How to File for Bankruptcy

Filing for bankruptcy isn’t a simple decision. It’s one that needs to be made during one of the most difficult periods of your life financially and personally. You aren’t able to keep on top of your bills. You may be using one credit card to pay another. You’re afraid to answer the phone in case it is the collection agency calling again. You are fighting with your significant other over money issues. . . .

The signs of financial crisis are hard to face alone. That’s why we offer a free comprehensive consultation with a Licensed Insolvency Trustee (LIT) . We we will help you assess your situation and provide you with options best fit for your unique situation. If a decision is made that bankruptcy is the best way to go, then we will work with you to successfully complete the process.

Filing for a bankruptcy in Ontario can only be handled by an LIT. (A credit counselling firm, for example, can’t do this for you.) In simple terms it is pressing the reset button on your finances. The immediate benefit is that as the trustee, we deal with your creditors, harassing collections calls & legal threats stop. It is the beginning of a rejuvenation process for your finances, as you make your way back to financial freedom and peace of mind.

Who qualifies for bankruptcy in Ontario?

Believe it or not, not everyone does. While you don’t have to be a Canadian citizen to file for bankruptcy, you must owe at least $1,000, you either cannot or are not paying your bills, or what you owe is greater than what you earn.

How long will I be bankrupt?

If you have never been bankrupt before, your bankruptcy will usually last nine months. In some circumstances , it can stretch to 21 months. The bankruptcy will last longer if you have been bankrupt before.

Using broad brushstrokes, this is what’s involved in filing for bankruptcy. But for every individual case, there are many complexities that need to be considered and properly addressed, that is why we offer our free comprehensive consultation. We promise to help you find the best solution for your case, whether it is bankruptcy or something else.

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