FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

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*Unsecured debt includes credit cards, lines of credit, bank overdrafts, payday loans, and unsecured personal loans (excluding student loans). It does not include mortgages and car loans.

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If you have unsecured debt of under $10,000 and live in the Province of Ontario filing bankruptcy may not be the best option for you. We suggest you contact the Office of the Superintendent of Bankruptcy at 416-973-6441 to discuss your options, or you can visit their website here.

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Bankruptcy protection

can you explain how bankruptcy protection works??

I have no cash to pay off debt – but lots of equity – once assets are liquidated – debts will be taken care of – will bankruptcy protection buy us time in this case??

thanks

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One Response to “Bankruptcy protection”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

Bankruptcy protection is referring to the Stay of Proceedings that is put in place when you file a consumer proposal, bankruptcy, or under Orderly Payment of Debts.

Essentially this is a court order that eliminates your unsecured creditors from making any sort of collection attempt, whether that be phone calls, garnishment of wages or accounts, or seizure of assets.

While I don’t’ think a bankruptcy will be in your best interests you may want to consider contacting a licensed trustee and exploring the possibility of filing a consumer proposal. Consumer Proposals are often used as a mechanism to create a little bit of temporary space between you and your creditors to allow for things like the sale of property to take place.