What is Bankruptcy PEI?

PEI bankruptcy can be a good option for people who are having trouble paying their bills and are trapped in a never ending cycle of debt. If you are considering bankruptcy in PEI then it is important you have the proper information on bankruptcy, or a consumer proposal.

Trustees Serving PEI Communities

Bankruptcy Charlottetown Trustee

Grant Thornton LimitedTrustee: Grant Thornton Limited

557 North River Road, Charlottetown, PEI, C1E 1J7 Map

Phone: 1-888-296-2822

Free Evaluation: Charlottetown Bankruptcy Consultation

Bankruptcy Summerside Trustee

Grant Thornton LimitedTrustee: Grant Thornton Limited

220 Water St, Summerside, PE, C1N 1B3 Map

Phone: 1-888-296-2822

Free Evaluation: Summerside Bankruptcy Consultation

Bankruptcy PEI1) You should browse through our website to get a good understanding of the PEI bankruptcy process and whether bankruptcy might be right for you. It would be best if you explore any bankruptcy alternatives that are available to you as there could be ways you can avoid bankruptcy. For example, a consumer proposal can be a viable alternative to bankruptcy for many individuals in PEI. You can also speak to a professional bankruptcy expert in your area by calling our toll free number or emailing our team of bankruptcy trustees.

2) When you are ready you should speak with a local bankruptcy trustee about filing bankruptcy, making a consumer proposal and setting up a confidential evaluation meeting. Bankruptcy can be complicated and you are required to use the services of a Licensed Insolvency Trustee (the new name for PEI bankruptcy trustees) to go bankrupt. Your trustee will help you determine which option for getting out of debt could be best for your situation.

3) What can I Keep When I Go Bankrupt? In most bankruptcies you will be able to keep all of your assets and belongings. If you have assets that you would not be able to keep the trustee would help you explore a consumer proposal if possible as in a proposal you will be able to keep all of your assets that would be lost in bankruptcy. However, most bankrupts will have all of their personal belongings protected by the PEI bankruptcy exemptions.

4) Determine the costs of filing bankruptcy with the trustee. The trustee can explain the costs of bankruptcy which will depend on the amount of money you make each month and the number of people in your family. An indirect cost of filing bankruptcy would be any assets that would have to be turned over to the trustee in a bankruptcy filing although your trustee can help you explore the options for keeping your assets.

For example, you can explore a consumer proposal or you can “buy back” any equity in an asset you own from the trustee. For example, the exemption in a bankruptcy for a motorvehicle in PEI is $3,000 so if your vehicle is worth $5,000 you would have to surrender the vehicle to the trustee; however if you could pay $2,000 to the trustee to buy the difference in value between what you can keep and what your car is worth you would be able to keep your car.

A bankruptcy can give you a fresh start and allow you to rebuild your credit and start working towards a secure financial future.