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Filing for Bankruptcy in Ontario: The Various Kinds

by allanmorais

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If your laid back way of life were replaced with piles of unpaid loans and bills, you may find that the second best option is to file for bankruptcy. There are several methods in which you can declare bankruptcy depending on your present financial status. Listed below are the various kinds of bankruptcy in Ontario you can take into account.

Personal Bankruptcy

In this procedure, your properties will be sold off to a trustee to settle all the financial obligations you have incurred. According to Canada's Bankruptcy and Insolvency Act,
there are certain assets exempted from being rescinded. These involve vehicle, household property, tax credit payments, earnings, properties which you are just a trustee of or are owned by third-party individuals and other possessions and services as determined by Ontario laws.

Consumer Proposal

A consumer proposal is a deal that is decided upon by your lenders and your representative or trustee, on your behalf. Your debt trustee will compare your total unpaid debt with how much you can still pay each month, and the duration you have to pay for it. Then he will determine if a consumer proposal will work for you. This is a really good solution if you are presently having problems with paying your monthly expenses but are not quite out of money yet.

Debt Management

Debt management may be offered to you by a reputable bankruptcy counseling company to help handle your settlements. You don't actually lose your financial obligations in this procedure, but rather learn the ways to better designate your funds. Your creditors can also lessen or remove your debt interests.

Debt Settlement

Debt settlement with Ontario creditors could be an option if you owe more than $10,000 and your debts have been referred to a collection agency. Your debt settlement company, as your agent, will make a deal for a settlement with your creditors and stop collection calls. This will merge all your financial obligations into one for you to little by little pay every one.

All these solutions are offered by a reputable firm that provides several solutions for debt relief in Ontario to help ease the worry of increasing debt. Seek advice from one to learn which is the most ideal for your financial condition. For more information, check out

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