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How Long Does it Take to Complete the Bankruptcy Process in British Columbia?


When you’re feeling the pressure of bills that you are unable to pay, waking up every morning can fill you with a sense of dread. It’s hard to make the decision to buckle down and do what needs to be done to get out of debt, but every difficult journey begins with a single step.

Remember, you didn’t get into debt overnight, so you can’t expect to get out of it in an instant. However, you should have some sense of how long it takes to come out of bankruptcy before you start the process.

Process to File for Bankruptcy in British Columbia

Bankruptcy is a legal process whereby people who have become insolvent can work with a Licensed Insolvency Trustee to negotiate with creditors.  Filing will bring legal proceedings and other debt collection tactics that are underway to a halt. The Licensed Insolvency Trustee will work to help distribute your assets to settle your financial obligations.

As part of the bankruptcy process in BC, you will generally be required to attend a minimum of two credit counselling sessions to help ensure that you have better strategies in place to avoid out of control debt in the future. Generally, bankruptcy allows the “honest but unfortunate individuals who are unable to pay their debts” a way to alleviate their debt load so that they may move forward with their financial life.  It is not an “easy” way out of debt! Your conduct leading up to the filing and during the period of bankruptcy will affect the length of time it takes to be discharged.

Average Length of Time in Bankruptcy

Every case is different.

The average time period to complete a first-time bankruptcy in Canada is 9 to 21 months. Subsequent bankruptcies can take as long as 24 to 36 months to be discharged, and a second bankruptcy will remain on your credit report for up to 14 years.

Whether it’s to complete a filing with a licenced trustee in bankruptcy or to explore other options to find your way out of debt, we can help. We have offices in Kelowna and Kamloops, and our team is ready and available to assist you. Contact us today.

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