About Filing for Bankruptcy
As bankruptcy insolvency trustees we help people with financial issues and we can help you.
Filing for Bankruptcy in Ontario
Who Can File for Bankruptcy
- unable to pay your bills each month,
- you have credit card bills that are over their limit,
- you have maximized your means to secure more credit,
- you have credit agencies calling you for payments,
- your financial situation has gotten out of control,
For a bankruptcy you must be more than one thousand ($1000.00) dollars in debt.
How to Start the Bankruptcy Process
When an individual is considering filing for bankruptcy they must meet with a Licensed Insolvency Trustee to discuss their debts and financial issues.
Insolvency trustees are the only persons allowed by law through the Canadian Superintendent of Bankruptcy to help people to either file for bankruptcy or to administer a consumer proposal for their debt problems. There is no cost to discuss your finances with the trustee.
The bankruptcy trustee will;
- listen to you in a non-judgmental atmosphere,
- explain the options available to you, and
- provide you advice how best to deal with your financial problem.
We can explain to you how you can avoid filing for bankruptcy, set up a consumer proposal or give you financial counselling. This initial free meeting is your opportunity to discuss your finances, to ask any questions and to learn how to stop your consumer debt problems. Call us today or contact one of our local offices >
★★★★★ After years of struggling with our debts it seemed we just couldn’t get ahead. The final straw was my husband’s pay cheque was garnished. I started looking for a solutions and who I could get help from.
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.
Meeting with the Bankruptcy and Insolvency Trustee
During this free initial meeting to discuss your finances we can give you answers about;
- Options other than bankruptcy,
- how filing for bankruptcy can help you,
- and give you advice about get financially back on track.
As required by the law, the bankruptcy and insolvency trustee is there to help you get out of debt and help you manage your finances for the future.
The Canadian government realizes that it is in the public interest and good for society as a whole, to help individuals through insolvency trustees rather than to have people and families suffer through continued hardship with financial issues. Call us today to make an appointment to discuss your financial health.
Advantages to Filing for Bankruptcy
In bankruptcy there are advantages and disadvantages. The advantages are;
- Any wage garnishees are removed and stopped.
- Any legal actions in regards to financial issues are stopped.
- Collection agencies stop calling you looking for bill payments.
- Most people have a personal sense of relief that they are doing something to help themselves,
A personal bankruptcy ends any personal debts that you have and all unsecured debts are ended.The cost of a personal bankruptcy may be less than a consumer proposal or debt consolidation loan, and the process is sometimes faster.
Start living debt free and call us today >
Disadvantages to Bankruptcy
Although entering into a bankruptcy can have positive implications, there are negative issues that you should consider;
- A bankruptcy is bad for your credit and credit history, but for most people considering bankruptcy their credit rating is already in bad shape.
- Once you do apply for bankruptcy you’ll be unable to get credit. As most people have already exhausted their available credit, it maybe a good thing that you avoid any credit debt for a while.
- Once you have been through the bankruptcy process and your bankruptcy is discharged you will have to start over to build a good credit history.
- When you apply for bankruptcy you maybe required to give up some of your personal possessions to the Licensed Insolvency Trustee and keep records of your finances, expenses and income during the bankruptcy.
Although going bankrupt will affect your credit and credit rating, most people considering a personal bankruptcy are already in the position of having bad credit. By entering into a personal bankruptcy, you’re taking the first step to improving your life and and financial health.
Call us to day or visit our offices to take the first steps to living debt free >
The information provided within this website about 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 or consumer proposals contact our office for qualified advise from a bankruptcy trustee.