Sheriff Sole & Madej Inc.


We do much more than simply reduce and eliminate debt, we’re here to help! For over 20 years, our Licensed Insolvency Trustees in Toronto, Administrators and credit counsellors have been dedicated to resolving your debt problems.

Get in touch with us, when you are ready for a financial change.

Sheriff Sole & Madej Inc.


We do much more than simply reduce and eliminate debt, we’re here to help! For over 20 years, our Licensed Insolvency Trustees in Toronto, Administrators and credit counsellors have been dedicated to resolving your debt problems.

Get in touch with us, when you are ready for a financial change.

get in touch - we're here to help

Do You Have Questions About Bankruptcy?

Let’s see if we can get you some answers…

Do I need a trustee to file bankruptcy in Canada?

Yes. Because in Canada bankruptcy is a legal process, you must utilize the services of a licensed insolvency trustee. Once you meet with your trustee, they will help you determine the best course of action. In some cases you may qualify for a consumer proposal instead. Your trustee will help guide you through the process and make sure that all of your questions and concerns are addressed.

What is consumer proposal?

In some cases this may be preferable to bankruptcy and be the better option for you. The goal of a consumer proposal is to roll all of your debt into one manageable monthly payment. In most cases, it is possible to negotiate your debt so that you end up owing less than you actually owe. You might think of it as an opportunity to honour your commitments, avoid bankruptcy, and it gives many clients a huge sense of relief and sets the stage for financial recovery.

How long will I be bankrupt in Canada?

A trustee will be able to better answer this question once they have more information about your specific case. Generally speaking, if this is your first bankruptcy, you may be entitled to an automatic discharge from personal bankruptcy in as little as 9 months.

Your trustee will be able to advise you more fully based on your specific case. Its best you contact us to discuss your specific situation.

Does filing for bankruptcy in Canada affect my spouse?

No, your spouse’s credit will not be impacted if he/she is not represented “jointly” on your accounts. The bad news is if your debts are held jointly (for example, if you have a joint credit card, shared accounts for overdraft, lines of credit or mortgage), each spouse will be responsible for 100% of the debt if the other spouse files for Bankruptcy.

What is the difference between a consumer proposal and bankruptcy?

Consumer proposal protects you from your creditors and at the same time, you keep all of your assets, including your family home. Once your proposal is filed with your creditors, your assets cannot be seized. On the other hand, bankruptcy may result in the seizure of specific assets based on your allowable exceptions. In a bankruptcy, you may have the opportunity to repurchase these assets from the Licensed Insolvency Trustee Toronto. It is important to note that each province has specific exceptions. Your assets will be used to pay of the list of creditors.

What can I expect from my initial consultation with my licensed insolvency trustee?

In short, you will get the facts. Your consultation is a risk-free analysis of your particular situation and you will be given advice on how to proceed if indeed you need to declare bankruptcy. There is no obligation to continue with your licensed insolvency trustee Toronto after the initial consultation. Most of all the consultation will provide you with your options and peace of mind.

I owe significant income taxes to Canada Revenue Agency (CRA). What can I do?

Many of our clients are surprised to learn that they can include debt owed to CRA in their bankruptcy. Tax debt is treated just like credit card debt. Canada Revenue Agency has “tax forgiveness” rules that may be in your best interest to explore. You will need to file a formal proposal to CRA which discloses your remaining assets, etc. Once we learn more about your situation, we can advise you accordingly.

After declaring, bankruptcy what happens to my debts?

While this is a complex question the simple answer is: For any secured debts you remain responsible to maintain the payments unless you relinquish your assets in exchange for release of the debt. For any unsecured debts the bankruptcy will discharge them but the law makes some exceptions. Please check with your licensed insolvency trustee Toronto for details.

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How Do the Numbers Add Up For Each Debt Repayment Strategy?

What Are Your Different Debt Repayment Options?

Bankruptcy - Eliminate Your Debt

A bankruptcy is a legal process that can only be filed through a Licensed Insolvency Trustee. It is another debt relief option that can help individuals deal with their financial problems. In general, if your debt load is very high, your income is limited and you have no assets or minimal assets, then the bankruptcy option is likely the best course of action to follow.

Debt Consolidation - Restructure Your Debts

The debt consolidation loan option allows you to combine your debts into one loan with a lower interest rate. This option is available through a bank or a financial institution. In this option you would pay off the amount owing to your creditors in full while getting a new single monthly loan payment. Debt consolidation however will only reduce your interest payment and your overall amount owing is not reduced or eliminated.

