[{"@context":"https:\/\/schema.org\/","@type":"BlogPosting","@id":"https:\/\/rkillen.ca\/what-happens-to-my-debts-if-i-go-bankrupt\/#BlogPosting","mainEntityOfPage":"https:\/\/rkillen.ca\/what-happens-to-my-debts-if-i-go-bankrupt\/","headline":"What Happens To My Debts If I Go Bankrupt","name":"What Happens To My Debts If I Go Bankrupt","description":"What Happens To My Debts If I Go Bankrupt?Watch this video on YouTube   In this video, Richard Killen, a Licensed Insolvency Trustee in Bankruptcy in Toronto talks about, What Happens To My Debts If I Go Bankrupt. People sometimes ask me what is really happening with regards to my debts if I go bankrupt […]","datePublished":"2017-10-27","dateModified":"2024-04-19","author":{"@type":"Person","@id":"https:\/\/rkillen.ca\/author\/admin\/#Person","name":"admin","url":"https:\/\/rkillen.ca\/author\/admin\/","identifier":2,"image":{"@type":"ImageObject","@id":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/9802e0bea345b33afa85a53646482da09b2d7944429d88b59778b5d3e1c3dd14?s=96&d=mm&r=g","height":96,"width":96}},"publisher":{"@type":"Organization","name":"Richard Killen and Associates","logo":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2016\/08\/landscape-logo-12345-for-web.png","width":600,"height":60}},"image":{"@type":"ImageObject","@id":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/11\/what-happens-to-my-debts-if-i-go.jpg","url":"https:\/\/rkillen.ca\/wp-content\/uploads\/2017\/11\/what-happens-to-my-debts-if-i-go.jpg","height":720,"width":1280},"url":"https:\/\/rkillen.ca\/what-happens-to-my-debts-if-i-go-bankrupt\/","video":{"@context":"http:\/\/schema.org\/","@type":"VideoObject","@id":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0#VideoObject","contentUrl":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0","name":"What Happens To My Debts If I Go Bankrupt?","description":"http:\/\/rkillen.ca\/what-happens-to-my-debts-if-i-go-bankrupt\/ In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, What Happens To My Debts If I Go Bankrupt.\n\nPeople sometimes ask me what is really happening with regards to my debts if I go bankrupt or if I do a consumer proposal? The first thing that happens with regards to your debt, when a person does a bankruptcy or proposal, the first thing that happens is a Stay Of Proceedings goes into effect. It\u2019s kind of like a wall that goes up and separates them from their debts, from their creditors. This Stay Of Proceedings prevents the creditors from being able to continue to pursue them for the money. So, the first thing that happens is that you get this relief from the creditors who you are delinquent with. But eventually, when you go bankrupt or do a proposal, you are essentially trying to get to debt free land. And, when you get your discharge from the bankruptcy, or when you get the certificate at the end of the proposal, to show that you have paid the proposal in full, essentially you have reached debt-free land. So, what happens at the end is, basically, you are no longer responsible for all the debts you had on the date you went bankrupt. Now there is an exception to that, that exception, of course, is a secured creditor. A secured creditor, if you own a home or a car, and you want to keep the car, then you are going to have to keep paying that creditor throughout the bankruptcy or proposal in order to retain the asset.\n\nIf you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems.\n\nWe can meet with you during business hours or book after hours appointments if that is more convenient.\n\nContact us for a fresh start 1 (888) 545-5365\nLive your life free of financial stress!\n\nFollow us on Instagram: https:\/\/www.instagram.com\/killen_trustee\/\nFollow us on Twitter: https:\/\/twitter.com\/Killen_Trustee\nFollow us on Facebook: https:\/\/www.facebook.com\/rkillenassociates\nFollow us on Linkedin: https:\/\/www.linkedin.com\/company\/richard-killen-&-associates\/\nConnect on Linkedin: https:\/\/www.linkedin.com\/in\/richard-killen-020aaaba\/\n\nRichard Killen and Associates have 10 locations across the Greater Toronto Area.