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Eliminating debt through bankruptcy

Bankruptcy is the term used when you simply cannot meet your payments, even at a drastically reduced rate, like a consumer proposal.  Your debts are legally discharged, which means you are no longer required to pay them back. 

Creditors (the companies you owe money to) can no longer contact you, collection activities stop, and we legally put an end to all creditor actions.  Your debt is eliminated, and you can start to rebuild your credit and financial health.

To protect you, bankruptcies are regulated by the Office of the Superintendent of Bankruptcy and can only be submitted on your behalf by a Licensed Insolvency Trustee (LIT).  

Throughout this journey, our goal is to support and guide you towards managing debt today and set you up to enjoy a healthier relationship with your money tomorrow.

When does bankruptcy become the correct choice?

Bankruptcy can be an option when you are unable to make your payments and if you’ve lost all your household income for a long period of time. 

There are a few things to consider:

Contact us for a free, no-obligation, consultation to discuss if bankruptcy is the best debt option for you.

How do I know if bankruptcy is right for me?

In many cases, if you’ve chosen bankruptcy, it’s because most options aren’t available to you. Before considering bankruptcy, all other options, such as a consumer proposal, should be considered.

Who qualifies for bankruptcy?

How does bankruptcy work?

First, one of our experienced professionals will go over your current financial situation with you.  Your free consultation takes place over the phone and from the comfort of your own home. We will review your income and any family situation expenses (child/spousal support payable, child care costs, medical expenses, etc.) against a government set standard to determine the amount you will have to pay each month (called surplus income), plus any debt that can be recouped from the sale of any non-exempt assets (see the note below). The length of time you will have to make payments depends upon whether or not you have been bankrupt before. In some cases, you won’t even have to make any payments at all and you will be finished in as little as 9 months!

Next, we will formally declare bankruptcy on your behalf. Then, a massive burden will be immediately lifted from your shoulders: no more bothersome phone calls, no more garnished wages, active lawsuits come to an end, and any frozen bank accounts are thawed.

How do I make the right decision about bankruptcy?

The first step is to contact us for a free, no-obligation consultation to discuss ways you might avoid bankruptcy, or to explore whether it’s the right option for you.