Bankruptcy Toronto – Our team of Licensed, regulated, and professional Toronto Licensed Insolvency Trustees are ready to help you with eliminating your debt and getting your money problems under control.
As Licensed professionals, we have the commitment, and ethical requirement to help you find the solution that fits your personal financial problems.
Erasing debt and rebuilding lives are all that the trustees of Bankruptcy Canada do!
We are happy to have the chance to help you regain control of your financial situation. Almost all unsecured debt can be eliminated in bankruptcy.
Bankruptcy in Toronto can help if you are struggling with:
• Collection calls;
• Garnished Wages;
• Credit card debt that is out of your control;
• Getting a debt consolidation loan;
• Making the minimum payments on your debt, our team of professionals is here to help!
We promise that your phone calls will be answered by a friendly team member, your questions will always be answered and any emails or text messages you send will be answered in a prompt and respectful manner.
To schedule a free consultation you can contact any of the trustees listed on this page.
Toronto bankruptcy or a consumer proposal in Toronto can help you with:
• Eliminating your credit card debt;
• Having the collection calls and wage garnishment threats end;
• Write off your tax debt;
• Get freedom from your debt load so you can begin rebuilding your credit and a strong and safe financial future!
We wrote this page on insolvency to give Toronto individuals who are struggling with debt the chance to learn about the bankruptcy law.
While bankruptcy might seem like a scary proposition, we will explain how bankruptcy is not as scary as it might seem and our friendly trustees will make sure that you are comfortable with whatever decision you make about dealing with your debt.
Once claiming bankruptcy, almost all of our clients feel immediate relief and their stress completely goes away and their relationships with their families improve!
While bankruptcy is usually a last resort, choosing to file bankruptcy is usually the best decision for the situation.
Bankruptcy and Consumer Proposals in Toronto, ON:
In addition, we will also explore other options that can get you out of debt such as making a consumer proposal or entering into a court protected debt management plan.
By making a consumer proposal to the creditors that you owe your debt you will be given an opportunity to get your debt under control by offering to repay a portion of what you owe to your creditors.
The consumer proposal will be entered to your creditors by the trustee, who is known as a Consumer Proposal Administrator when acting in this way. Other bankruptcy alternatives we can help with include debt counselling and structuring a debt management plan.
Your income will be a major factor in whether bankruptcy, a proposal or another alternative might be the best debt relief vehicle for you to choose.
Toronto Bankruptcy & Surplus Income
When filing bankruptcy in Toronto surplus income is sometimes a concern for many people.
The government has set limits on your income for living expenses each month based on the number of people living in your household, and if your income is over this level you will be considered to have excess income, which will cause you to be in bankruptcy for longer.
Part of your excess income will also have to be paid to the trustee for the benefit of your bankruptcy estate.
If you do not have surplus income then your bankruptcy will be over in as little as 9 months and you won’t have to make the surplus income payments.
Having surplus income might be a good reason to file a consumer proposal.
The assets you own will also impact the decision about whether it would be best to go bankrupt or make a personal proposal.
While there are bankruptcy exemptions that prevent your assets from being seized, if your assets are not protected you might want to consider a proposal.
Our trustee can help you determine everything when you call for a confidential consultation.
However, bankruptcy is often the best choice for most people facing financial difficulties and almost all debtors that have gone bankrupt with us before have been able to keep their home, car, RRSPs and other belongings.
If you decide bankruptcy is right for you, we will prepare the necessary paperwork and deal with your creditors for you.
Bankruptcy Provides Other Protection:
• The wages from your pay will not be garnished by your creditors;
• You will not face any more collection calls and harassing calls;
• The stress you are under will immediately cease!
If this is your first bankruptcy, and you have no surplus income, you will be out of bankruptcy in as little as 9 months. In the rare case that you have surplus income, the bankruptcy will be extended to 21 months.
After your discharge all of your eligible debt will be wiped out and you can begin rebuilding your credit and working towards a secure future.
Tax Debt and Bankruptcy
Going bankrupt will also eliminate your unpaid tax debt, which is a large portion of the debt that many of our clients are facing.
To learn how you can get your CRA debt to the Canada Revenue Agency forgiven please call our team today!
A consumer proposal is the #1 alternative to bankruptcy in Toronto and offers many benefits that are not afforded by bankruptcy.
Your personal situation will dictate if a personal proposal can be a feasible bankruptcy alternative.
The advantages of a consumer proposal include the ability to keep assets that are not otherwise protected by the exemptions in a bankruptcy, you do not have to pay surplus income payments, you will receive professional protection, and you will not have to deal with negotiating with your creditors.
Start learning more by scheduling a risk-free, confidential evaluation.
Our regulated and Certified Consumer Proposal Administrators will look over your debt and budget to make a payment plan that is afforded and has the greatest chance of being accepted by creditors.