\n\nOur main office is at\n\nRichard Killen & Associates\n2130 Lawrence Ave\nEast Suite 402, M1R 3A6\nTel: (416) 285-9511\nhttp:\/\/rkillen.ca","thumbnailUrl":["https:\/\/i.ytimg.com\/vi\/lfAFFLxiTk0\/default.jpg","https:\/\/i.ytimg.com\/vi\/lfAFFLxiTk0\/mqdefault.jpg","https:\/\/i.ytimg.com\/vi\/lfAFFLxiTk0\/hqdefault.jpg","https:\/\/i.ytimg.com\/vi\/lfAFFLxiTk0\/sddefault.jpg","https:\/\/i.ytimg.com\/vi\/lfAFFLxiTk0\/maxresdefault.jpg"],"uploadDate":"2017-11-01T09:39:21+00:00","duration":"PT1M40S","embedUrl":"https:\/\/www.youtube.com\/embed\/lfAFFLxiTk0","publisher":{"@type":"Organization","@id":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw#Organization","url":"https:\/\/www.youtube.com\/channel\/UCVqfGDwXy-OK5RHKZGkaMUw","name":"Richard Killen & Associates Ltd","description":"Since 1992 we at Richard Killen & Associates have helped thousands of people resolve their financial problems. With over 22 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.\n\nThe strength of our company is exemplified by the manner in which we treat our customers. We understand the intense pressure people are under. You will feel better after having spoken with our staff and your sense of dignity will be restored. The relief most people feel is tangible.","logo":{"url":"https:\/\/yt3.ggpht.com\/ytc\/AIdro_nK1yzM56nIFCGmWO7scxw1pLTW2Z8LVLH_kg8kdbbfw5M=s800-c-k-c0x00ffffff-no-rj","width":800,"height":800,"@type":"ImageObject","@id":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0#VideoObject_publisher_logo_ImageObject"}},"potentialAction":{"@type":"SeekToAction","@id":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0#VideoObject_potentialAction","target":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0&t={seek_to_second_number}","startOffset-input":"required name=seek_to_second_number"},"interactionStatistic":[[{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0#VideoObject_interactionStatistic_WatchAction","interactionType":{"@type":"WatchAction"},"userInteractionCount":939}],{"@type":"InteractionCounter","@id":"https:\/\/www.youtube.com\/watch?v=lfAFFLxiTk0#VideoObject_interactionStatistic_LikeAction","interactionType":{"@type":"LikeAction"},"userInteractionCount":6}]},"about":["Bankruptcy","Debt"],"wordCount":314,"keywords":["Bankruptcy","debt","What Happens To My Debts If I Go Bankrupt"],"articleBody":"What Happens To My Debts If I Go Bankrupt?Watch this video on YouTube In this video, Richard Killen, a Licensed Insolvency Trustee in Bankruptcy in Toronto talks about, What Happens To My Debts If I Go Bankrupt.People sometimes ask me what is really happening with regards to my debts if I go bankrupt or if I do a consumer proposal? The first thing that happens with regards to your debt, when a person does a bankruptcy or proposal, the first thing that happens is a Stay Of Proceedings goes into effect. It\u2019s kind of like a wall that goes up and separates them from their debts, from their creditors. This Stay Of Proceedings prevents the creditors from being able to continue to pursue them for the money. So, the first thing that happens is that you get this relief from the creditors who you are delinquent with. But eventually, when you go bankrupt or do a proposal, you are essentially trying to get to debt free land. And, when you get your discharge from the bankruptcy, or when you get the certificate at the end of the proposal, to show that you have paid the proposal in full, essentially you have reached debt-free land. So, what happens at the end is, basically, you are no longer responsible for all the debts you had on the date you went bankrupt. Now there is an exception to that, that exception, of course, is a secured creditor. A secured creditor, if you own a home or a car, and you want to keep the car, then you are going to have to keep paying that creditor throughout the bankruptcy or proposal in order to retain the asset.If you are uneasy about bankruptcy you should definitely visit a licensed insolvency trustee so that you will be given an advice about your bankruptcy problems."},{"@context":"https:\/\/schema.org\/","@type":"BreadcrumbList","itemListElement":[{"@type":"ListItem","position":1,"name":"What Happens To My Debts If I Go Bankrupt","item":"https:\/\/rkillen.ca\/what-happens-to-my-debts-if-i-go-bankrupt\/#breadcrumbitem"}]}]