Our Mississauga Licensed Insolvency Trustee office offers debt relief services such as credit counselling Ontario, creditor negotiation, consumer proposals Mississauga and personal bankruptcy assistance to the residents of Mississauga, Port Credit and Cooksville.
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Mississauga & Cooksville Licensed Insolvency Trustees
Mississauga & Cooksville Licensed Insolvency Trustees Ontario
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Get Out Of Debt
Richard Killen & Associates Mississauga and Cooksville Licensed Insolvency Trustee Office is located on Dundas Street East near Hurontario Street. We provide debt relief services to residents of Cooksville, Streetsville, Mississauga and Port Credit areas. Killen has offices located all over the Greater Toronto Area (GTA).
We provide you with FREE consultation so you can get an in-depth assessment of your financial situation. Then you can determine the best solution to your debt problems.
We also realize that meeting during the day may interfere with your work, therefore we offer after hour’s appointments for people in Scarborough West.
- Richard Killen & Associates Ltd
- Licensed Insolvency Trustee and Licensed Consumer Proposal Administrator
- 130 Dundas St E #304, Mississauga, ON L5A 3V8, Canada
Licensed Insolvency Trustee for Debt Relief in Mississauga & Cooksville, Ontario
There is a huge difference between a Trustee and other debt counselling companies and loan consolidation companies in the Mississauga area. The biggest differences are:
- Consolidation loan companies and other financial institutions like banks are making their money based on commissions or the interest you pay them. A trustee like Richard Killen is not making commissions or other incentives to sell you a loan agreement.
- Only a licensed Consumer Proposal Administrator like Richard Killen can offer you a consumer proposal. Proposals are a growing alternative to bankruptcies. In fact, in recent years there are more consumer proposals filed than bankruptcies. Only a licensed administrator can advise you on the benefits and consequences of each solution.
- A Licensed Insolvency Trustee like Richard Killen is working on your behalf and not on behalf of a loan company or bank. They are unbiased and can provide you with all the debt relief options, not just some. This way you can make the best decision possible as you will have all information you require to make an educated decision.
Mississauga Consumer Proposals for Debt Relief
We offer appointments through regular office hours as well as evening appointments for your convenience. The initial consultation is always FREE.
If you are constantly stressed out every day thinking about your debt and how to meet your monthly obligations, I encourage you to give us a call. We have assisted thousands of people like you to get back on track and get a new start.
Talking to us does not obligate you to declare bankruptcy or anything at all. We will review your financial situation with you and provide you with the options available. It is your decision after that to choose a solution or do nothing.
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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.