Debt Services Prince Edward Island

Allan Marshall & Associates Prince Edward Island (PEI) Offices

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

Charlottetown

Summerside

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.

Find a Licensed Insolvency Trustee near you:

 

Charlottetown Surrounding Areas	Summerside Surrounding Areas
Cornwall	Kensington
Stratford	Borden-Carleton
Montague	Tignish
Three Rivers	Alberton
Souris	Sherbrook
North Rustico	Mount Carmel
Hunter River	Inverness
West River	Miscouche
Clyde River
Brackley
North Shore

Phones are answered 9am – 9pm Monday thru Saturday to book both in-person and telephone appointments.

How to Get Out of Debt in PEI

Living on the stunningly beautiful Prince Edward Island can feel as luxurious as the red soil beneath your feet. You can wander endlessly on the winding trails, explore the sandy beaches, and marvel at the fertile farmlands, all while enjoying the slow pace of island life.

Even more amazing is that PEI is forecasted to lead the country in economic growth. Why, then, do you feel so broke?

If you are struggling just to keep afloat every month with no end in sight, call Allan Marshall & Associates. We can help. We are a Licensed Insolvency Trustee firm serving Atlantic Canadians since 1979.  We have two main offices in Charlottetown and Summerside to serve you.

Prince Edward Island LITs ~ Mark Marshall  &  Patrick O’Connell

PEI Licensed Insolvency Trustees

It’s tough to know who to trust when it comes to financial matters. Allan Marshall & Associates has been helping people just like you for over 40 years. We are regulated by the Federal Government to file for bankruptcy or Consumer Proposals on your behalf.

Filing for Personal Bankruptcy Prince Edward Island

Bankruptcy is a legal process designed to provide relief to honest Canadians who are down on their financial luck.

If you’re no longer able to pay your bills on time and you’re worried about what to do next, speak to a Licensed Insolvency Trustee (LIT) about Bankruptcy. A LIT can review your financial situation and help you determine if filing for Personal Bankruptcy in Prince Edward Island is the best choice.

Who Can File For Personal Bankruptcy in Prince Edward Island?

To file for Personal Bankruptcy in Prince Edward Island, you need to meet the following criteria:

• You’re insolvent (you can’t pay your bills when they’re due).
• You have debts over $1,000.
• The value of your debts is greater than the value of your assets.

What Should You Expect When You File For Personal Bankruptcy in Prince Edward Island

If you decide to file for Bankruptcy in Prince Edward Island, here’s an overview of what you can expect.

1. Find a Licenced Insolvency Trustee. A LIT is the only professional in Canada who can administer a Bankruptcy proceeding. Your LIT will complete all of the necessary forms. Once these forms are filed with the Office of the Superintendent of Bankruptcy, you’re declared bankrupt.
2. Sale of Assets. Your LIT is responsible for selling your non-exempt assets to try to raise money to repay your creditors. Some items are exempt at the federal and provincial levels. Some examples of assets that are exempt in Prince Edward Island include food, clothing, medical aids, and work tools (Tools of trade)  up to $2,000.
3. Attend financial counselling. You have to attend two financial counselling sessions as part of your Bankruptcy. The purpose is to help you understand what caused your Bankruptcy and how to manage your finances better in the future. 
4. Make surplus income payments. Each year the OSB defines the income needed for a family to maintain a reasonable standard of living. If you earn more than this amount, you may have to make surplus income payments to your creditors.
5. Complete Bankruptcy. If you complete all the terms of your Bankruptcy, you will be released from the debts included.

What Debts Are Included in A Personal Bankruptcy?

Most unsecured debts are included when you file for Personal Bankruptcy, such as: 

• 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

Some unsecured debts are excluded from Bankruptcy such as alimony or child support payments, student loans (if you’ve been out of school for less than seven years), debts from fraud, and court-ordered fines or penalties.

Secured debts including mortgages and car loans also aren’t included in a Personal Bankruptcy.

What Are the Pros and Cons of Filing for Bankruptcy in Prince Edward Island?

For many people, the thought of filing Bankruptcy can be very emotional. Often, feelings of shame, humiliation, and failure are common, but knowing that others go through this and get the help they need, can be reassuring. Filing for Bankruptcy can also provide relief and hope for the future.

As with most financial decisions, there are pros and cons to consider when deciding if Personal Bankruptcy is the right debt solution for you. 

Pros of filing for Bankruptcy in PEI

• Creditor protection: Immediate relief from wage garnishment, collection calls, and creditor lawsuits.
• Debt relief: Released from obligation to repay debts included in Bankruptcy.
• Fresh start: Getting relief from your debt provides a fresh financial start.

Cons of filing for Bankruptcy in PEI

• Credit score: A Personal Bankruptcy can stay on your credit record for up to seven years.
• Sale of assets: Your LIT will sell non-exempt assets to raise money to repay your creditors.
• Doesn’t eliminate all debts: Filing for Bankruptcy does not eliminate all debts, including secured debts, alimony, child support, court-imposed fines, and more.

What Are Alternatives to Declaring Bankruptcy?

Depending on where you are on your debt journey, Personal Bankruptcy might not be your only option. You can discuss alternative debt solutions with your LIT, including:

Consumer Proposal

Like Bankruptcy, a Consumer Proposal is a legal debt relief solution that can only be administered by a LIT. In a Proposal, you work with your LIT to develop an offer to pay your creditors a percentage of what you owe, to extend the time you have to pay, or both. Unlike Bankruptcy however, your LIT won’t sell your assets to repay your creditors.

Credit Counselling

The goal of credit counselling is to help you learn more about your finances. In a credit counselling session, you are provided with information to increase your knowledge and teach you new skills like budgeting and credit management.

Why Choose Allan Marshall & Associates?

Our clients are our best promoters. They come into our office, confused and overwhelmed. And they leave knowing not only what they need to do in the short-term, but also how to regain solid financial footing.

Here’s what one of our treasured clients wrote:

What a great group of people! So professional and caring – would highly recommend them to anyone looking for financial help. Thank you so much!

Chelsea L

We love hearing from the people we help. It lets us know that we are fulfilling our mission and making a difference in the lives of our clients. Read our Charlottetown reviews on Google Maps.

Free Consultation: Bankruptcy PEI

Don’t put off this important decision. Relieve yourself from the burden of debt. Reach out to one of our PEI 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.

Learn more:

• • Bankruptcy PEI | Asset Exemptions
  • Consumer Proposal PEI
  • Credit Counselling PEI

Learn more:

• • Bankruptcy PEI | Asset Exemptions
  • Consumer Proposal PEI
  • Credit Counselling PEI