Unexpected major life events when you live in a city like Toronto such as a job loss can leave you thinking that bankruptcy is the only option – but there are bankruptcy alternatives in Toronto. This is a large and expensive city to live in. A sudden job loss can easily eat up your lines of credit and quickly build the amount of debt you owe to credit card companies.
Of course any kind of unexpected expense such as medical or dental bills can have the same effect on your finances. Perhaps you feel that you have lost control over your finances but you dread the thought of declaring bankruptcy. When you’re getting further behind each month you know you need to seek some professional advice to understand your options for debt relief.
Our staff at our Toronto office of Richard Killen & Associates on Danforth Avenue will be happy to sit down with you to discuss these options, or as we prefer to say, solutions.
We are a licensed Licensed Insolvency Trustee in Ontario which means we can explain the legal solutions and any consequences of those solutions to you. It’s important to understand that some legal solutions such as a consumer proposal can only be made with a Licensed Insolvency Trustee. These bankruptcy alternative solutions include:
- Debt & Credit Counseling
- Negotiation with your creditors to reduce interest rates
- Informal Arrangements with Creditors
- Consolidation Loans resulting in lower payments and better terms
- Consumer Proposals which is a legally binding agreement with creditors
And sometimes, personal bankruptcy may be the best solution.
Consumer proposals are gaining in popularity over these past few years as they have many of the same benefits as bankruptcies yet less restrictions.
There is no charge to come into our Toronto offices for your initial meeting to talk with a trustee and we encourage you to do so. Just talking to a professional about the options available to you can relieve your stress because you’ll learn that there truly are solutions.
Our trustees will start with a complete review of your financial situation so we can offer the best solution to you. Perhaps you just need someone to help you with a plan to manage your debt and learn some techniques about controlling how you use credit. Richard & Killen trustees can work with you to negotiate repayment terms with your creditors. This can often result in an informal arrangement with your creditors.
Maybe a consolidation loan is the best route, we don’t know until we speak with you about your financial situation. Our Danforth & Main office in Toronto is conveniently located at the Main Street subway stop on the East/West Danforth line. Here we share space with the Elizabeth Webster, a solicitor whose firm has been providing legal services to the people of East York and The Danforth since 1941.
Call us at 1-888-545-5365 or drop by our offices at 2600 Danforth Avenue, Toronto, ON M4C 1L3