency Trustees – Allan Marshall & Associates, Inc.
Why Choose Allan Marshall & Associates?
We understand that it can be difficult to make a move. It’s perfectly normal to feel overwhelmed when bill collectors are calling or when you simply can’t make ends meet. You may struggle with what to do next and how to resolve the problem. Who can you trust?
We have earned the confidence of hundreds of Nova Scotians– people just like you. The best news is that you don’t have to solve this problem alone. Allan Marshall & Associates will be with you every step of the way.
I walked out with the stress off my shoulders. Thank you AM Halifax.
Dave B.
Free Consultation: Debt Services Nova Scotia
Contact us today to speak to a Licensed Insolvency Trustee. We are here to help.
Reach out to one of our offices to learn more about how we can help or call to schedule an appointment at 1-888-371-8900. We’ll arrange a free consultation so you can get the information you need to make the right choice for you and your loved ones.
