How Do I File for Bankruptcy in Ontario? - Adamson & Associates
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File Bankruptcy In Ontario

How Do I File for Bankruptcy in Ontario?

If you cannot keep up with your mounting debt, you might believe that filing for bankruptcy in Ontario is the solution to your money troubles.

And there’s good reason to think this.

Bankruptcy helps hardworking debtors like you receive immediate protection from creditors.

This means all wage garnishments, lawsuits, collection calls, and requests for payments will instantly stop.

Bankruptcy also starts the process of getting rid of all your unsecured debts.

Imagine being free of all your credit card debt, personal loans, and so on, typically within just 9 months for a first-time bankruptcy!

But there are disadvantages to proceeding with this process. And that’s why the decision to file for bankruptcy isn’t one to be taken lightly.

That said, bankruptcy itself is actually a pretty simple process.

Your first step to filing for bankruptcy in Ontario is to realize you have a debt problem.

If any of the below scenarios applies to your current financial situation, your debt may be too large to handle on your own:

  • I’m missing my monthly mortgage or loan payments.
  • I’m hitting the limit on my credit card(s) each month.
  • I’m using credit card cash advances to pay regular bills.
  • I’m taking out payday loans.
  • I’m receiving calls from collection agencies.
  • My wages are being garnished.
  • My creditors have started legal action against me.

Sound familiar? If so, you need to reach out to the right expert for help.

Contact a Licensed Insolvency Trustee today to help you with bankruptcy in Ontario.

Bankruptcy is a legal process that can only be filed through a Licensed Insolvency Trustee.

Trustees are licensed by the Canadian Superintendent of Bankruptcy to help administer Consumer Proposals and bankruptcies for debtors like you.

Your trustee will review your financial situation with you and help you understand the pros and cons of all the debt relief options available to you.

Remember, ultimately, you will have the final decision as to how you wish to proceed with resolving your debt. And the sooner you reach out, the more options you may have available.

Photo by Helloquence on Unsplash

John Adamson, CPA, CMA

John is a Licensed Insolvency Trustee (1994), a Chartered Insolvency and Restructuring Professional (CIRP – 1994), and a Chartered Professional Accountant with a Certified Management Accounting designation (CPA, CMA – 1992). His experience includes more than 25 years of helping individuals, small businesses, their owners and even lenders, find solutions to their debt problems.

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