Bankruptcy Ottawa: The stress of out of control debt can be overwhelming for many people, and can leave people frustrated and confused on how to handle their money problems, especially if they have heard some of the untrue bankruptcy myths. For those individuals under this stress, you have come to the right place!
Our Bankruptcy Ottawa licensed insolvency trustees are able to provide you with a free initial consultation so you can learn about your debt relief options and get a fresh financial start. Just call us at 613-209-1825 and you can speak to a friendly professional about scheduling a confidential evaluation.
Bankruptcy Trustee Ottawa law was written to give those people who have become trapped in debt the chance to eliminate their debt so they can begin rebuilding a stable financial future.
Almost all debt can be eliminated in bankruptcy, even debt to the Canadian Revenue Agency.
The property you can keep in a bankruptcy is set out in the Ontario bankruptcy exemptions. Trustees are the only debt relief professionals who can provide you with a full range of services and protection from all creditor harassment, such as collection calls and wage garnishment.
Bankruptcy and Consumer Proposals:
If you decide to go into bankruptcy you can be debt free and out of the bankruptcy in as little as 9 months.
Most people who do go bankrupt keep all their assets because their assets are exempt in accordance with the provincial exemptions.
A Consumer Proposal is for people who want to pay a part of their debt of say 30% or wish to retain assets that may be lost in a bankruptcy. Payments are usually made over about 3 years.
Bankruptcy Ottawa Trustees, Ontario
We understand that facing financial difficulties can make it challenging to focus on anything else. The Bankruptcy Ottawa page of Bankruptcy Canada was intended to provide Ottawa bankruptcy advice and information.
Facing money problems is tough but there is help available. We can help you examine your finances and help you come up with a plan to get out of – and stay out of – debt!
At the base of it, bankruptcy is a federally regulated legal procedure that gives a person a fresh start. You can have your debts eliminated in exchange for surrendering some of your assets.
Bankruptcy Trustee Ottawa law is covered by the Bankruptcy and Insolvency Act, which is legislation that is intended to give honest but unfortunate debtors a chance for a fresh start. If you are overwhelmed by debt bankruptcy in Ottawa, you have the right to use the laws available to you should you need a clean slate.
In order to file for bankruptcy you must use a Licensed Insolvency Trustee (formerly known as a Bankruptcy Trustee).
No other debt relief expert can file bankruptcy through the OSB (Office of the Superintendent of Bankruptcy).
Bankruptcy Ottawa: Am I Eligible?
Bankruptcy is a way to get debt relief and creditor protection. In order to file for bankruptcy you must:
Owe $1,000 or more;
Be unable to make your debt payments as they become due;
Your assets are not sufficient to pay off your debts.
What are the Advantages of Filing Ottawa Bankruptcy?
Some of the benefits to going bankrupt include:
You can stop collection actions such as wage garnishments, collection calls and lawsuits relating to your unsecured debt;
You can keep your assets protected by the Ontario bankruptcy exemptions;
Payments to unsecured creditors will stop immediately;
Once you are discharged from bankruptcy your debts will be legally eliminated;
Your Trustee will provide you with two counselling sessions to give you financial literacy advice;
You get a fresh start, which means you can rebuild your credit, get a credit card or a mortgage, and save for the future.
Are There Any Disadvantages to Going Bankrupt?
For debtors filing bankruptcy the benefits far outweigh the disadvantages. There are some drawbacks to bankruptcy, which is why even a Trustee will explore alternatives to bankruptcy before recommending filing bankruptcy.
Some disadvantages to bankruptcy are:
You will lose your credit cards;
You must provide your trustee with monthly statements of your income and expense during your bankruptcy (this is actually beneficial for many as it teaches them to budget);
If you have a high income, you might be required to make surplus income payments. Surplus income requirements mean your bankruptcy will last longer and be more expensive.
Learn More About Your Bankruptcy Ottawa Options
It’s important to speak with an Ottawa Licensed Insolvency Trustee once difficult financial circumstances present themselves. The sooner you speak with an Ottawa bankruptcy expert, the more options that are available to you.
A government licensed insolvency trustee can help you understand the options available to you. There are many ways out of debt other than filing bankruptcy. There are many alternatives to bankruptcy available.
Our Ottawa bankruptcy experts will provide you with a free consultation to discuss the bankruptcy options available to you.
Our bankruptcy Ottawa experts have the skills, knowledge, and expertise to help you formulate a plan to tackle your debt problems.
The first step is to schedule a free evaluation meeting with a government licensed insolvency trustee (bankruptcy trustee) in Ottawa.
Once you meet with our Ottawa bankruptcy experts you will have an understanding of personal bankruptcy, consumer proposals, debt consolidation and other alternatives to bankruptcy. You will have the final choice, although the trustee will help you make an informed decision.
If you need help to get your debt under control please contact our Licensed Insolvency Trustees (bankruptcy trustees) in Ottawa today.
Will I Lose Everything if I File Bankruptcy in Ottawa?
Many debtors that file bankruptcy in Ottawa are able to keep their assets because of the Ottawa bankruptcy exemptions. An Ottawa bankrupt can keep the following property:
Motorvehicle (one) worth $6,600 or less (in equity);
Furnishings and Appliances to a value of $13,150;
$11,300 in tools of the trade;
Life insurance policies (certain types);
RRSPs, less contributions made in the 12 months prior to bankruptcy.
Is Bankruptcy the Right Solution for Me?
Personal bankruptcy in Ottawa could be the right solution for you if:
Your wages are being garnished;
Creditors are calling demanding payment;
You have been sued or creditors are threatening a lawsuit;
Your assets do not cover your debts.
In order to determine if Ottawa bankruptcy is right for you it is necessary to meet with an Ottawa bankruptcy expert to have a financial expert analyze your financial situation.