Trustee in bankruptcy in St-Eustache
At faillite.com, we can guide you through the entire process. In fact, we operate as a licensed trustee in bankruptcy. We offer our services in several cities, including St-Eustache.
How do you know if you need to declare bankruptcy?
In Canada, you can declare bankruptcy only if your debts exceed $1,000. You must also be a Canadian citizen, domiciled in the country. Consider starting this process if you find yourself in one of the following situations:
- You’re unable to pay your debts at the end of the month. Sometimes you may even need to take out other loans to meet the monthly repayments.
- You can no longer pay your bills or rent.
- Your income has decreased as a result of a particular medical or family situation.
- You are an endorser and the person who took out the loan is unable to repay the debts.
- You are currently going through a divorce.
Call us if you think you need to declare bankruptcy!
As a trustee in bankruptcy, we offer you comprehensive support in filing for bankruptcy. We invite you to contact us if you are interested in our services. You can find our contact details by visiting our website. We put qualified experts at your disposal to reduce your stress as much as possible.
We offer other solutions
We would remind you, however, that there are other solutions besides bankruptcy for dealing with financial difficulties. For example:
- The consumer proposal ;
- Debt consolidation ;
- Refusal of an insolvent estate ;
- Voluntary deposit ;
- Commercial bankruptcy for companies.
That’s why we always take the time to study your case before proposing a solution.
How do we work?
When you call on us, we start by diagnosing your situation. Whether you’re a company or an individual. Then we’ll suggest solutions that are right for you. You’ll need to choose the one that suits you best. Then we accompany you step by step through the entire process. You have nothing to worry about if you choose us. Finally, we give you some practical advice on how to better manage your finances in the future.
In conclusion, facing financial difficulties can be very stressful. But don’t worry! There are always ways out of this situation. We can offer you several, depending on your specific situation. What’s more, we teach you how to better manage your money afterwards. You’ll be completely self-sufficient if you follow our advice. Could our services help you? If so, contact us today! We’d be delighted to help you take control of your finances.
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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.