Are you overwhelmed with debt? Are you unable to make your monthly payments on outstanding debt?
An alarming number of Canadians are facing this situation. According to a Manulife Bank of Canada Debt Survey, 2 out 5 Canadians are indebted.
If you’re getting harassing phone calls from creditors who are threatening you with legal action, then it’s time to get in touch with a Licensed Insolvency Trustee like A. Farber & Partners Cobourg Bankruptcy.
A. Farber & Partners Cobourg, ON Licensed Insolvency Trustee
What is Bankruptcy?
It is a legal process used to erase your outstanding debts.
Filing for personal bankruptcy essentially gives you a clean financial start, after you’ve completed necessary steps with the assistance of a Licensed Insolvency Trustee or LIT.
Often times, bankruptcy is viewed in a negative way, however, it is usually a good solution for individuals who have no other avenue to pay back their outstanding debts.
What happens to your debts?
If you have debs, you may face numerous collection calls, lawsuits, and even wage garnishment.
This will come to a stop once you file for bankruptcy with A. Faber & Partners Cobourg Bankruptcy.
We will advise your creditors about your bankruptcy claim.
In case your creditors have any further questions or concerns, they will be directed to speak directly with your appointed Trustee.
It takes approximately nine months to complete the bankruptcy process.
This will wipe out your debt and give you a clean financial slate.
Please note that there are certain types of debt that are not eligible for personal bankruptcy such as child support payments, court-appointed fines, some types of student loans, etc.
Your LIT will discuss these with you in further detail.
Do You Qualify?
To qualify for bankruptcy, you must:
– Have a debt of at least $1,000;
– Own insufficient property or assets to pay back this debt;
– Are unable to make payment when they’re due.
What is the cost of A. Farber & Partners Cobourg Bankruptcy?
The cost of bankruptcy is calculated by your total household income.
Your LIT will refer to government guidelines to evaluate the monthly payment you’ll be required to make to us.
For a majority of people, this is a minimal fee that is paid to the Trustee to cover their administration services related to your bankruptcy.
What assets are you entitled to keep?
In most cases, you will not lose any of your assets. Ontario laws allow the bankrupt individual to retain the following:
– one motor vehicle valued up to $6,600;
– appliances and furniture totaling up to $13,150;
– tools of trade totaling up to $11,300;
– personal clothing of unlimited value.
Are there alternatives to personal bankruptcy?
Yes. Your Trustee at A. Farber & Partners Cobourg Bankruptcy will first pursue other forms of debt relief before considering personal bankruptcy, such as:
– debt consolidation loans;
– consumer proposal;
– budget changes;
– Payment arrangement with creditors.
If you’re facing serious problems with debt repayment, then speak to a Licensed Insolvency Trustee at A. Farber & Partners Cobourg Bankruptcy today.
Cobourg Ontario K9A 3P9