Bankruptcy Ontario: Find a Trustee
Canada > Ontario
Benefits of Bankruptcy/Consumer Proposal in Ontario
If you are either considering or facing bankruptcy, it may be time to take the next step. Have you found a bankruptcy trustee in Ontario yet? This is key in going through the process of exploring your options. Learn more about if you should file, how you should file and whether or not credit counseling or a consumer proposal would be a better route, and how to file for bankruptcy in Ontario.
With the help of a Licensed Insolvency Trustee, Ontario residents can confidently go through the process of debt resolution, knowing they’re on the path to rebuilding a sense of financial stability in their lives.
Here we present the benefits of declaring a bankruptcy in Ontario so you’re better informed for taking the right step towards resolving your debt issues. Let’s get started!
Why File for Bankruptcy in Ontario?
Filing for bankruptcy may not be the best bet for all individuals going through a debt crisis. However it has some advantages, listed below:
- No annoying phone calls from collectors
Bankruptcy is a legal procedure which means that your unsecured creditors must accept it. An automatic ‘stay of proceedings’ prohibits them from harassing you for payments by way of calls or any other correspondences. They cannot enforce any court action, which means that any lawsuits initiated by them or any other action like freezing of your bank accounts will stop immediately after the automatic stay. In addition it also stops wage garnishments, foreclosures, and evictions.
- Does not affect your spouse
If your debts are yours alone, then filing for bankruptcy will not affect your spouse or their credit rating. However it’s best to seek counsel from an insolvency trustee in case of any extraordinary circumstances.
- Comparatively low-cost option that allows you to keep your car and exempt property Bankruptcy exemptions allow you to keep all exempt property in the event that you file for bankruptcy. In addition, it’s a comparatively low-cost option as the cost of filing for bankruptcy doesn’t depend on how much you owe your unsecured creditors, no matter how large the amount may be.
However, if you have nonexempt property, it will be sold by your insolvency trustee and the proceeds will be used to pay off your creditors. If you’re considering a consumer proposal vs. bankruptcy in Ontario, remember that the former allows you to keep more assets and impacts your credit score less severely. Ultimately though, it depends on your unique situation and it’s best to seek expert guidance from an insolvency bankruptcy trustee in Ontario.
Licensed Insolvency Trustees in Ontario
Our licensed insolvency trustees in Ontario are experts on debt settlement in Ontario. They are licensed by the federal government and specialize in both bankruptcy and alternatives to bankruptcy, like Consumer Proposals.
Fill out the form so one of our expert local insolvency trustees can reach out to you and answer for free any of your questions regarding bankruptcy in Ontario or Ontario bankruptcy law.
Why You Should Work with an Ontario Bankruptcy Trustee
There are many reasons why you should consider working with a bankruptcy trustee. Ontario residents have found that the trust they are able to put into their Licensed Insolvency Trustee results in a much less stressful process, as they feel confident that someone is on their side every step of the way.
If you’re not sure about why contacting a Licensed Insolvency Trustee is a smart move, you may want to consider the following reasons:
- Consultations are free.The last thing you need is another expense. Trustees will review and explain your options for debt relief, in language you can understand. No fees, no pressure, no obligation – just information that will help you determine your next steps.
- Licensed Insolvency Trustees are educated and trained. Virtually all trustees have both a university degree and an accounting designation. They are required to take and pass an extensive law and bankruptcy course. They are also investigated by the RCMP before they receive their license.
- Trustees don’t work for creditors. There is a huge misconception that trustees work in favor of \creditors. When in fact, the truth is they actually make sure that both sides are represented and respected fairly.
- Trustees lead you through the process. Bankruptcy proceedings can be scary and time consuming. A Licensed Insolvency Trustee will be your guide, explaining everything to you along the way and answering any questions you may have. They will ensure you understand everything that’s happening and help to make sure you receive your discharge successfully and timely.
- Working with a trustee protects you. Licensed Insolvency Trustees are regulated by the Federal Government, and they offer you protection as they are legally required to work ethically on your behalf. From the moment you file, there is an immediate stay of proceedings that protects you from creditors.
- Trustees don’t only handle bankruptcies. One of of the best benefits of working with a trustee is that you don’t always have to actually claim bankruptcy just because you’re working with them. Their job is to advise you on the best path for you to take to come up with a debt resolution plan (LINK). This could mean bankruptcy, or it could be filing what’s known as a Consumer Proposal. It might also mean providing you with solutions and suggestions on how to best handle your debt on your own.
Navigating bankruptcy may feel overwhelming, but with the help of a Licensed Insolvency Trustee, you can trust you’re in good hands and that you have a partner who is willing and able to help you. Reach out today to find the help and guidance you need if you think you may be at the point of filing bankruptcy. Remember, there is no obligation or cost to you if you contact a bankruptcy trustee in Ontario today.