Important Facts About Personal Bankruptcy

No-one wants to go bankrupt, but sometimes applying for bankruptcy is the best way to deal with debt and get a new start. As an Ontario bankruptcy trustee firm helping individuals eliminate debt since 1999, Hoyes, Michalos believes there are several facts to know about when deciding whether or not you should declare bankruptcy:

Bankruptcy Does Not Mean You “Lose Everything”

When declaring bankruptcy in Ontario, most personal belongings are exempt from seizure. It’s even possible to keep your car and house when filing for bankruptcy.

Declaring Bankruptcy Means A Fresh Financial Start

Personal bankruptcy is a legal process that will eliminate most (if not all) of your debts. Collection agencies and creditors stop calling. Wage garnishments will stop.

As part of the bankruptcy process, two credit counselling sessions will help you learn to manage your money and rebuild credit. At Hoyes, Michalos we offer a free ‘for clients only’ website to help support you through this learning.

You Could Be Eligible for an Automatic Discharge in 9 Months

If you are a first-time bankrupt with no surplus income, have completed all of your duties and if no creditors object, you could begin your life debt free in just 9 months.

There are Alternatives to Bankruptcy

A consumer proposal might be a better solution for you. As one of Ontario’s largest consumer proposal administrators, we have the experience to help you choose between claiming bankruptcy and making a debt proposal to creditors.

Should You Claim Bankruptcy?

If you are struggling with debt, setup a no-charge meeting with one of our bankruptcy trustees so we can sit down with you and determine if filing an Ontario bankruptcy is the right solution.

Here’s how to contact us:

At Hoyes, Michalos and Associates we are proud to be a team of understanding professionals who are experts in bankruptcy, consumer proposals and all Ontario debt management options.

Be sure to contact us if you need help with your debt problems.

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