Reasons To Choose A.Farber & Partners for Bankruptcy in Mississauga
There are many options available to people who face financial difficulty. Bankruptcy is the one that most people prefer not to think about as it is not well understood. The truth is that the options available to people are determined by their specific situations. As professionals, we are committed to identifying the option that is best suited to you and if it appears to be that filing a bankruptcy in Mississauga seems like the best solution then that is what we would recommend. Bankruptcy would be the last resort after all other options have been reviewed.
When considering bankruptcies as solutions to debt
Your income and your assets
- Firstly we’ll look at your income. Government guidelines have determined that you need a certain amount of monthly income (after tax), depending on the number of dependents that you have, to cover reasonable living expenses. Anything earned above this is defined as surplus income and a part of this excess must be paid over to your creditors during the period of your bankruptcy. This period can range from 21 to 36 months. If there is no surplus because your income barely supports your living expenses, then you do not have to make payments from your income and the bankruptcy may be as short as 9 months.
- Similar rules apply to your assets like your car or RRSP’s. You will retain ownership of the amount in your RRSP except for any contribution you have made in the year prior to declaring bankruptcy. In addition, you are allowed to keep certain assets, like a car, to allow you to earn a living. If you own a home in which you have minimal equity, it may be possible to maintain ownership of this asset but this will depend on your specific circumstances.
- There are a number of other benefits to filing for bankruptcy: bankruptcy also provides the protection against most legal actions against you like a wage garnishment; the Trustee will deal with your creditors saving you from the ongoing nightly harassing calls from collection agencies.
- In a first time bankruptcy and completion of all of your duties, at the end of nine or
twenty onemonths ..you can be discharged from bankruptcy and you can start to rebuild your credit.
So if you find yourself in a position that, after paying regular monthly amounts, you still have a significant debt load that is becoming increasingly difficult to manage, then a bankruptcy is another option that might be the best solution for you: it eliminates your debts and lets you start rebuilding your financial future.
As professionals, our commitment is to help you find the solution that’s best for you. For a free consultation, call us today.
Our Debt Solution Managers in our Mississauga office are Gurvinder Singh and Jerry Janiec, who assist our clients at that location. Both Gurvinder and Jerry assist clients with both Bankruptcies and Consumer Proposals, and reviews client’s cases on an individual basis with respect and dignity. They available to provide you with a range of solutions to your personal financial problems.
Please call (844) 507 7526 today to arrange for a free debt relief consultation with our insolvency experts in Mississauga or fill in this form:
Our Insolvency Trustee Office in Mississauga
3660 Hurontario St #301
Mississauga, ON L5B 3C4
or call us toll-free
Bankruptcy on Wikipedia
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person or other entity may have. In some