Richard Killen & Associates is an Oshawa Licensed Insolvency Trustee, which offers debt relief services such as debt counselling, creditor negotiation, consumer proposals and personal bankruptcy assistance to the residents of Oshawa, Whitby, Courtice, Clarington, Bowmanville and Newcastle.
Oshawa Licensed Insolvency Trustee
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Get Out Of Debt
As a Licensed Insolvency Trustee in Oshawa, Ontario Richard Killen & Associates Durham office is located in the heart of Oshawa and serves the nearby communities of Whitby, Courtice, Bowmanville, Newcastle and Clarington. We provide a full range of financial debt counselling services including creditor negotiation, consumer proposals and helping individuals filing for bankruptcy.
Since 1992 we have assisted thousands of individuals with financial troubles to get a fresh start. We understand the enormous pressure and stress that debt can put on you, not to mention your loved ones. Financial stress can also lead to health problems as any kind of stress can wreak havoc on your health.
Oshawa Licensed Insolvency Trustee Ontario
If you find yourself constantly stressed about your bills and the worry is keeping you up at night, it is time to seek some professional guidance. So the question becomes who do you talk to and what are your options.
There is no cost for the initial consultation and it will likely be the most stress relieving call you will ever make. We also offer after-hours appointments for your convenience. The initial consultation is always free.
Our Licensed Insolvency Trustee office in Oshawa is located on Simcoe Street just north of King Street.
- Richard Killen & Associates Ltd
- Licensed Insolvency Trustee and Licensed Consumer Proposal Administrator
- 146 Simcoe St N, Oshawa, ON L1G 4S6, Canada
Usually, the first option that people consider is to get a consolidation loan. Sometimes that is all you need to get back on your feet. However, if your credit score is already low, successfully obtaining a loan might be difficult. And each time you apply, that is another blow against your credit rating. The loan company is not out to advise you on the best solution to your financial crisis. All they are concerned about is selling you a loan agreement (which is how they make money) and whether or not they feel you are a good risk.
The ironic thing about consolidation loans is that when people are turned down because of bad credit, chances are the one monthly consolidated payment is less than what you are probably paying before consolidating your payments. So it realty you have a much better chance of repaying the consolidated loan versus your current payments.
Oshawa Consumer Proposals For Debt Relief
The best solution is to talk to a Licensed Insolvency Trustee. This does not mean that you are committed to declaring bankruptcy or committed to taking any action. A trustee is the only person that can provide you with an overview of all the solutions and is working on your behalf, not any financial institution. They are unbiased and their objective is to give you the information you need to make the best decision for your particular situation.
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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.