Trustees in Bankruptcy Toronto Office - A.Farber & Partners
Out of all of the options available to people who face financial difficulty, bankruptcy often seems like the one that causes the most anxiety. The reality is that the solution that an individual chooses really relates back to their specific circumstances. Although often the last resort, bankruptcies are chosen because they make the most sense for the people involved.
There are two major factors to be considered when thinking about bankruptcy in Toronto:
|YOUR INCOME||YOUR ASSETS|
- The government has determined that you need a certain amount for monthly income depending on the number of dependents that you have to cover reasonable means of living. Anything earned above this is called a surplus income and a part of this excess must be paid over to your creditors for a period of time ranging form 21 to 36 months. If there is no surplus because you lost your job , for instance , then you do not have to make income 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 are allowed to keep certain assets to allow you to earn a living. And depending on when you contributed to your RRSP, you may be able to keep most of what you have accumulated for retirement.
Once you have decided that bankruptcy is the right solution for your situation, then we as Licensed Insolvency Trustees in Toronto will file the necessary paperwork.
Benefits Of Filing For Bankruptcy In Toronto
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; you will not have to deal with the ongoing nightly harassing calls from creditors and collection agencies. These are all handled by the Bankruptcy Trustees in Toronto.
- In a first time bankruptcy and completion of all of your duties, at the end of nine or twenty one months, you can be discharged from bankruptcy and you can start afresh.
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 bankruptcy professionals, our commitment is to help you find the solution that’s best for you. For a free consultation contact us today
Call us at (844) 507-7526 or book a free appointment and we will get back to you within 2-4 hours during business hours.