If you are insolvent or facing unpayable debts, filing a consumer proposal in Brampton or bankruptcy in Brampton can be your way out. As bankruptcy trustees, now known as Licensed Insolvency Trustees, David Sklar & Associates has the information and the advice you need to become debt free in the near future.
A bankruptcy trustee in Brampton is a professional who can help you get out of debt without taking on any additional loans. A bankruptcy trustee in Brampton will review your finances and your debt and provide insights into your options for financial recovery.
The team at David Sklar & Associates cares about you and your financial situation. Your initial debt consultation is free of charge as we determine the best course of action to solve your debt problem.
Your consultation with a bankruptcy trustee in Brampton will be confidential and private. You will have a chance to learn more about your financial situation and learn about options for which you’re eligible.
Call 905-216-8100 to book a free consultation with a bankruptcy trustee in Brampton or at any of our other five locations.
Consumer proposals and bankruptcies are the two options for debt relief that a bankruptcy trustee in Brampton can help you with.
Both bankruptcies and consumer proposals:
A consumer proposal is a debt relief option made available by the government of Canada through the Bankruptcy and Insolvency Act. A consumer proposal in Brampton will reduce your debt, halt interest payments, stop legal action from your creditors, and give you more time pay back your debt.
To qualify for a consumer proposal in Brampton, you must be insolvent. That means that you:
A bankruptcy trustee can help determine whether or not you’re insolvent. When you want to file a consumer proposal in Brampton, a bankruptcy trustee must be the one who files and administers the proposal. If your debt not including the mortgage on your primary residence is greater than $250,000 you may be eligible for a Division I proposal instead.
If you file for a consumer proposal in Brampton instead of bankruptcy, you:
Like consumer proposals, bankruptcies must also go through a bankruptcy trustee. A bankruptcy will last anywhere from 9 to 21 months. This depends on your surplus income, which you may have to pay in addition to assets disbursed by your bankruptcy trustee in Brampton, to unsecured creditors.
When you file for bankruptcy, assets that are not exempt under the Ontario Execution Act may be disbursed to your unsecured creditors in order to settle your debts.
During a bankruptcy, you will have to submit monthly reports on your income and expenses. This is one reason people expecting an increase in their income may be interested in a consumer proposal in Brampton instead.
Whether you go through bankruptcy or a consumer proposal in Brampton, you will be required to attend credit counselling sessions as part of the process. These sessions will help you understand credit and better manage your finances in the future.
Debt consolidation refers to merging your unsecured debts into a single payment. You can do this through a debt management program, a loan from a bank or a private lender, or through debt relief in a consumer proposal.
It’s not easy to manage debt when you’re overburdened. Talk to a trustee in bankruptcy about all of your available options before deciding what to do.
David Sklar & Associates has locations across the Greater Toronto Area. When you need a trustee in bankruptcy, find one located closest to you. All of our locations can help you with bankruptcy and consumer proposals in Ontario.
As of April 1, 2016, bankruptcy trustee / trustee in bankruptcy is now known as a Licensed Insolvency Trustee or LIT