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Bankruptcy & Insolvency - Myth vs Reality

what happens at an insolvency trustee meeting

Whenever we sit down with clients to discuss their financial problems, and determine which path they should take to solve them, we're amazed at how much misinformation and mythology surrounds the process. You may very likely have some misconceptions about bankruptcy, consumer proposals and the insolvency process yourself. With the goal of cleaning up all of these misconceptions, let’s take a look at some of these bankruptcy myths:

“My neighbours & my boss will find out about my bankruptcy"

In reality, only the Federal Government and your creditors (as well as the Insolvency Trustee preparing the paperwork) will know about your filing.

“I will lose everything I own”

Many assets are exempt from seizure (e.g. your vehicle (up to $5,650 of value), clothing, household goods, tools of your trade, RRSPs purchased more than 12 months prior to your filing, etc.). We can analyze your list of assets, so you can be sure of which assets you'll be able to keep during a bankruptcy.

“By filing I am admitting that I am a total failure”

You are actually showing great courage by taking control of a bad financial situation and using the legal rights provided to “honest debtors” by the Bankruptcy and Insolvency Act (and the Government of Canada) to protect yourself.

“Bankruptcy is my only option”

Our Insolvency Trustee will talk with you in depth about all your options for debt relief, including how you can reorganize, refinance, budget, consolidate loands, make a settlement offer or consumer proposal, and more.

“The newspaper notice of my insolvency will be seen by everyone I know”

Most forms of protection no longer require a public advertisement (this was something done routinely many years ago).

“I will never get credit again”

Once your debts are discharged at the end of the insolvency process you will be debt free. That means you could be more capable than ever of handling appropriate amounts of debt. Lenders know this and will provide you with credit.

“I only have a tiny bit of money - I cannot afford to get help”

We offer a free initial consultation. It’s confidential, one-on-one and there is no obligation to you. And one of our more than 50 Ontario offices is sure to be located close to where you live or work. A Consumer Proposal or Bankruptcy would even decrease the amount of debt you owe, making it easier for you to make your monthly payment, without interest or penalties.

"I don't need to do anything about my debt"

What could happen if you fail to take prompt action? You could risk the following painful consequences:

  • Garnishment of wages
  • Court action
  • Collection agency harassment
  • Seizure of assets
  • Ongoing family stress & possible stress-related health issues

Get the facts from experienced debt relief professionals. Please call one of our qualified staff right now by dialing (844) 507-7526 or filling in the form below. We guarantee we’ll take the time to discuss your situation with you on a confidential basis. If, after a discussion by telephone, it appears you could use our services, then a face-to-face meeting will be arranged. This meeting can be held at any of our 50+ Trustee offices across Ontario, at no cost to you.

You can expect a private and confidential meeting. After a careful review of your individual financial situation, we will discuss all of your debt relief options with you, explain how each works, and how a specific debt solution would impact your life.