Bankruptcy in Ontario, Ontario Bankruptcy Information:

This website has been updated for the new bankruptcy laws in force on September 18, 2009.

 

A. Farber & Partners is a firm of trustees in bankruptcy specializing in debt solutions for your personal financial problems. We have offices in Toronto, Scarborough, Mississauga, Hamilton, North York and throughout Ontario. Our website's purpose is to provide Ontario bankruptcy information and other options that will help people in Toronto, Scarborough, Mississauga, Hamilton, North York and throughout Ontario get a fresh financial start, and to provide resources to assist in building a secure financial future!

The A. Farber & Partners team of managers and Ontario bankruptcy trustees will work with you and your creditors to resolve your financial difficulties, in a non-judgmental, caring and compassionate manner.

 

Our bankruptcy in Ontario information and other options include a full range of debt relief solutions:

• Debt negotiation - contacting your creditors - to help you preserve your credit rating, our Ontario bankruptcy trustees can contact some or all of your creditors to explain your financial situation and recommend an arrangement that is tailored for your circumstances. Filing personal bankruptcy in Ontario is not the only solution to your money problems. Debt negotiation is one alternative to an Ontario personal bankruptcy.
  

• Debt elimination & consolidation loan - by approaching your bank or through our network of lenders, our managers and Ontario bankruptcy trustees can help you secure one loan to repay all of your other debts. While you may still owe the same amount in total, the monthly payment is often lower and you will only have one payment to make every month, which makes debt elimination easier. Debt consolidation is one alternative to a filing a bankruptcy in Ontario.

  
  

• Consumer proposal - this agreement between you and your creditors may allow you to pay off only a portion of your debts and/or extend the time you have to pay off those debts. Our Ontario bankruptcy trustees help you draw up and present a formal offer to your creditors that is fair and reasonable to the creditors but that is also affordable to you. If the required majority of the creditors accept the offer then all your unsecured creditors are obliged by law to also accept the offer. Filing of a consumer proposal immediately stops all collection efforts and legal actions by your unsecured creditors, including asset seizures, and wage garnishments. This type of debt relief is another alternative to an filing a bankruptcy in Ontario.

  
  

• Filing a Bankruptcy in Ontario - As a last resort, you can cope with a financial crisis by filing a bankruptcy in Ontario. Filing for bankruptcy with one of our Ontario bankruptcy trustees is a powerful debt solution that immediately stops all collection efforts and legal actions by your creditors, including lawsuits, asset seizures, and wage garnishments. The Ontario personal bankruptcy process includes debt counseling sessions that can help you create realistic budgets and regain control over your finances. While nobody wants to file an Ontario personal bankruptcy, this may be the most appropriate solution to bring closure to a difficult period in your life so that you can build the new future that you and your family deserve.

 

We'll start by scheduling a meeting so you can discuss filing a bankruptcy in Ontario and other possible debt solutions with one of our managers or one of our Ontario bankruptcy trustees. This meeting is free, and it's confidential. We'll help you make the right decision so you can regain control of your life.

Clothing	$ 5,650
Household Goods	$11,300
Tools of the Trade	$11,300
Farmers	$28,300
Motor Vehicle	$  5,650
Principal residence	$0

 

 

 

 

 

 

 

 

• Effective July 7, 2008 exemptions are in effect for all registered retirementsavings plans (RRSP's, RRIF's and DPSP's (Deferred Profit Sharing Plans).
  • Contributions made in the 12 months prior to the date of bankruptcy will be recovered (clawed back) for the benefit of the bankruptcy estate for RRSPs in provinces without RRSP exemption laws (BC, Alberta, Ontario, NB, and NS);
  • There will be no upper cap on the amount of RRSPs that can be protected;
    
  • There will be no need to set up the RRSPs in a locked in plan to make them eligible for exemption;
  • The court will have no jurisdiction to extend the one year claw back period period in an appropriate case.

Please note that this is general Ontario personal bankruptcy information and other debt relief options and does not replace the specific details that need to be discussed in a meeting with one of our Ontario bankruptcy trustees. Some other issues may include being judgement proof, co-signers, the effect on your spouse, separation between spouses, surplus income guidelines, stay of proceedings and income tax consequences.

Most of the people who file a bankruptcy in Ontario or an Ontario consumer proposal are good, honest, hard-working people who file an Ontario personal bankruptcy as a last resort after months or years struggling to pay the bills left over from some catastrophic event or set of circumstances. It can be because of a divorce, the loss of a job, a failed business venture, a serious illness, or some family emergency, or because the person honestly and mistakenly fell into debt at a young age before they knew better, and before they knew anything about budgeting or how to manage money.

Ontario's personal bankruptcy laws are designed to permit an honest but unfortunate debtor to obtain a discharge from his or her debts while treating creditors equally and fairly.

Last year, more than 100,000 individuals in Canada filed for personal bankruptcy or filed a consumer proposal.

When you are ready for a FREE CONSULTATION Call us Toll Free:1-866-916-8907 (Use this number to set up an appointment at any office)

 

 

 

 

 

 

| Mobile Bankruptcy Canada | Mobile Bankruptcy Action | Bankruptcy.tel | Bankruptcy Lawyers.tel |