danforth

Debt…it hangs over you like a dark cloud and often residents seek debt relief in the form of declaring bankruptcy in Toronto. We know that debt can affect your health, it can make you sick from worry, it can affect your sleep, and it can even be a relationship breaker. But before you start experiencing these kinds of problems, there is help.

Debt Relief- Declaring Bankruptcy

The Bankruptcy process was put in place to give individuals or debtor a chance for a fresh start.  It also provides measures to counsel the debtor on financial management to prevent the debtor from repeating the process.  Lastly it protects the creditors from competing with each other and easing the pressure placed on the debtor.

The benefits to the individual is that he or she would be discharged from all or a portion of the existing debt. In addition, all collection calls would stop by law. The person declaring bankruptcy may be able to keep certain property exempt from creditors.

The downside is that a bankruptcy will be shown on your credit rating for up to seven years. Any surplus income may be collected and distributed to creditors.

Debt Relief- Consumer Proposals

In 2013 there were more consumer proposals in Ontario (22,361) than bankruptcies (21,773). This seems to be a growing trend across Ontario. The reason is that a proposal carries many of the same benefits compared to a bankruptcy, however, it has fewer restrictions on the Debtor and their assets.  In addition, proposals do not have the same negative stigma attached to them.

Of course there are other options for debt relief as well.

How can you get debt relief? Come visit our office and talk to one of our Richard Killen & Associates debt consultants in Toronto.

Let us understand the debt issues you have and we can walk you through some solutions. The answer could be counseling…just talking over the issues with someone who is not emotionally connected, who can listen but be objective about what you need to do….what actions you need to take….and how they can help you is a good first step.

There is help. You needn’t suffer. Come in and see us. Your first consultation is free. We might just take that worry away from you and make it manageable.

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 Elizabeth Webster, a lawyer 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

For debt relief, solutions such as declaring bankruptcy in Toronto or other options, Richard Killen & Associates could be the most stress relieving call you’ll ever make.