Bankruptcy Counselling

We at EMR Debt Solutions have Qualified & Registered Estate Administrators, who have over 10 years of experience working side by side with Trustee’s in Bankruptcy.

First we will sit down with you and review your finances. If after reviewing all other options and as a last resort you can file for Bankruptcy.

Bankruptcy clears out almost all unsecured debt & allows an individual a “Path to Financial Freedom & Growth”. This option is an alternative when you are not able to repay a portion of your debts by filing a Consumer Proposal. The Bankruptcy automatically stops the following:

• Legal actions by creditors
• Collection proceedings
• Lawsuits
• Asset repossession
• Wage assignment

In Bankruptcy, there are conditions when certain assets are not exempt.

The following are exempt in Bankruptcy:

• Property: when there is no equity available
• Income: an individual is within the Income Standards set out by the Office of Superintendent of Bankruptcy (no surplus), income to be monitored monthly.
• Personal effects up to $ 5650.00
• Household goods up to $ 11,300.00
• Tools-of-trade up to $ 11,300.00
• Farmer’s tools up to $ 28,300.00
• Motor vehicles up to $ 5650.00

Debts erased with the discharge of Bankruptcy:

• Unsecured credit cards & lines of credit
• Unsecured personal loans
• Income tax debts: if not classified as overpayment
• Student loans: if more than 7 years old
• Business debts: personally guaranteed only
• Utility bills: should the services not be required anymore
• Pay day loans
• Medical bills

Debts not erased with discharge of Bankruptcy:

• Fines imposed by the court
• Certain government overpayment’s
• Debts that arose as a result of fraud or theft
• Court awarded damages for sexual assault or intentionally inflicting bodily harm
• Child & Spousal Support
• Student loans: less than 7 years old

For a First time, bankrupt normally a discharge occurs just after 9 months, when there is no Income Standards (surplus) to be paid. If there is surplus than a bankrupt will only be discharged after 21 months.A discharge certificate is issued once you have fulfilled all your obligations.

 PERSONAL BANKRUPTCY

 Obtaining a discharge for all of your debts is always your last resort. You should be reviewing many other options such as a formal Consumer proposal or an informal proposal in which debts are settled individually with each creditor. Even though this option is very hard on your credit it is cheapest and best option for most individuals. 

 If we can’t help you through consumer proposal or settlement. 
 Covered in Bankruptcy and Insolvency Act  and Ontario Execution Act. 
 Hardest thing to face, but can always benefit you in certain situations. Get into bankruptcy because of uncontrollable circumstances. Remember this is the last option. We will try all other options prior to having anyone file bankruptcy. 

 EMR WILL HELP

 Help you fill out all required information to file, guide you through 2 credit counseling sessions that will provide you with tools/knowledge so you never look back and ensure you are on your path to financial freedom and growth. We are here to help you until your final step- being discharged. No choice after you have retired all of our options. 

 What HAPPENS TO YOUR CREDIT
  
 For first time bankrupt, your credit will go down to an R9 for 7 years from the date you filed. For second time bankrupt, your credit will go down to an R9 for up to 17 years from the date you filed. 
  
 PERSONAL BANKRUPTCY STEPS: 
 1) Initial Consultation- with one of our debt specialists. 
 2) Review of file- Collection of all documents, finalization. 
 3) Bankruptcy gets filed with Office of Superintendant of Bankruptcy (Link) 
 4) Creditors are notified of your Bankruptcy 
 5) You must attend two Credit Counseling Sessions 

 DID YOU KNOW… 
 * Percentage of people filing now days… 
 *If you are filing a Bankruptcy for the third time… 
 Disclaimer: The information provided on this website is used just to provide you with general information. Not intended to provide any sort of advice, and should not be acted on without an initial consultation with one of our debt specialists. If you choose to rely on the information given through this website you are doing so on your own risk.