As Toronto Licensed Insolvency Trustees, we offer FREE consultations on debt counseling, informal proposals, consumer proposals, personal bankruptcies, and debt consolidation loans in Toronto.
Consumer Proposals Bankruptcy Trustee In Toronto
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Get Out Of Debt
For over 25 years Richard Killen & Associates, Toronto Licensed Insolvency Trustees (previously Bankruptcy Trustees), has been helping the good people of Toronto East York to overcome their debt problems through credit counseling Toronto, debt consolidation loans, personal bankruptcies, and consumer proposals.
Our Toronto Licensed Insolvency Trustee office is in East Danforth at the intersection of Danforth Avenue and Main Street. The office is conveniently located at the Main Street subway stop on the East/West Bloor/Danforth subway line.
Here we share space with Elizabeth Webster, a solicitor whose firm has been providing legal services to the people of East York and The Danforth since 1941. This well-established location allows Richard Killen & Associates to be accessible to everyone within reach of Toronto’s public transportation system.
- Richard Killen & Associates
- Licensed Insolvency Trustee and
- Licensed Consumer Proposal Administrator
- 2600 Danforth Ave, Toronto, ON M4C 1L3, Canada
Toronto, Ontario is a great place to live especially in East Danforth with Greektown on the west and Shoppers World on the east side. Most of the development in this area occurred from the 1910s to the 1930s however there has been much redevelopment since then. There are retail shops along with a good majority of Danforth Avenue. Main Square and Crescent Town are the major high rises in the area however most of the apartments and condos are low rise buildings.
While it is great to walk along the Danforth and take in the scenery, many individuals do not enjoy the sites as much as they could as “debt” is all that is on their minds. This can be an exciting area to live in, however, it can also be costly. For many, all it takes is to get laid off for a short time or get hit with a few unexpected bills and we can quickly fall behind.
We rely on our lines of credit or credit cards as a temporary solution however sometimes we extend ourselves and before we know it our monthly obligations exceed our earnings. Debt begins to build month after month and it becomes all we can think about.
Toronto Consumer Proposal For Debt Relief
If you are financially stressed and seeking some debt relief, I encourage you to talk to one of our debt counselors. Good people get into debt problems and our goal is to get you back on track with a fresh start. The initial consultation is free and most people say the call they make to our office is one of the most stress-relieving calls they have ever made.
Contact us today to get the debt relief you’ve been looking for!
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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.