Richard Killen & Associates is a Richmond Hill Licensed Insolvency Trustee as well as a licensed consumer proposal administrator that provides debt relief services such as debt counselling, consolidation loan advice, creditor negotiation, consumer proposals and bankruptcy services to the residents of Richmond Hill, Thornhill and North York.
Richmond Hill Licensed Insolvency Trustee
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Get Out Of Debt
Besides Richmond Hill, the Richmond Hill Licensed Insolvency Trustee also serves North York and Thornhill and is located at Leslie & West Beaver Creek Road. The office provides debt help services like payday loans to Richmond Hill, Thornhill, and North York. Here we share the same location with Mr. Andrew Lee, C. A. who offers accounting and business consultation services.
Richmond Hill is one of the most multicultural municipalities of the Greater Toronto Area with 57% of residents born outside of Canada. There are also many affluent areas like The Bridle Path and some of the poorest areas such as Jane and Finch. There are also many diverse neighbourhoods that represent many different cultures such as Chinese, South Asian, Black Canadians, West Indians, Black Africans, West Asians, and Arabs to name a few.
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
- 9140 Leslie St, #110, Richmond Hill, ON L4B 3L6, Canada
Why It’s Important To Talk To A Richmond Hill Licensed Insolvency Trustee
There are also many different services related to debt relief in Richmond Hill. This includes everything from Payday services, trustees in bankruptcy, banks, debt counsellors, and debt consolidation in Richmond Hill and surrounding areas. The question is “If you have a serious debt problem, which type of company should you consult, and who is looking out for your best interests?”
While your first thought may be to consider contacting your financial institution or a loan consolidation company as a means to reduce your monthly payments, this is not always the best option.
- First, if you are turned down for the loan it will be reflected in your credit score. Shopping around will only reduce your credit score further if each company runs a credit report.
- Second, their priority is to lend you money as that is how they make their money. Their only concern is your ability to repay the loan, not necessarily your best interest.
Richmond Hill Consumer Proposals
A Licensed Insolvency Trustee, on the other hand, is not paid based on commission or on a percentage of the interest you pay. They work for you, not a financial institution. They are completely unbiased and can other you the best advice based on your particular financial situation. A trustee can also offer you all options including consumer proposals in Ontario or a personal bankruptcy which most institutions cannot.
Meeting with a trustee does not require you to take any action. You can listen to the options available and choose not to implement any option. We are amongst the best consumer proposal company in Ontario. Your initial consultation is FREE.
If you’re losing sleep at night as you are too worried about money and how you are going to pay your bills, it’s time to talk to one of the friendly staff at Killen. They have helped many people with debt problems.
Testimonials
What our customers say about us
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 you may be able to renegotiate an arrangement with your creditors. Counseling may help 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. Your employer or clients don’t need 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 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 affect 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 to be paid to the creditors. Income taxes owing before 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 your 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, ensuring 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 years have 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.