Richard Killen & Associates is a Licensed Insolvency Trustee in Brampton, which offers debt relief services such as debt counselling, consolidation loan advice, creditor negotiation, consumer proposals and bankruptcy services to the residents of Brampton, Bramalea, Woodbridge and Inglewood.
Brampton Licensed Insolvency Trustee
Licensed Insolvency Trustee in Brampton, Ontario for Debt Relief Solutions
GET A FRESH START
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Get Out Of Debt
Since 2005, Brampton Licensed Insolvency Trustee and Consumer Proposal Administrator, Richard Killen & Associates has been serving Brampton and the nearby communities of Woodbridge and Inglewood. As with all Richard Killen’s offices around the GTA we provide a full range of debt relief services including financial debt counselling, creditor negotiation, consumer proposals Brampton and personal bankruptcy.
Brampton is the 3rd largest city in the GTA and ninth-largest in Canada. With a population of 523,911 of which the median age is 33.7, it is the youngest community in the Greater Toronto Area. It is an increasingly expensive place to live due to its high demand location for both businesses and residents being so close to Pearson International Airport.
Due to high housing costs, many Bramptonians find it difficult to meet their financial obligations. Usually, this is a result of a job loss, unanticipated bills or both that has put them into a personal financial crisis. It can be hard to gain back financial ground when your expenses each month exceed your earnings.
Brampton Consumer Proposal
We invite you to contact one of our staff and set up a no-charge initial meeting. Here we will review your financial situation and explain your options which could be a consolidation loan, a consumer proposal to creditors or bankruptcy. We are here to provide unbiased advice and present you with your options.
Our Licensed Insolvency Trustee office in Brampton is located on Queen Street East just west of the 410.
- Richard Killen & Associates
- Brampton Licensed Insolvency Trustee and
- Licensed Consumer Proposal Administrator
- 284 Queen St E #224, Brampton, ON L6V 1C2, Canada
Of course, this is not a free ticket to absolve you from all your outstanding debts, rather a means to get you back on track financially. After all, while filing for bankruptcy may remove all or a portion of your current debt, there are also consequences to consider that only a licensed consumer proposal administrator and Trustee in bankruptcy in Brampton, Ontario can provide.
Brampton Consumer Proposal
Right now you may be wondering if you should approach your bank or other financial institution and apply for a consolidation loan. It might be the best solution for you and maybe not. Their goal is to make money off you by selling you a loan agreement and they are not looking out for your best interest, their concern is whether you are a good risk or not.
Call our office today to understand all your options for debt relief. If you are like most people that come to our office, you will wish you had called sooner.
Richard Killen & Associates is a Licensed Insolvency Trustee in Brampton, which offers debt relief services such as debt counselling, consolidation loan advice, creditor negotiation, consumer proposals and bankruptcy services to the residents of Brampton, Bramalea, Woodbridge and Inglewood.
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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.
