MNP Limited Sudbury, ON Licensed Insolvency Trustee

MNP Limited, 705-230-3291
1970 Paris Street, Sudbury, ON P3E 3C8

 

Are you thinking about declaring bankruptcy?

A Sudbury, ON Licensed Insolvency Trustee can help!

Every year, thousands of Canadians face financial troubles due to medical reasons, unemployment, financial mismanagement, and marital separation, to name a few.

As a result, these individuals are unable to keep up with their mortgage payments, bill payments, etc.

Over time, this debt value may become more than the total asset value.

This can force individuals to seek debt relief solutions such as bankruptcy.

 

MNP Limited Sudbury, ON Licensed Insolvency Trustee

1970 Paris Street
Sudbury, ON P3E 3C8
Canada
Phone: 705-230-3291

 

Bankruptcy is a misunderstood and daunting process to people who aren’t aware of its legalities.

Consulting with a Sudbury, ON Licensed Insolvency Trustee or LIT can help you tread through bankruptcy’s murky waters.

What is bankruptcy?

It is a legal process that can provide you with relief from most of your debts.

To file for bankruptcy, you must do so through a Sudbury, ON Licensed Insolvency Trustee.

Your LIT is the only federally authorized individual to file for bankruptcy with the courts.

What will I lose after I file for bankruptcy?

This is a common concern for most individuals who are considering bankruptcy as a debt relief solution.

Canadian bankruptcy laws will enable you to hold on to most of your assets.

For instance, you can hold on to your car if it has a value of up to $6,600.

You’re also entitled to hold on to your RRSP, except for last year’s contributions.

Items like tools of the trade, your home, furniture, and personal effects are also exempt from seizure.

Your LIT can help you retain many of these assets.

Keep in mind, every person’s financial situation is unique.

When you meet with your LIT, he or she will be able to evaluate your assets before filing for bankruptcy.

What do you need to know about bankruptcy?

1. To qualify for bankruptcy, your debt must be at least $1,000. You’re unable to make payments towards your debt. Bankruptcy may be suitable for you if the value of your debts is more than your assets.

2. You will NOT lose everything. Many of your assets are protected by the Bankruptcy and Insolvency Act.

3. Once your LIT files for bankruptcy, all harassing phone calls, and legal action will stop. This also includes wage garnishment.

4. The entire bankruptcy process can take up to 9 months. After this time, you can rebuild your financial future.

How can a Sudbury, ON Licensed Insolvency Trustee help you?

At your appointment with the LIT, he or she will assess your financial situation to determine whether bankruptcy is the best debt relief solution.

If it is, your LIT will discuss in detail all the steps involved and what documents you will have to submit, including how bankruptcy will impact you and your family.

Your LIT will then prepare all the necessary paperwork and file them with the courts.

You will always be kept in the loop.

To make an appointment with a LIT, contact your nearest Sudbury, ON Licensed Insolvency Trustee today.