LICENSED BANKRUPTCY
TRUSTEE IN TORONTO
We do much more than simply reduce and eliminate debt, we’re here to help! For over 20 years, our Licensed Bankruptcy 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.
Call Today 1 (844) GTA-DEBT (482-3328)
Get a Personalized
DEBT FREE PLAN
*Your information is kept confidential & we will never spam you.
LICENSED BANKRUPTCY
TRUSTEE IN TORONTO
We do much more than simply reduce and eliminate debt, we’re here to help! For over 20 years, our Licensed Bankruptcy 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.
Call Today 1-844-482-3328
Get a Personalized
DEBT FREE PLAN
*Your information is kept confidential & we will never spam you.
Do You Have Questions About Bankruptcy or Consumer Proposal?
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 and bankruptcy 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 a Consumer Proposal?
In some cases a consumer proposal 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 a consumer proposal as an opportunity to honour your commitments and avoid bankruptcy. Consumer proposal gives many clients a huge sense of relief and sets the stage for financial recovery.
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 Trustee. It is important to note that each province has specific exceptions. Your assets will be used to pay of the list of creditors.
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.
How much will it cost to go bankrupt in Canada?
The fees of the trustee are federally regulated in Canada and are quite reasonable.
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 either a Bankruptcy or a Consumer Proposal.
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 or consumer proposal. 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 bankruptcy trustee in Toronto for details.
What can I expect from my initial consultation with my bankruptcy 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 or file a consumer proposal. There is no obligation to continue with your bankruptcy trustee after the initial consultation. Most of all the consultation will provide you with your options and peace of mind.
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 and bankruptcy 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 a Consumer Proposal?
In some cases a consumer proposal 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 a consumer proposal as an opportunity to honour your commitments and avoid bankruptcy. Consumer proposal gives many clients a huge sense of relief and sets the stage for financial recovery.
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 Trustee. It is important to note that each province has specific exceptions. Your assets will be used to pay of the list of creditors.
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.
How much will it cost to go bankrupt in Canada?
The fees of the trustee are federally regulated in Canada and are quite reasonable.
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 either a Bankruptcy or a Consumer Proposal.
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 or consumer proposal. 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 bankruptcy trustee in Toronto for details.
What can I expect from my initial consultation with my bankruptcy 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 or file a consumer proposal. There is no obligation to continue with your bankruptcy trustee after the initial consultation. Most of all the consultation will provide you with your options and peace of mind.
We Are Licensed Bankruptcy Trustees in Toronto
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.
Consumer Proposal - Reduce Your Debt
A consumer proposal is a 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.
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. This service is offered as part of the bankruptcy or consumer proposal process.
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.
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.
Consumer Proposal - Reduce Your Debt
A consumer proposal is a 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.
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. This service is offered as part of the bankruptcy or consumer proposal process.
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 Bankruptcy 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 bankruptcy trustee in Toronto or throughout southern Ontario... we're here to help.
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:
- Complimentary in person consultation;
- A comprehensive assessment of your current financial position;
- Discuss the options available to you to eliminate or reduce your debt problems.
Need Some Great Information and Guidance? Please Read Our Blog.
Do You Require Debt Help Services? Here’s a debt story that may sound familiar. David is an executive in the power grid industry. At 52 years of age, he [...]
HOW CAN I IMPROVE MY CREDIT SCORE? Credit scores are designed to show a consumer’s creditworthiness and the likelihood that they will be able to pay their debt on time. In Canada, credit scores range from 300 – 900 and [...]
WARNING SIGNS OF FINANCIAL DIFFICULTIES While having debt is normal, it is very easy to find yourself with an unmanageable debt load. Most of the time, we miss the warning signs of financial difficulty and by the time we [...]
We Are Licensed Bankruptcy Trustees in Toronto
Our Locations
North York (Head Office)
2001 Sheppard Avenue East, Suite 120
Toronto, ON M2J 4Z8
Brampton
2 County Court Boulevard, Suite 400
Brampton, ON L6W 3W8
Pickering
1315 Pickering Parkway, Suite 300
Pickering, ON L1V 7G5
Barrie
92 Caplan Avenue, Suite 627
Barrie, ON L4N 9J2
Markham
7676 Woodbine Avenue, Suite 100
Markham, ON L3R 2N2
Mississauga
2 Robert Speck Parkway, Suite 750
Mississauga, ON L4Z 1H8
Mississauga Airport Road
5925 Airport Road, Suite 200
Mississauga, ON L4V 1W1
Hamilton
1 Hunter Street East, Ground Floor
Hamilton, ON L8N 3W1
Midtown Toronto
1920 Yonge St, Suite 200
Toronto, ON M4S 3E6
Vaughan
9131 Keele Street, Suite A4
Vaughan, ON L4K 0G7
Scarborough
10 Milner Business Court, Suite 300
Scarborough, ON M1B 3C6
Kitchener
22 Frederick Street, 7th Floor
Kitchener, ON N2H 2L3