2nd Floor – 225 Main Street South, Kenora, Ontario P9N 1T3
When it comes to personal bankruptcy, the decision to file is harder than the actual filing aspect.
Once you’ve decided to file for personal bankruptcy, you must get in touch with a Kenora, ON Licensed insolvency Trustee or LITs.
These are federally licensed and regulated professionals who are authorized to counsel and offer services to individuals and businesses dealing with debt.
LCTaylor Kenora, ON Licensed Insolvency Trustee
What to expect at your first meeting with a Kenora, ON Licensed Insolvency Trustee?
At your first meeting, your Licensed Insolvency Trustee will attempt to gain a complete understanding of your present financial situation.
He or she will discuss all the debt relief solutions available to you including consumer proposals and personal bankruptcy.
The pros and cons of each option will be discussed thoroughly.
In a majority of cases, personal bankruptcy is the best solution because it offers a faster and more affordable way to restart your financial future.
What happens if you decide to file for bankruptcy?
Once you’ve decided to proceed further with bankruptcy, your Kenora, ON Licensed Insolvency Trustee will prepare all the necessary paperwork.
You will be asked to return to review the forms for submission for accuracy.
You will also be required to sign these documents.
Once these documents are in order, your LIT will file the paperwork at your nearest Ontario court.
This gives you an automatic stay from proceedings.
As soon as the document is filed, the LIT will also inform your creditors.
This means you will no longer get harassing phone calls from creditors.
If your wages were garnished, this will stop as well.
You will also be required to attend two mandatory debt counseling sessions with your Licensed Insolvency Trustee.
Will all your debts be discharged in bankruptcy?
There are a few debts that are not exempt from discharge. These are:
– Child support and alimony payments
– students loans that are less than 7 years
– penalties and fines imposed by the court
– intentional injury claims
– debts from embezzlement, fraudulent misrepresentation, or fraud.
What is the time period for bankruptcy?
If you’re filing for bankruptcy for the first time, your period is 9 months.
If any of your creditors have posed objections to the discharge request, then you can expect to wait for up to 21 months.
To speak to someone about your debt or for more information about personal bankruptcy, get in touch with a Kenora, ON Licensed Insolvency Trustee today.