Credit Counselling - Budgeting

Credit counselling is an option where you would be able to meet with one of our certified credit counsellors to discuss your fixed living expenses and required monthly bill payments. We would discuss strategies and techniques to help you better manage your monthly financial plan.

Consumer Proposal - Reduce Your Debt

This is a popular debt relief option which allows individuals to consolidate their debts into one monthly interest free payment. It is a legal binding process between you and your creditors to repay a portion of what is owed. Only a Licensed Insolvency Trustee can file a consumer proposal. We will negotiate with the creditors on your behalf to reduce the amount of debt owed. The amount of debt to be repaid is based on your income, assets and total debt load.

Corporate - Handling Business Debts

A corporation becomes insolvent when it’s unable to pay its debts; these can include suppliers, financial institutions, lease payments. The corporation can file for bankruptcy or make a proposal to its creditors. The business may continue, be sold, or sometimes would have to be closed. A Licensed Insolvency Trustee can evaluate what is the best way to take care of the business debts as often they are personally guaranteed.

Over 10,000 Clients Helped

Our Licensed Insolvency Trustees

Paving the road to debt freedom has been our commitment for over 20 years. We take pride in finding the best debt relief solutions for each individual client, while considering their personal and financial circumstances. Our goal is to help each client find the most efficient and cost effective option to reduce or eliminate their debts. When you require a trusted licensed insolvency trustee in Toronto or throughout southern Ontario… we’re here to help.

Todd Sheriff - Licensed Insolvency Trustee

Todd is the founding partner and president of Sheriff Sole & Madej Inc. He is a Licensed Insolvency Trustee and also a Chartered Professional Accountant. Todd has over 20 years of experience in all aspects of insolvency matters, including bankruptcy, receivership, proposal, financial restructuring, and debtor/creditor relations.

Martin Sole - Licensed Insolvency Trustee

Martin began his career as a Chartered Accountant at a large national firm and transitioned to the field of insolvency. For the first 15 years of his career, Martin’s practice focused on corporate insolvency and restructurings, consulting advisory services, and private and Court appointed receiverships. Martin currently practices primarily consumer insolvency.

Maggie Madej - Licensed Insolvency Trustee

Maggie has been involved in the insolvency industry since 1997. Maggie joined Sheriff Sole & Madej Inc. over 15 years ago and has been a Licensed Insolvency Trustee since 2004. She has hands-on experience in corporate and consumer insolvency.

Alexandra Morataya - Licensed Insolvency Trustee

Alexandra joined our team in 2013 in personal bankruptcy and consumer proposal services and has worked in the insolvency industry for over seven years. Alexandra enjoys helping people overcome their debt problems and stress. She is fluent in both English and Spanish.

About Sheriff Sole & Madej Inc.

We have helped over 10,000 individuals eliminate or reduce their debt. In over 20 years of practice our Licensed Insolvency Trustees and debt professional team have been committed to helping each client find the best solution that fits their needs. We believe in providing our clients with a clear picture of all of the available options along with the pros and cons of each option to make an informed decision.We have 12 locations throughout the GTA with staff members that speak over 7 different languages.
Contact one of our Licensed Insolvency Trustees or debt professional staff members for a:

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Our Locations

North York (Head Office) 2001 Sheppard Avenue East, Suite 120
Toronto, ON M2J 4Z8

Midtown Toronto
1920 Yonge St, Suite 200
Toronto, ON M4S 3E6

2 Robert Speck Parkway, Suite 750
Mississauga, ON L4Z 1H8

9131 Keele Street, Suite A4
Vaughan, ON L4K 0G7

1315 Pickering Parkway, Suite 300
Pickering, ON L1V 7G5

2 County Court Boulevard, Suite 400
Brampton, ON L6W 3W8

10 Milner Business Court, Suite 300
Scarborough, ON M1B 3C6

92 Caplan Avenue, Suite 627
Barrie, ON L4N 9J2

1 Hunter Street East, Ground Floor
Hamilton, ON L8N 3W1

22 Frederick Street, 7th Floor
Kitchener, ON N2H 2L3

380 Wellington Street, Tower B, 6th Floor, London, ON N6A 5B5

1 Rideau Street, Suite 700, Ottawa, ON K1N 8S7

221 Queen Street, Kingston, ON K7K 1B4