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

Firstly: You’re not the only person declaring personal bankruptcy In Brockville Ontario

People declaring personal bankruptcy in Brockville 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% with 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 Ontarian’s  finances and Ontario’s economy.

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 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 Brockville Ontario

Here is a guide to the typical steps you will go through when you declare personal bankruptcy in Brockville 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. There may be alternatives for you.

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 your discharge from bankruptcy.

The overwhelming majority of personal bankruptcies are discharge 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. Arrange a Free Confidential Consultation

Seventh Step: Rebuilding your credit

You can start rebuilding you 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 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 can start rebuilding your credit.

Please note that the Brockville Licenced Insolvency Trustee Jean Lazard provides credit counselling & personal bankruptcy services in Maitland, Tincap, Lyn, & Forthton Ontario.

Brockville Bankruptcy Services – What we can do for you.

Our Brockville Bankruptcy Trustee can help you in the following ways.

• Stop collection calls.
• Stop wage garnishment actions.
• Handle all contact with creditors. You don’t have to speak with them.
• Look after all the required legal paper work.
• Answer all your questions about how to re-establish your credit.

You will find more detail about your options here. Personal bankruptcy, Consumer Proposals & Credit Counselling.

Consumer Proposal Brockville

We can present your creditors with what is called a Consumer Proposal asking them to stop adding interest to your debt and or to reduce the amount you owe by half or more. This action coupled with credit counselling can be the one-two punch needed to get past your money trouble. Arrange a Free Confidential Consultation

Find a Bankruptcy Trustee Near You

Lazard & Associates besides having offices in Hawkesbury, provide Bankruptcy & Credit Counselling Services in Hawkesbury, Cornwall, Kingston, Ottawa and Belleville Ontario.

Note: If you find yourself on this page because you Googled Bankruptcy Brockville Trustee | Brockville Bankruptcy Trustee, please let us know. Thanks

Discussing your options with a Licensed Brockville Insolvency Trustee