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Steps to Take Before Declaring Bankruptcy in Ontario

by allanmorais

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Being deep in debt is not something anybody wants for him or herself. For some people, especially those experiencing it for the first time, it can be a desperate situation. Others though may look at it as just another challenge they need to overcome. The fact remains, however, that no matter how they look at it, they'll need professional help to address the problem.

Fortunately, you'll be glad to know that finding debt-assistance in Ontario is not difficult. There are many companies in the province that are more than willing to help people in financial troubles to take the necessary steps before declaring bankruptcy in Ontario. It may not be easy to get out of a debt-hole trap, but it's not impossible.

In fact, there's more truth to the saying that no problem is without a solution than most people would admit—even enormous amounts of debts. For this reason, it would be wise to seek the help of experts to get you out of this quagmire. You need a clear mind to enable you to think of the best solution for this kind of problem, and financial experts may be just who you need to do that.

Before your declaration for bankruptcy can be approved by the court though, it must undergo several steps. You need to contact a trustee who is licensed by the government to handle the bankruptcy process. A meeting of all your creditors is then set and you are required to attend two counseling sessions. How you will be discharged from your debt would depend on several factors and the trustee's recommendations.

Filing for personal bankruptcy in Ontario, however, is not just the only option you can take to address your financial dilemma. You can also file for consumer proposal if your total debt does not exceed $250,000 excluding a mortgage and you have the ability to repay part of your debts. However, such proposal must be accepted by your creditors before it can be granted.

Indeed, being in debt is a difficult situation, but there are available remedies to your financial mess. However, whether you file for bankruptcy or consumer proposal, seek the advice of experts first before choosing the right solution. Visit the following website for other details:

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