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Bankruptcy in Ontario: Where to Begin

Your credit cards are maxed. You can only make minimum payments or have begun to miss payments. Collection agencies call daily or send you legal notices. If any of these instances apply to you, bankruptcy might be the only solution. As overwhelming as it seems, there is hope.

With support you can get through this difficult time and embark on a new beginning. Here are the first steps toward a better life.

Bankruptcy-In-Ontario

1. Arrange to Meet with a Bankruptcy Trustee

Schedule an appointment for a free consultation with a trustee. He or she is an expert at bankruptcy and can help you find the best solution to your financial crisis, whether that means filing for bankruptcy or find another solution. Your trustee can help you start relieving your financial burden today.

2. Collect Information for Your Financial Assessment

To conduct a full evaluation, your trustee will want to know about your assets (things you own), your debts (what you owe) and your monthly income and expenses. Bring these things with you to your appointment:

  • Details about your house, including mortgage info.
  • Statements from retirement funds, savings, and investments you have
  • Statements from your creditors, such as credit card bills
  • Details about car loans, other loans and lines of credit
  • Information on all debts you owe
  • Pay slips or details about your income
  • Last year tax return

3. Determine What You Need to Do

Your trustee will help you determine what the best solution is for you. It is important to be thorough so you can find the best solution quickly.
Bankruptcy is a last resort but in a lot of situations it is the only solution that will help you embark on a new beginning.

4. Filing Bankruptcy with Mclay

If you decide bankruptcy is the solution for you and your trustee can help you and your trustee can help you proceed with bankruptcy in Ontario, he or she will prepare the paperwork and advise you on what to do next.

McLay Bankruptcy Trustees are available to help you through each of these steps. Request a free consultation here, or call us at 519-310-3733.