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Bankruptcy Trustee Richmond Hill: This page was written by a Richmond Hill Licensed Insolvency Trustee to give a person from the area, who has been thinking about going bankrupt or making a proposal to their creditors, some information on the insolvency laws in Richmond Hill.
The team of Licensed debt professionals of A. Farber & Partners Inc. can be reached at 1-844-294-7980.
You can learn more about going bankrupt, making a proposal, and get the answers to all of your concerns.
One of the main reasons for the bankruptcy laws is to allow a person to have a fresh start to their financial affairs, while also treating creditors fairly.
By going insolvent a person can stop creditor harassment, get their finances on track, and get out of debt.
All of our trustees offer a free and no risk bankruptcy evaluation to discuss your debts and assets to formulate a plan to overcome your unique financial challenges.
Our trustees are friendly, caring and responsible. All trustees on Bankruptcy Canada are all certified members of the CAIRP, which means they are required to follow a strict code of ethics.
Bankruptcy Trustee Richmond Hill – Bankruptcy and Consumer Proposals:
When you go into bankruptcy you can have your eligible debts eliminated in nine months in most cases.
Your assets can also be protected by the Ontario bankruptcy exemptions so in the vast majority of bankruptcy cases a person going bankrupt will be able to keep all of their assets, while also having your debt eliminated and getting protection from creditor harassment and wage garnishment.
A trustee can also act as a proposal administrator if you want to make a proposal with your creditors.
Under a consumer proposal, you can repay a portion of your debts (generally about 20 to 30 percent) to your creditors over a period of time lasting up to 5 years.
A proposal also has other beneficial terms, such as little or no interest charges.