Bankruptcy trustee in Laval
This is where we come in as trustees in bankruptcy. If you live in Laval and need this type of service, we’re here to help.
Understanding bankruptcy trustees?
As trustees in bankruptcy, we have the legal authority to manage insolvency situations. This may be a personal bankruptcy or a consumer proposal. In the jargon, this is also referred to as a licensed insolvency trustee.
But we don’t limit ourselves to the option of bankruptcy. We offer a wide range of solutions to help solve financial difficulties. These include advice on budget management and assistance with re-establishing credit. We can also develop debt management programs and consumer proposals.
In any case, bankruptcy is not the only way out. It’s possible to explore every possible alternative to relieve an individual’s financial burden. As a trustee in bankruptcy, we can guide you. We offer a comprehensive approach to help you make informed debt decisions.
Good to know: the Office of the Superintendent of Bankruptcy (OSB)
The Office of the Superintendent of Bankruptcy regulates, monitors and controls all aspects of insolvency in Canada. Its main mission is to ensure integrity and fairness in insolvency proceedings. This organization protects the interests of all parties involved, whether debtors or creditors.
The OSB oversees the licensing and conduct of licensed insolvency trustees. It ensures that insolvency processes comply with precise standards. These guidelines defined by the BSF ensure a uniform and fair approach to the treatment of insolvency situations.
Use our services!
There are many reasons to use our services if you are facing financial difficulties.
Firstly, we are the only authority authorized to file insolvency cases. These can be consumer proposals or bankruptcy petitions. Our expertise covers a wide range of solutions, well beyond the single option of bankruptcy.
Over-indebted people may think that bankruptcy is the only way to solve their financial problems. However, we can broaden your perspective by offering credit counseling or debt management plans.
During the initial contact, we carry out a thorough analysis of the customer’s financial situation. We ask questions about debts, income, assets and monthly expenses to establish a complete financial picture. Based on this information, we then present all the available options. We offer a range of choices to suit your specific situation.
Schedule a meeting with one of our
experts
FREE CONSULTATION
Without commitment. Confidential.
Do you have any questions? We have the answers.
Can I go bankrupt?
To file for bankruptcy, you must be a Canadian citizen, have a Canadian address and have more than $1,000 in debts. You must be insolvent, which means that you are unable to pay your debts as they become due.
When to declare bankruptcy?
You decide when, however, there may be important signals that it is time to take action:
- You’re constantly being called by collection agencies, even at work;
- A lender or the government has garnished your wages;
- Your bank account is frozen or seized;
- Your debts are the main topic of conversation in your relationship, or they create divergence;
- Your debts affect your sleep or your health;
- You need to borrow from family or friends to meet your obligations.
You always choose when, but you can do it before you get there.
If I go bankrupt, what happens to my property, my furniture?
The law allows you to keep up to $7,000 of the current market value of your personal property. In fact, in most cases, your trustee will evaluate your belongings and agree with you that you can keep all your furniture from your main residence as well as your clothing necessary for everyday life.
Your RRSPs are also exempt from seizure for contributions made more than twelve months before the bankruptcy.
What is the impact of a bankruptcy on my credit report?
Contacting a member of our team to have your situation evaluated does not affect your credit rating. This myth is false: it’s only when the bankruptcy process is triggered that this will be the case, not before.
However, once the process has begun, abankruptcy will result in an R9 rating on your credit file, and this rating will remain not only during the bankruptcy period, but also for six years after your discharge. What’s more, your credit rating is already affected if you’ve been having trouble repaying your debts for some time, or if you’re subject to recourse by your creditors.
What is the alternative to personal bankruptcy?
A consumer proposal is an option to consider. If your debts are less than $10,000, you can also consider a voluntary deposit.
A licensed trustee will be able to agree with you on the best option.
Who are the creditors?
There are different types of creditors:
- Secured creditors :
- A hypothecary creditor (e.g. mortgage on a house);
- An instalment sale (e.g. car financing);
- Reservation of title;
- A rental and a buy-back;
- Ordinary creditors :
- Any other creditor who does not have a security interest to publish against one of your assets:
- A personal loan;
- A line of credit;
- A credit card;
- Taxes;
- Goods and services;
- Creditors who retain their recourse despite bankruptcy or a consumer proposal:
- A secured creditor, if you keep the property;
- Alimony;
- A parking ticket;
- Overpayment of employment insurance or income security benefits;
- A criminal judgment;
- A student loan if you completed your studies less than 7 years before submitting your application.
- Any other creditor who does not have a security interest to publish against one of your assets:
What's happening to my spouse and children?
They are not affected by your bankruptcy unless the debts are joint. In this way, your spouse becomes responsible for all joint debts.
What happens to my house if I go bankrupt?
If you are no longer able to pay your mortgage, your bank can take it over and sell it.
Several other contexts may exist and we advise you to consult us to discuss them.
Can I keep a credit card in bankruptcy?
No. As a bankrupt you cannot apply for or incur credit.
Still haven’t found an answer to your concerns? Your first consultation is free, don’t hesitate.
All our solutions
Do you want to take control of your finances and leave with your head held high?
We are here to accompany you through this ordeal.
Declaration of bankruptcy
Get out of debt
and get back on track financially.
Consumer proposal
Avoid bankruptcy and eliminate
up to 50% of your debts.
Debt consolidation
Get a loan from a financial institution and combine all your debts into one payment.
Voluntary deposit
Refusal of an insolvent estate
Refusal of succession is the possibility for an heir to refuse the succession, i.e. to accept or refuse to inherit the property of the deceased.
For companies
Commercial bankruptcy is a procedure established by law to allow companies in financial difficulty to restructure and continue their activities.