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Free Credit Consultation

Know your rights before talking to licensed Insolvency trustee

STEVE TALWAR
TRUSTED CREDIT CONSULTANT SINCE 2001

How Bankruptcy Works in Ontario?

Declaring bankruptcy in Ontario can be stressful option, but it is a legal process that allows people to be released from most of their debts and start over financially.

It’s a legal option when someone is unable to pay their debts and has exhausted other options. This assignments are filed with a certified insolvency bankruptcy trustee.

In any case you are involved in a joint financial relationship, it is possible to file a joint assignment that will be dealt with as single joint file. Your debts must be substantially the same, and the trustee must believe it is in the best interest of all parties.

We are experienced credit consultants who will explain you the process in common man language and then will represent you in front of a licensed insolvency trustee to complete application and signing assignment as per the legal process.

Why Choose Us for Filing Bankruptcy in Brampton & Edmonton?

01

Expert Guidance

Our team has extensive experience in handling bankruptcy cases, ensuring you receive knowledgeable and professional advice every step of the way.

02

Customized Solutions

Every financial situation is unique. We tailor our services to meet your specific needs and circumstances, ensuring the best possible outcome for your case.

03

Compassionate Support

We understand the emotional toll that financial difficulties can take. Our counselors provide empathetic, non-judgmental support throughout the process.

04

Comprehensive Services

From initial consultation to post-bankruptcy planning, we offer a full range of services to support you through the entire bankruptcy process.

Need help with Debt?

Frequently asked questions

We are here to assist you with any inquiries regarding our services and solutions.

Personal bankruptcy is a legal process governed by the Bankruptcy and Insolvency Act (BIA) that allows individuals who cannot repay their debts to obtain a fresh financial start.  We provide guidance on how to initiate your journey with us, ensuring a smooth onboarding process.

To file for personal bankruptcy in Canada, you must meet three basic conditions: you must owe at least $1,000 in total debt, you must be insolvent (meaning you are unable to pay your debts as they come due), and you must reside or have assets in Canada.

Not necessarily. Each province has exemption rules that protect certain assets. We will review your specific assets during your consultation.

Bankruptcy has a significant short-term impact on your credit. In Ontario and Alberta, a first bankruptcy remains on your Equifax credit report for 6 years from the date of discharge, and on your TransUnion report for 6 years as well.

Both are formal insolvency options under the BIA, but they work differently. With bankruptcy, eligible debts are eliminated and the process lasts a minimum of 9 months, but you may surrender non-exempt assets and make surplus income payments. With a consumer proposal, you negotiate to repay a portion of your debt — often 20 to 50 cents on the dollar — over up to 5 years, while keeping all your assets.