There are many loan consolidation companies and debt counselling services in Mississauga however only a Licensed Insolvency Trustee can offer you all the debt relief options and explain the legal pros and cons of each option.
Mississauga & Erin Mills Licensed Insolvency Trustee
Licensed Insolvency Trustee in Mississauga & Erin Mills, Ontario
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Get Out Of Debt
Richard Killen & Associates are Mississauga and Erin Mills Licensed Insolvency Trustees that help local residents with consumer proposals and personal bankruptcy services. Richard Killen’s second oldest office, our Erin Mills branch, is conveniently located opposite the Sheridan Centre just north of the QEW on Erin Mills Parkway, has been offering insolvency solutions to the people of Mississauga and Oakville since 1999.
Mississauga is now the third most populous city on the great lakes behind Toronto and Chicago. 48% of the 734,000 people speak English and 52% of the residents speak a language other than English. Other than English the most common languages are Urdu, Polish, Punjabi, Arabic, Tagalog, and Portuguese.
Why Talk To A Mississauga Licensed Insolvency Trustee?
There are many loan consolidation companies and debt counseling services in Mississauga however only a Licensed Insolvency Trustee can offer you all the debt relief options and explain the legal pros and cons of each option.
Mississauga consumer proposals, for example, can only be offered by a licensed consumer proposal administrator such as Richard Killen & Associates. We invite you to call our office to learn more about the many debt relief options available. Our Mississauga office is conveniently located at.
- Richard Killen & Associates
- Mississauga Licensed Insolvency Trustee and
- Licensed Consumer Proposal Administrator
- 2155 Leanne Blvd #206A, Mississauga, ON L5K 2K8
A consolidation loan is the first step that many people consider to get back control of their finances. However, if you shop around for a loan, each credit check by every bank or consolidation loan company you approach will have a negative effect on your already weakened credit score. Our professionals can look at your finances and advise you whether a consolidation loan is the best solution for your needs.
Unlike loan companies, we do not make money by selling you a loan agreement. We are unbiased and provide solid advice so you can make the best decision for your unique situation.
If you are employed during the day, we offer after-hours appointments so a consultation will not interfere with your work schedule. Your first consultation is always FREE.
Living paycheck to paycheck and always worrying about finances is not the way life should be. Do the responsible thing and call our office and lets us help you find a solution to your financial difficulties.
A call to our office today could be the most stress-relieving call you will ever make. You will wonder why you did not make the call before.
As a Licensed Insolvency Trustee in Mississauga and Erin Mills, Ontario, we can offer you debt counselling, creditor negotiation, consumer proposals and personal bankruptcy assistance.
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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.