Filing for Bankruptcy in Kingston Ontario – Three Things You Should Know

Thanks for visiting our Personal Bankruptcy Kingston resource page where you will learn about how to file/declare bankruptcy in Kingston Ontario. There are three things you should know that may help when you are considering your debt solutions.

First: You’re not the only person declaring personal bankruptcy In Kingston Ontario.

People declaring personal bankruptcy in Kingston is a reflection of what is happening in the rest of Ontario and Canada as a whole. The total number of bankruptcies and proposals in Canada increased by 4.7% in June 2020 compared to the previous month. Bankruptcies increased by 8.0% and proposals increased by 2.9% as reported by the Office of the Superintendent of Ontario.

These stats will increase as the effects of COVID-19 continue to wreak havoc on Kingston residence’s personal finances and Ontario’s economy.

Second: Not finding a debt solution can have serious negative health effects.

Declaring personal bankruptcy may be the best decision you ever made. Of course, there are negative consequences that can be quite serious, but there are tremendous advantages too. The stress of being in debt carries negative physical, emotional, and relational health consequences.

Thirdly, we have all heard “what doesn’t kill you makes you stronger”. 

Understanding that declaring personal bankruptcy is not the end of the world but rather a new beginning. It’s an opportunity to put your financial house in order and start fresh. Learning to budget and manage money is a life lesson that will benefit you your entire life. Arrange a Free Confidential Consultation

Guide to Filing for Personal Bankruptcy in Kingston Ontario

Here is a guide to the typical steps you will go through when you declare personal bankruptcy in Kingston or for that matter anywhere in Ontario.

First Step: Contact an Ontario Licensed Insolvency Trustee (LIT) in Kingston 

Filing for personal bankruptcy is a legal process and must be done through a Licensed Insolvency Trustee. The consultation costs you nothing and is confidential.

Second Step: Determine if you qualify to file for bankruptcy.

The trustee will go over all your finances to make a determination if you qualify to file for bankruptcy. 

Third Step: Consider other alternatives to bankruptcy.

You may not have to go bankrupt. There are bankruptcy alternatives that you may want to consider. You can submit a consumer proposal, get a debt consolidation loan, and have just one manageable payment to make or a lifestyle change that requires less income..The trustee will guide you through these alternatives.

Fourth Step: Start the Bankruptcy process.

Once the bankruptcy process has started your credits will be notified that you have filed and that they need to file their claim for the money you owe them. You will get immediate protection from all your unsecured creditors. No more collection calls, wage garnishments, etc.

Fifth Step: The things you are required to do for the Trustee during this period.

1. You need to provide the trustee with your tax information. This includes any years you have not yet filed for.
2. Surrender to the trustee any non-exempt assets.
3. Make the required contribution to your bankruptcy estate including any surplus income payments you may have.
4. Submit monthly proof of income including pay stubs & other income.
5. You must attend two counselling sessions covering budgeting and other financial advice.
6. Complete any other duties requested by the trustee.

Fifth Step: Getting dischargee from bankruptcy.

The overwhelming majority of personal bankruptcies are discharged automatically after nine months. A discharge is important because it means the debtor is no longer bankrupt and is under no obligation to their creditors. Arrange a Free Confidential Consultation

The countdown to when the credit bureau clears the person’s record of having gone bankrupt can begin the six-year term.

Sixth Step: Rebuilding your credit.

You can start rebuilding your credit score immediately after you are discharged from bankruptcy. The simplest and quickest way to re-establish your credit is to obtain a secured credit card.

A secured credit card is a card on which you pay the card limit upfront. An example of this would be you give the credit card company $500. And they give you a card with a credit amount of $500..By doing this there is no risk to the credit card company and can start rebuilding your credit.

Thanks again for visiting our Personal Bankruptcy Kingston resource page. If you are considering filing for a Consumer Proposal or personal bankruptcy in Kingston Ontario, then you are not alone. Licensed Insolvency Trustee Jean Lazard and his team are here to help. Why not give us a call now and start the process.

Please note that we provide consumer proposal & personal bankruptcy services in Elginburg, Collins Bay, Joyceville & Odessa Ontario.
You will find more detail about your debt solution options here. Personal bankruptcy, Consumer Proposals & Credit Counselling.

Contact Licensed Insolvency Trustee Jean Lazard here in Kingston and make an appointment. The appointment is free. If you live in the Ottawa area please click on Bankruptcy Ottawa.

The first step is usually the hardest. Making that initial call requires a bit of courage, however, most people feel a tremendous sense of relief after doing so. Call Jean Lazard Kingston’s Licensed Insolvency Trustee today and make a fresh start! If you have landed on this page by typing in personal bankruptcy Kingston or bankruptcy Kingston please let us know. Thanks!

Arrange a Free Confidential Consultation

Discussing your options with a Licensed Kingston Insolvency Trustee