A fresh financial start.
Bankruptcy is a legal process. It stops your unsecured creditors and releases you from debt.
Are you facing financial problems? Such as:
Overspending? Collection Calls? Wage Garnished?
Loss of Job? Can’t Pay Taxes? Health Issues?
Separation? Divorce? Retirement?
Bankruptcy may be your BEST SOLUTION for a FRESH START.
Financial accidents happen just like vehicle accidents. No one starts out to file Bankruptcy. But, this may be the best way to become DEBT FREE if you have exhausted all your other alternatives.
WHERE CAN I FILE BANKRUPTCY?
You have the right to file if you are an Insolvent Person.
A Licensed Insolvency Trustee is the only person who can file Bankruptcy for you. No other person may offer this service. JAMES B. WALKER & CO. is a Licensed Insolvency Trustee.
HOW LONG DOES IT TAKE?
You can file in ONE DAY provided you have all your information available.
You could receive your Discharge in 9 months if:
- You are a first-time Bankrupt
- You completed Two Counseling Sessions on time
- You completed all your Duties
- You do not have Surplus Income
- No One Objects to your Discharge
- If you have Surplus Income or you are a Prior Bankrupt or your Discharge is Opposed then your bankruptcy will last longer than 9 months.
The length of time can vary depending on the following:
21 months – a 1st time bankrupt with Surplus Income and no opposition will receive an Automatic Discharge.
24 months – a 2nd time bankrupt with No Surplus Income and no opposition will receive an Automatic Discharge.
36 months – a 3rd time bankrupt with Surplus Income and no opposition will receive an Automatic Discharge.
A third-time or more bankrupt is Automatically Opposed and must attend Court to obtain a Discharge.
Any Opposed Discharge means a bankrupt must attend Court to determine when and under what conditions a Discharge may be granted.
You provide proof of your household income and expenses every month. We will determine if you have Surplus Income. The Office of the Superintendent of Bankruptcy defines the Household Standard for determining Surplus Income.
Every dollar earned above the Household Standard is Surplus Income. You will pay 50% of this amount as a mandatory payment to your bankrupt estate.
If your Surplus Income is $200 or less there is no Surplus Income payment is required.
We review Surplus Income with you at your FREE ASSESSMENT MEETING.
WILL I LOSE EVERYTHING?
Some assets are exempt from seizure in Ontario. This means you can likely keep your personal assets. You may also be able to keep your vehicle and your home.
HOW MUCH DOES BANKRUPTCY COST?
You may file for as little as $7.00 a day.
If you do not have Surplus Income then your bankruptcy would normally be 9 months until your Discharge.
The total minimum cost of the simplest bankruptcy would be not very much money when compared to the amount of debt you owe.
If you have Surplus Income or valuable non-exempt assets your cost will be higher and it will take longer.