Richard Killen & Associates is a Licensed Insolvency Trustees and provide debt relief services including consumer proposals in Pickering and consumer proposals in Ajax for the communities of Pickering and Ajax, Ontario.
Licensed Insolvency Trustee Pickering and Ajax
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Get Out Of Debt
Living or working in the Durham region and considering a consumer proposal in Pickering or a consumer proposal in Ajax, Licensed Insolvency Trustee, Richard Killen & Associates is here to help.
Our course we also provide other debt relief services as well including personal bankruptcy, credit counselling (also called financial debt counselling) and guidance on debt consolidation loans. Our Pickering insolvency office is located at Bayly Street and Liverpool Road and serves the communities of Pickering, Ajax, and East Scarborough. Here, we share the same location with an investment services company, Money Concepts.
Approximately 92,000 people are living in the City of Pickering and 120,000 people in Ajax, Ontario. Pickering has had very little change (4.4%) in population over the last 10 years. That is mostly due to the city’s restrictions on developing land in its northern portion. As a result, developers expanded further east to Ajax and Whitby which has enjoyed tremendous growth. Restrictions are currently being reviewed and growth in Pickering is expected to jump to 190,000 by 2031.
A call to our Pickering office will likely be the most stress-relieving call you will ever make. Most clients wished they had called us sooner rather than wait until the stress was unbearable.
Your initial consultation is always FREE. We also accept evening appointments to accommodate your work schedule.Our Licensed Insolvency Trustee office in Pickering is located at:
- Richard Killen & Associates Ltd
- Licensed Insolvency Trustee and Licensed Consumer Proposal Administrator
- 1410 Bayly Street, #6B, Pickering, ON L1W 3R3, Canada
Consumer Proposal Pickering, Ontario
Richard Killen and Associates provides a full range of debt relief services including financial credit counselling of Eastern Ontario, creditor negotiation, consumer proposal Pickering and personal bankruptcy.
We are in the business of helping individuals that have found themselves in debt to the point where the stress of securing enough funds to pay their monthly bills has become overwhelming. Our professionals have helped thousands of people find a solution to their debt problems. Our responsibility starts with a free consultation regarding your financial situation. We will advise you of all the options available and what are the steps necessary to discharge you from your debt completely. However, we will not force you to make a decision. We are here to guide you and administer the legal processes involved in each step.
Consumer Proposals Ajax and Durham Region
Declaring bankruptcy is only one of the solutions available for your financial issues. There are many options to choose from depending on your situation such as a consolidation loan, negotiating with creditors, and consumer proposals. In fact, more people choose proposals over declaring bankruptcy as their preferred choice because of its advantages.
Now is your opportunity to stop the collection calls. Make the smart choice and call Richard Killen & Associates to find out your options for debt relief and to immediately stop collection calls and emails from your creditors.
A call to our Pickering office will likely be the most stress-relieving call you will ever make. Most clients wished they had called us sooner rather than wait until the stress was unbearable.
Our experts understand that good people like you can get into financial trouble and we are here to help work through a solution. We will be with you from beginning to end on your journey towards a debt-free life.
We have 11 offices across the Greater Toronto area to serve you.
We are Licensed Insolvency Trustees and provide debt relief services including consumer proposals in Pickering and consumer proposals in Ajax for the communities of Pickering, Ajax, and Eastern Scarborough.
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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.