Filing for Bankruptcy in Ottawa Ontario – Three Things You Should know

Firstly: You need to speak with an expert.

Ottawa Licensed Insolvency Trustee Jean Lazard has been helping people just like you eliminate their debt and start a fresh new life. Call Jean to arrange a free confidential assessment of your financial situation. You can reach Jean at .613-567-4357.

Secondly: 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 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 Ottawa Ontario

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

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

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 whether 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.

Sixth Step: Getting discharged 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.

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

Seventh 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 you pay the cards limit up front. 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 you can start rebuilding your credit. Arrange a Free Confidential Consultation

Here are some 2020 Bankruptcy & Consumer proposal Statistics for Ontario, Quebec, BC, and Alberta. Here is a link to complete statistics.

Three Main Debt Solutions Explained

Not everyone in financial difficulty may need to declare personal bankruptcy, there are options. It depends on several variables. Not the least of which is not having the ability to keep up with your payments. Those who are in financial trouble can make better use of their resources by consolidating their debt, submitting a consumer proposal to creditors or declaring bankruptcy.
To speak with Jean privately call and make an appointment. Jean is our Ottawa Licensed Insolvency Trustee. He will answer all your questions & will give you the expert advice you need. The nearest office to you is in Ottawa (see map below for the exact location.) Make the call and come in for your free consultation. You will find that getting everything on the table with someone who can help you become debt-free will, in itself, relieve a tremendous amount of stress and worry.

Personal Bankruptcy

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

So what is Personal Bankruptcy?

Bankruptcy is a legal process that can provide relief to honest but unfortunate individuals who are unable to pay their debts. It’s there to give relief to those who need it. Learn more about personal bankruptcy.

What is a Consumer Proposal?

A consumer proposal is a formal, legally binding process that is administered by a Licensed Insolvency Trustee (LIT). In our case, it would be Jean Lazard. Jean & his team would work with you to develop a “consumer proposal” which is an offer to pay creditors a percentage of what is owed to them or extend the time you have to pay off the debts, or both. The term of a consumer proposal can’t be more than 60 months. Learn more about consumer proposals.

Credit Counselling- Does it Really Help?

Seeking credit counselling is a smart decision. Understanding how to handle money helps you through your entire life. Credit counselling helps you to take control of your income with the help of a professional budget/credit expert. A credit counselor will use their experience and training to help you determine why you are in debt, the difference between good and bad debt, and to find ways to deal with your current money problems. Learn more about credit counselling.

Please note that the Ottawa Licensed Insolvency Trustee provides Consumer Proposals & Personal Bankruptcy services in Nepean, Kanata, Orleans & Barrhaven Ontario. You will find more detail about your options here. Personal bankruptcy, Consumer Proposals & Credit Counselling.

If you found us online by searching for Ottawa Bankruptcy Trustee or Ottawa Bankruptcy please let us know. Thanks in advance.

Call Ottawa Licensed Insolvency Trustee Jean Lazard and be debt-free! 

. Learn more about credit counselling.

Please note that the Ottawa Licensed Insolvency Trustee provides Consumer Proposals &  Personal Bankruptcy services in Nepean, Kanata, Orleans & Barrhaven Ontario.You will find more detail about your options here. Personal bankruptcy, Consumer Proposals & Credit Counselling.

If you found us online by searching for Ottawa Bankruptcy Trustee or Ottawa Bankruptcy please let us know. Thanks in advance.

Call Ottawa Licensed Insolvency Trustee Jean Lazard and be debt free! Arrange a Free Confidential Consultation

Discussing your options with a Licensed Ottawa Insolvency Trustee