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Maybe you have thought about declaring a personal bankruptcy in Toronto or thought about looking into debt counselling. You may have already been the route of debt consolidation loans or recently been declined for a loan at your bank or trust company. I can see how bankruptcy could look to be the only alternative worth considering, however there are other considerations.

Did you know for example that more and more people are filing a consumer proposal instead of declaring bankruptcy? A bankruptcy might be right for you and maybe not, it all depends on your circumstances.

The benefit of a bankruptcy is that you get a fresh start. The annoying calls from collection agencies will stop. It can take nine months or more from the time you file to the time you are relieved from debt however there are negatives. It will show on your credit report for years and you have a much lower chance of being approved for credit during that time.

However, if you’re losing sleep and constantly worrying about the bills at the end of the month, declaring personal bankruptcy could be a very viable solution to your debt problem.

Toronto is a great place to live, It’s also one of the most expensive places to live. As I write this article, interest rates are at an all time low. Imagine the effect of an interest rate increase for most residents of Toronto if the interest rate doubled! Back in the 80’s mortgages rates jumped to 20% and many people were struggling to make ends meet.

If your current debt consists largely of credit card debt, you could be paying those rates today with the high interest rates associated with most credit cards.

At Richard Killen & Associates, a Toronto Licensed Insolvency Trustee, we know that good people often find themselves in financial crisis. Our debt professionals can help you to understand your situation and provide viable solutions to overcoming your debt challenges.

Only a Licensed Insolvency Trustee, not the big financial institutions, can explain all the options available to you and also the consequences of each debt solution.

Our Toronto location is just south of the 401 on the west side of Islington.  Our address is

Richard Killen & Associates
2150 Islington Avenue, Suite 202,
Toronto ON M9P 3V4

Tel: 1 (888) 545-5365

We realize that making the call to our office may not be something you look forward to, however it will likely be one of the most stress relieving calls you will ever make.

For more information on personal bankruptcy in Toronto or debt counselling, please call our Toronto office today at 1 (888) 545-5365 to get the relief you‘ve been looking for!