If you’re increasingly relying on payday loans, are unable to pay your bills, and falling behind on mortgage payments, then you’re likely facing bankruptcy.
Although it is a difficult process, rest assured MNP Cornwall Bankruptcy is there to help.
MNP Limited Cornwall, ON Licensed Insolvency Trustee
What is bankruptcy in Cornwall?
This is a formal, legal procedure covered under the Bankruptcy and Insolvency Act.
A Licensed Insolvency Trustee or LIT from MNP Cornwall Bankruptcy will file for bankruptcy on your behalf.
This process will provide financial relief for individuals who are unable to make payments towards their unsecured debt.
It is an opportunity to make a fresh, financial start.
What to expect?
Before you file for bankruptcy, our Licensed Insolvency Trustee will evaluate your financial situation to determine if other debt relief solutions are more suitable for you.
In most cases, filing for bankruptcy is the best option.
Once your LIT files on your behalf, you will stop getting harassing phone calls about class action from your creditors.
Your LIT will also gather and sell any non-exempt assets to pay off some of your debts.
Rest assured, there are many assets which you are allowed to retain under the Bankruptcy and Insolvency Act.
Once these non-exempt assets are sold, a Final Statement of Receipts and Disbursements is generated.
Your creditors will be paid their outstanding dividends.
Your LIT will work towards getting you a ‘discharge’ from your bankruptcy.
In order to do so, you must meet certain requirements such as attending two compulsory financial counseling meetings, filing certain documents, etc.
How long will bankruptcy last?
The courts will grant you discharge from bankruptcy within 9 to 36 depending on whether it’s your first, second, or third bankruptcy filing.
For individuals who file for the first time, discharge is often granted within nine months, provided you don’t have any surplus income.
Do I qualify for bankruptcy?
To qualify for MNP Cornwall bankruptcy, you must owe a minimum of $1,000. You are also unable to pay down your debts and your currents are insufficient to cover these debts (insolvent).
Your Lit will discuss all debt relief options with you based on your financial situation. Bankruptcy may not be the best choice if you have a surplus or steady income.
In this case, your LIT may recommend a consumer proposal.
If you’re facing bankruptcy, know that there is light at the end of the tunnel.
We can help you gain a fresh start to a better financial future.
Cornwall ON K6H 1B1