Personal Bankruptcy
Thank You for All Your Help

Thank you Mr. Waring and Laverne:

I thank you for all your help in encouraging me through this insolvency. I am finally getting on my feet again.



Get Personal Bankruptcy Help at A.C. Waring & Associates in Edmonton

If your personal financial situation is such that you simply do not have the resources to pay your debt and your creditors are determined to stand their ground and will not negotiate, restructuring your finances through bankruptcy protection might be your best option.

Bankruptcy Protection in Edmonton: What Next?

The first step is to meet with the trustee for an assessment and subsequent review of your options. If the assessed options result in a Notice of Intention, a Consumer Proposal, or a filing for Bankruptcy Protection, there will be an immediate stay of creditor actions against you. Creditor calls and collections notices will cease, as will foreclosures, repossessions, and debt-collection suits.

Your Post-Bankruptcy Debt Plan

This stay allows us to help you create a plan by which you will pay as much debt as you can, either through sale of non-exempt assets for a lump-sum payment or a short-term payment schedule, both of which usually have you repaying far less than what is owed. The method we will take for you will be determined by individual circumstances. A.C. Waring & Associates can help you make a plan to get out of your financial difficulties. Call us now and get started!

Advantages of Personal Bankruptcy

  • Monetary cost is less than any other option.
  • Proceedings are usually completed in nine months.
  • Applicable assets become vested in the Trustee, as the official between the debtor and the creditors.
  • Payments are determined by the standard set out by the Superintendent of Bankruptcy.
  • Provisions can be made to increase retained income for exceptional expenses like child maintenance, etc.
  • Providing a co-signer is not necessary.
  • It is not necessary to know the exact amount of money owed to the creditors.
  • The stigma of bankruptcy is less in today’s society. The public is more accepting of the reality of the marketplace and of personal circumstances.
  • Bankruptcy protects some assets from seizure.
  • Bankruptcy halts debt-collecting agents.
  • Bankruptcy ensures essential services—water, gas, etc.
  • Increased tax assessments on income prior to bankruptcy usually have no effect on eventual discharge or required payments to your bankruptcy.
  • Surplus income may be used to allay child maintenance and alimony arrears.

Disadvantages of Personal Bankruptcy

  • Co-signers on loans will be responsible for the loans.
  • Some debts may withstand bankruptcy.
  • Credit cards must be destroyed.
  • Credit rating will already be affected by prior Bureau notifications by creditors due to debtor history of late or non-payment, let alone bankruptcy.
  • Non-exempt assets must be vetted by the Trustee.
  • Self-employed restrictions may apply.

A.C. Waring & Associates

First Edmonton Place, 410-10665 Jasper Ave NW, Edmonton, AB, T5J 3S9|
Main: 780-424-9944 | After Hours: 780-423-3328 | Toll Free: 800-463-3328
A.C. Waring & Associates is your trusted Edmonton-based regional bankruptcy trustee and debt solutions company. We specialize in debt solutions for personal or business matters, including debt and credit counselling, debt consolidation, consumer proposals, bankruptcy proceedings and other debt help solutions. If you are overwhelmed by debt and need solutions, A.C. Waring & Associates will help you find the path to a debt-free life. We proudly offer services to Northern Alberta communities as far as Grande Prairie, Fort McMurray and the surrounding areas. Contact us today for a free consultation at 780-424-9944 or toll-free at 1-800-463-3328.