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Consumer Proposal & Bankruptcy Toronto Advice

Bankruptcy in Toronto

If you need help eliminating your debt, our Licensed Insolvency Trustees can help. As licensed debt experts we will explain about consumer proposals, bankruptcy and bankruptcy alternatives in Toronto. We can help you:

  • eliminate credit card debt
  • stop collection calls and garnishments
  • get debt relief

Research Your Options

The number one reason to talk to a Licensed Insolvency Trustee if you are having debt problems is to get advice.

You don't have to call just to file bankruptcy -- we are here to help answer your questions and help you find a solution that works.

  • Consumer Proposals

    Settle your debts, keep your assets and avoid bankruptcy by filing a legal consumer proposal. As licensed consumer proposal administrators we can help you negotiate a agreement with your creditors for less than you owe. Learn more about Toronto's #1 alternative to bankruptcy.

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  • Credit Counselling

    If your debts are out of control, our licensed debt counsellors can help you take back control. They will meet with you to assess your situation and will explain all of your debt relief options. They can help you compare a Debt Management Plan with a Consumer Proposal and help you develop a plan to deal with your financial problems so you can get back on track.

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  • Debt Consolidation

    Are you tired of balancing too many debts and struggling and looking for ways to consolidate your debts into one, lower monthly payment? Our debt experts can help you compare your debt consolidation options. If you do not qualify for a debt consolidation loan, we can still help you develop a plan to consolidate your debts through other debt consolidation alternatives.

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  • Bankruptcy Services

    While bankruptcy is a last resort, it can sometimes be the best solution. Bankruptcy can provide immediate relief from debts and a fresh start. We will meet with you to review your situation at your FREE initial consultation and answer any questions you have about bankruptcy and how to file for bankruptcy in Toronto.

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Separation Agreement Will Not Protect You From Debt Obligations

separation-agreement-no-protection-from-debts

Marital breakups can be difficult for any family. It causes a flurry of emotions, decisions, and unforeseen consequences – especially when it comes to your personal finances. If you had joint accounts throughout your marriage, you’re in a particularly vulnerable position, even with a separation agreement. What is Joint Debt? Joint debt is any type of loan that you are both liable for. Even though there are two people assigned to the type of credit, that doesn’t mean you’re only responsible to pay half. If you pay half, but your spouse (or in this case, ex-spouse) refuses to pay, the…

I’m Getting A Raise. Can I Increase My Consumer Proposal Payments?

can-i-increase-consumer-proposal-payments

There are many advantages to using a consumer proposal to deal with your debts. You are able to pay back whatever you can over a set period of time (but no longer than five years). A consumer proposal is a legal contract with your creditors. They vote on the offer you make and have 45 days to consider it and provide you with an answer. If the majority of your creditors agree, then it is a legally binding contract. This means that both you and your creditors are to uphold that agreement. If your income goes up, your contract does…

Tax Tips to Ease The Bankruptcy Process

It’s important to understand the entire effects of bankruptcy before you file. You should know that your tax season will be different for the year of your bankruptcy. You’ll need to provide detailed information to ensure you don’t end up with a large amount of tax debt upon discharge. Before Bankruptcy Proper Paperwork Ensure all tax filings are complete and sent to revenue Canada. If returns are not filed, Revenue Canada will do an arbitrary assessment based on the information they have available. This means you could end up owing more tax than you would have if you had  just…

Windfalls & Bonuses: Bankruptcy vs. Consumer Proposal

windfalls-and-bonuses

When someone files bankruptcy in Canada their assets are entrusted to their trustee. Certain assets are exempt from seizure, and asset exemptions vary from province to province. What’s not commonly discussed is what happens with any surplus income or gifts that come in throughout the duration of your bankruptcy. In Ontario property exempt from seizure are: Household furniture, appliances up to $13,150 Personal clothing of unlimited value One motor vehicle up to $6,600 Tools of your trade up to $11,300 In the case of a farmer: livestock, fowl, bees, books, tools and implements and other chattels ordinarily used by the debtor…

Using Your Home Equity to Consolidate Debt

home-equity-consolidate-debt

Home values across Ontario are up, and in the GTA specifically – they are booming. With home values steadily increasing year after year and mortgage interest rates at historical low, how can you use your home equity to consolidate your consumer debt? If you’re one of many Canadians with high credit card debt, unsecured lines of credit and personal loans that are at their limit, you aren’t alone. Can my home equity help? If you own your home, and have seen its value increase over the past few years it is very possible that your path to debt relief lies…