A. Farber & Partners Inc., 1-844-294-7980
338 King Street, Suite C, Midland, ON L4R 3M5
Are you wondering whether filing for bankruptcy is the right decision for you?
Considering bankruptcy is not an easy choice to make.
You’re likely getting harassing calls from creditors, followed by threats of legal action, and face the possibility of wage garnishment.
These situations simply increase your stress level, making it harder to make a sound decision about how to handle your debt.
The good news is a Midland, ON Licensed Insolvency Trustee, can help.
A. Farber & Partners Midland, ON Licensed Insolvency Trustee
What is a Midland, ON Licensed Insolvency Trustee?
Our Licensed Insolvency Trustees or LITs, are federally regulated professionals who are licensed to provide guidance and services about debt relief to both individuals and businesses.
At your first meeting a Midland, ON Licensed Insolvency Trustee, we will first evaluate your financial situation.
At this point, your LIT will examine all the debt relief solutions applicable to you.
In most cases, filing for personal bankruptcy is the best decision.
It is perhaps the fastest and most affordable way to gain a fresh financial slate.
How can your Licensed Insolvency Trustee assist you with filing for bankruptcy?
Once your Midland, ON Licensed Insolvency Trustee, has deemed that filing for personal bankruptcy is the best route for you, he or she will discuss the entire process.
Your LIT will mention all the documents you need to submit, include how bankruptcy will affect you and your family.
The LIT will file for bankruptcy in court on your behalf.
Once this occurs, you will no longer receive harassing phone calls or threats for legal action from creditors.
Your LIT will keep you updated about the entire process.
What do you need to know about personal bankruptcy?
1. To be eligible for personal bankruptcy, you must have a debt of a minimum of $1,000. You’re also unable to make the required monthly payments. Bankruptcy will be the best option for you if the amount you owe is more than the value of your assets.
2. Under the federal Bankruptcy and Insolvency Act, many of your personal possessions are exempt from possession.
3. Once your Midland, ON Licensed Insolvency Trustee has filed for bankruptcy, your wages will no longer be garnished, nor will you receive phone calls from creditors.
4. If you’re filing bankruptcy for the first time, the process will last up to 9 months.
5. You will be required to attend two debt counseling sessions.
To speak to a Midland, ON Licensed Insolvency Trustee directly, do give us a call.