Toronto and Etobicoke Licensed Bankruptcy Trustee in Ontario (LIT) and Licensed Consumer Proposal Administrator, Richard Killen & Associates have been helping individuals across the GTA to overcome their financial problems through a variety of debt solutions. This includes consumer proposals, personal bankruptcies, financial debt counselling and creditor negotiation in our Etobicoke office.
Toronto and Etobicoke Licensed Bankruptcy Trustee Ontario
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Get Out Of Debt
Toronto has a population of 2.79 million and is ranked as the safest large metropolitan area in North America by Almanac. Just over 30% of Toronto residents speak a language other than English or French in their home. More than half of the residents were born outside of Canada. Toronto boasts professional sports teams in Hockey, Football, Basketball and Soccer to mention a few.
We have the CN Tower, Museums, world-class sports centers, the CNE and many other major attractions. In Toronto, we seem to have a lot going for us however it’s also one of the most expensive cities to live in. Getting laid off or a job loss can have a serious impact on our financial well being.
Licensed Insolvency Trustee Office in Toronto & Etobicoke, Ontario
Sometimes we fall back on our lines of credit or credit cards to help us get over the hump. Add a few unexpected bills and before you know it, you’re in debt and it’s growing every month. Soon worrying about our finances turns into an everyday occurrence and then it starts to affect our relationships and interfere with our work quality.
If the above sounds like your situation, it may be time to seek professional help from a licensed trustee. One of the worse things you can do is let your debt build until it gets to the point where you feel you have no options except bankruptcy.
Our Toronto location is just south of the 401 on the west side of Islington.
- Richard Killen & Associates Ltd
- 2150 Islington Ave #202, Etobicoke, ON M9P 3V4, Canada
Contact A Bankruptcy Trustee In Ontario
We invite you to talk to one of our debt counsellors or Licensed Insolvency Trustees. This does not mean that by talking to a trustee you are obligated to declare bankruptcy. In fact, their main objective is to assess your finances and then provide you with an overview of your debt solution options. Bankruptcy could be one option however options could also include:
- Creditor negotiation
- Debt consolidation
- Debt counselling and credit counselling
- Consumer proposals.
Don’t let the stress about your finances build up. Call us for a free consultation to find out about your options. All consultations are private and confidential and we also offer after-hours meetings so as not to interfere with your work schedule. The vast majority of people that see us say that the call to our office was the most stress-relieving call they ever made.
Contact us today to get the debt relief you’ve been looking for!
Tel: +1 647-932-5593 | Fax: (416) 285-9564
As a Toronto and Etobicoke Licensed Bankruptcy Trustee in Ontario (now called Licensed Insolvency Trustee), we offer a free consultation on debt counselling, informal proposals, consumer proposals, personal bankruptcies, and debt consolidation loans in our Etobicoke office.
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QUESTIONS ANSWERED ABOUT BANKRUPTCY
What factors determine if bankruptcy is the best solution for me?
There are a number of circumstances that determine when bankruptcy in Toronto is not the best solution. If your income is sufficient to manage your debt over a given period of time you may be able to renegotiate an arrangement with your creditors. Counseling may be helpful to determine if you can change anything in your financial situation that would allow you to come up with a solution. Alternatives to bankruptcy may involve an Informal or Consumer Proposal.
Who will know about my bankruptcy?
We are often asked “Who will know about my bankruptcy?”. Only your creditors must be notified of your bankruptcy in Toronto. It is not necessary for your employer or clients to know about your bankruptcy unless you owe them money as creditors. Though your bankruptcy, as well as your ultimate discharge, are public records and are in all Credit Bureau records for up to seven years, notices are not published in newspapers.
How does bankruptcy affect my wages?
Wage assignments and garnishments are stopped once bankruptcy in Toronto is declared. The Licensed Insolvency Trustee in bankruptcy reviews the amount of your wages and your living expenses through monthly budgets for the nine months period of your bankruptcy. Your income is then compared to guidelines set by the Superintendent of Bankruptcy. A copy of the guidelines is available from the Trustee. If you have surplus household income, after taking into account income and dependants, a portion may have to be paid to the Trustee, who distributes it to your creditors.
Does bankruptcy affect my spouse?
No your bankruptcy does not effect your spouse. Only assets owned by the bankrupt are included in the bankruptcy. If assets are jointly owned with a spouse, then the bankrupt’s portion may have to be sold and distributed to the creditors. It is important to make the Trustee aware of joint assets so that each case can be reviewed individually.
What happens with respect to my taxes?
In regards to bankruptcy and taxes, the Trustee prepares two tax returns in the year of bankruptcy. A pre-bankruptcy income tax return must be filed for the period from January 1 to the date of bankruptcy. A post-bankruptcy income tax return must be filed for the period from the date of bankruptcy to December 31. Income tax refunds from prior years are an asset of the bankrupt estate and must be sent to the Trustee.
The Trustee usually is assigned refunds from the post-bankruptcy return be paid to the creditors. Income taxes owing prior to the bankruptcy are discharged. Any amount owing on the post-bankruptcy tax return must be paid by the bankrupt.
If I go bankrupt, will I need a bankruptcy lawyer in Toronto?
Generally, you do not require a bankruptcy lawyer in Toronto to go bankrupt. If you feel the need for legal advice and cannot afford a lawyer, legal aid is available.
Will I ever be able to get credit again?
If I go bankrupt will i ever get credit again? is a common question. If you have credit cards in collection, you already have a poor credit rating. Your ability to obtain and use credit after discharge depends on the amount of down payment, ability to have credit and recent payments to secured creditors and those who report to the credit bureaus. You should obtain a copy of the Discharge Order and send it to the Credit Bureau so that your credit record can be updated.
What is a Licensed Insolvency Trustee in Toronto?
A Licensed Insolvency Trustee in Toronto is an individual who is designated by the Superintendent of Bankruptcy to administer the bankruptcy or consumer proposal process and provide counseling within the requirements of this process. A Trustee acts on behalf of both the bankrupt and in the interests of the creditors, insuring everyone’s rights are upheld.
Are student loans discharged in bankruptcy?
In a general sense student loan debts are treated exactly the same as all other unsecured debts, in that they are stayed from taking collection action during a bankruptcy and student loans outstanding will receive their share of any distribution and have the same rights as other creditors.
An individual filing bankruptcy within ten years of last attending school will not be eligible to have their student loans discharged at the end of the normal nine-month bankruptcy term. Rather, that individual must make a separate application to the court to have the student loans discharged after the ten-year period has passed.
The laws involving bankruptcy and student loans are relatively new and the Courts will be interpreting these new laws and your Trustee will advise you of up-to-date changes.
GET A FRESH START
Please provide the following information so we may contact you for your free consultation.