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What You Should Know About Bankruptcy Toronto

Todays Date: November 15, 2018

There is a lot you should understand before filing Bankruptcy Toronto. There are rules and regulations that must be followed regarding filing for bankruptcy in Canada. The first thing you must do is surrender all of your assets to the trustee that will be overseeing the bankruptcy proceedings. Once this is done, all of your debts will be eliminated.

If you decide to file for bankruptcy Scarborough then you have a lot of planning and organizing toe do regarding your finances. Everything must be in order as all of your records will be closely scrutinized. A trustee will be assigned to the case and make sure all of your financial information is in order for the proceedings.

The whole idea behind bankruptcy York region is to allow decent, hard working people that have hit financial troubles to receive debt relief. It is done in a way the is also fair to the creditors. But there is a legal process applicants must go through if they are interested in filing for bankruptcy. Not everyone that files will be granted bankruptcy Mississauga.

In order to move forward with the filings, the individual must reside in Canada. The must also work in Canada and provide proof of employment. They must also provide financial proof that they are in fact insolvent. In order to be declared insolvent, the individual must owe at least $1,000 and they do not have the means to repay the debt.

A trustee will be assigned to the case. These are federal workers that have been licensed to deal with such issues. The do have a fee for their services. These fees are usually not that much and are overseen by the government. It is a nominal fee that can be borrowed from a family member or friend if the debtor cannot pay on their own.

After all of the proper filings have been made, the individual that owes the creditors money will be protect from any wage garnishment. They will also be a cease and desist in effect that will stop the creditor from contacting the individual regarding the debt. They will not be able to send any written correspondence to the individual regarding the debt. They will also not be able to call the individual to collect the debt. From this point forward, the creditors will communicate with the trustee of the account.

Undergoing a filing for Bankruptcy Markham can be a complex legal process but the Trustee will do all of the heavy lifting. If you have any questions regarding your proceedings, they will be able to address them. They charge a one time fee for their services. But they are salaried government employees. There are some negative repercussions to filing for bankruptcy that the debtor should be aware of before moving forward.

Bankruptcy York region makes certain exceptions when it comes to the surrender of your assets. The government understands that you do need certain items to live comfortably. Therefore, there are certain assets that the individual is allowed to keep. The trustee will provide a list of exemptions. It will depend on what providence the individual resides.

If you have been searching far and wide for Bankruptcy Toronto alternatives that fit your particular lifestyle and situation, then a visit to KillenLandau & Associates is a must.

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