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Brampton

Consumer Proposal and Bankruptcy in Brampton

If you are considering filing a consumer proposal or bankruptcy in Brampton – the Licensed Debt Professionals™ at David Sklar & Associates can help you get the information you need to make the decision that is right for you.

If you live or work in Brampton and are dealing with crushing debt, take the opportunity to review your financial situation and explore all of your financial recovery options – for Free, with our caring professionals.


Your Free consultation will be a confidential, private time to find out where you stand financially and which solutions you qualify for.

Call 416-498-9200 to book your Free, professional consultation at our Brampton, or any of our 6 conveniently located GTA offices.

Brampton Office Location:

Suite 405, 201 County Court Blvd
Brampton, Ontario
L6W 4L2

Phone: 416-498-9200

Access by:

  • Brampton Go Station Rail
  • Bus
  • Parking

 



Greater Toronto Area Offices – Location Details:
Toronto | Mississauga – Etobicoke | North York – Scarborough | North York West | Pickering – Ajax | Brampton 

Consumer proposals and bankruptcies in Brampton, are debt relief options that the Canadian government has made available through the Bankruptcy and Insolvency Act.

To qualify for either, a person must be insolvent. That is, they must:

  • owe more money than they own in assets, and
  • owe at least $1,000, and
  • have stopped paying their debts or be generally unable to pay their debts in a timely manner.

Under the Bankruptcy and Insolvency Act, only licensed Bankruptcy Trustees are allowed to determine if a person is insolvent. As well, only Trustees are allowed to file and administer bankruptcies and proposals.

In both processes, individuals are required to attend Credit Counselling, where they will be taught and given the tools to better manage their finances and build a brighter future.

Both bankruptcies and consumer proposals:

  • stop collection calls by unsecured creditors,
  • stop garnishment of wages by unsecured creditors,
  • stop legal actions taken and contemplated by unsecured creditors, and
  • stop interest charges on unsecured debts covered in the procedure.

There are significant differences between bankruptcy and proposals, as listed below.

Bankruptcy in Brampton

  • A bankruptcy can last from 9 to 21 months depending on the amount of surplus income you have.
  • Where surplus income exists, additional monthly amounts will be paid into the bankrupt’s estate for disbursal by the Trustee to the unsecured creditors.
  • Assets not exempted by the Ontario Execution Act, may be turned over to the bankrupt’s estate for disbursal to unsecured creditors.
  • During the term of the bankruptcy, the bankrupt will submit monthly reports on their income and expenses.

Consumer Proposal in Brampton

To qualify for a consumer proposal, the total debt of the individual (not including the mortgage on their main residence) must not exceed $250,000. If it is greater, the individual may qualify for a Division I proposal.

In a consumer proposal the individual:

  • keeps their assets (as long as they continue make payments on their secured loans),
  • has their total unsecured debt owing reduced substantially (in addition to interest charges being stoped),
  • pays off their reduced unsecured debt over a period of 5 years or less,
  • gets some “breathing space” to enable them to continue to pay secured loans (ie mortgages, car loans, etc) without the stress of crushing unsecured debt.

Debt Consolidation in Brampton

Debt consolidation is the procedure of merging two or more of your unsecured debts into one payment. There are 4 main avenues for handling debt consolidations. From a bank, from a private lender, through a Debt Management Program or seeking debt relief via a consumer proposal.

Careful consideration is needed when considering Debt Consolidation. Find out what you need to know about Debt Consolidation loans. Debt consolidation is not always the answer.

Which is Right for You?

Get the facts that will help you make the decision that is right for you. If you live in the Brampton or Greater Toronto Area, and are overwhelmed by debt, set up a Free, initial consolation with the Licensed Debt Professionals at David Sklar & Associates.

Call us today at 416-498-9200 or get started with our Quick Assessment Form to book your Free Consultation.