Bankruptcy is a legal procedure intended to clear you of your debts so you can start over. Available through the services of a Licensed Insolvency Trustee, bankruptcy lets you cease payments to unsecured creditors. Once you’ve filed for bankruptcy, you’ll also be free of the calls from collectors and any legal proceedings that can follow.
Before you decide to file for bankruptcy, there are some considerations you should take into account. First, the Canadian government requires that you owe at least $1000 and have no other options available to make payments. You also can’t have any assets at your disposal that can be used as a payment option. If you’re eligible for our bankruptcy service in Smiths Falls, contact us for additional information, or continue reading below:
If you graduated within the past 7 years and have outstanding student loans, you won’t be able to clear those debts by filing for bankruptcy. Additionally, if you have fines from court, or child and spousal support payments to make, you won’t be able to use bankruptcy to avoid those responsibilities.
We understand that there is a negative stigma attached to filing for bankruptcy, but you shouldn’t let that prevent you from taking steps to improve your financial situation. We’re here to work with you and find the best solution for your situation. Our team of professionals are here to put you at ease and lift this stress from your shoulders.
When filing for bankruptcy, you’ll need to give up your credit cards and attend two financial counselling sessions during your bankruptcy term. You’ll also need to file monthly statements of income and expenses to your trustee while you’re in your bankruptcy period. Lastly, you may be required to make surplus income payments to your trustee each month that you’re in bankruptcy.
Your trustee will also require you to notify them of any changes to your phone number or address, as well as keep them up to date on any significant changes to your financial situation. This includes inheritances, sizable gifts, tax returns, or lottery wins. It’s important to be honest with your trustee during the bankruptcy process to ensure everything goes smoothly.
While bankruptcy works for some situations, it’s by no means the only option available. A lot of people don’t realize that they have more choices than they realize. When you make an appointment with us, we’ll go over your financial situation and create a plan that best suits your needs.
At Doyle Salewski, we are fully experienced in providing financial management advice. Our directors are qualified CAIRP estate administrators and counsellors. CAIRP accreditation is available exclusively to estate administrators working within member firms. If you have any questions about how we can help you overcome unmanageable debt or financial stress, contact us. Our bankruptcy service in Smiths Falls is professional and confidential.
Our Smiths Falls office is located at 7 Main Street West. You can reach us by calling 613.283.5252. We’re also available through email at email@example.com or on our online consultation booking form. We offer free, no obligation consultations that will provide you with the information you need to get started.