Filing for bankruptcy is a legal process, licensed by the Government of Canada for someone who is unable to pay their debts.
You’re not alone and each year over 100,000 people and businesses file for bankruptcy.
We don’t plan on it happening, and sometimes unforeseen issues occur that cause financial turmoil in our lives. The Government of Canada provides a bankruptcy process that licenses bankruptcy insolvency trustees to help people with debt.
We offer a free opportunity by phone or coming to our office(s) to discuss your financial issues. We can explain your options, offer solutions, and advise you if filing for bankruptcy is right for you.
is your credit been maxed out?
has your paycheque been garnisheed?
are your bills more than your income?
are you living on credit which increases each month?
are you getting collection calls?
are you stressed about your financial situation?
Many times people approach our offices feeling that a bankruptcy is the only option. After speaking with us they learn that there are alternatives like consumer proposals that are cheaper, less invasive and allows them to keep their assets instead of losing them in bankruptcy.
When you met or call our offices we can explain all of your options. We’re here to help, give us a call today at 905‑427‑6647 it’s free to call without obligation.
Filing for bankruptcy is done through a licensed Insolvency Trustee. You must phone or visit our office and meet with the trustee.
The meeting with the trustee is a free opportunity to discuss your finances, ask any questions and to learn about the help available for your consumer debt problems.
★★★★★ I made an appointment to speak with Jim who was non-judgmental and explained what my options were and how he could help us. Jim helped us file for bankruptcy stopping the garnishee and creditor phone calls. I only wish we’d called sooner, Many thanks! J. Matherson, Oshawa.
When you file for personal bankruptcy you give your assets (the things you own) to a insolvency trustee. The trustee then makes a legal application under the Bankruptcy Act and Insolvency Act and liquidates your property (sells the assets). Any money received is applied towards your debts.
The balance of your debts and credit obligations are then eliminated. You are required to pay 200 dollars per month for the bankruptcy plus 50% of any surplus income that is assessed to you, and have two sessions for counselling on debt. At the end of 9 months the a bankruptcy discharge is issued and your debts are canceled.
The Bankruptcy and Insolvency Act is set up to allow individuals with no reasonable prospect of getting out of debt to start over with conditions.
When you file for bankruptcy there are short term disadvantages but the long term advantages can be life changing. When you file for bankruptcy you will be giving up assets and will have to go without credit. The advantages are that all consumer credit will be discharged and most debts and garnishees will end.
During the bankruptcy you will receive counselling about your finances. As many of us received no formal education about money, this opportunity to learn about responsible money management is often a very positive part of dealing with the bankruptcy.
After the bankruptcy is discharged (Usually in 9 months for most bankruptcies) you can then start fresh building your credit and putting the bankruptcy in the past.
As time goes on most people feel a dramatic reduction in stress by learning the responsible use of credit and money management.
The cost to file for bankruptcy is usually about 1800 dollars or less, paid monthly at about 200 dollars per month for 9 months.
During this time, all other unsecured debt, interest charges, collection calls and garnishees will be canceled. Usually this cost is dramatically less than the payments being paid now.
Once the bankruptcy has been filed, the government sets a limit on what can be earned before surplus payments must be made. Where the income is over the limit the bankrupt must pay 50% of any income earned as surplus payments for the 9 month period. When you speak with our trustees we can explain the fees to you in detail and advise you if you will have to make any additional payments.
Bankruptcy is just one of the options to consider for resolving your debt problems. There are alternatives like consumer proposals, debt management and debt counselling that may save you the cost of filing for bankruptcy.
The information provided within this website about bankruptcy, filing for bankruptcy and financial issues is protected by copyright law. Any distribution or reproduction in anyway, shape, means or manner is expressly prohibited by law without the the prior written consent of the owner(s) of the copyright.
This site is for information only and is not meant to replace qualified legal advice by a licensed insolvency trustee, the writers shall not be held responsible for any information that may be incorrect or out of date. The owners of this website recommend that anyone wishing to learn about going bankruptcy wishing to file for bankruptcy to contact our office for qualified advise from a bankruptcy trustee.