Toronto Bankruptcy Trustees

Insolvency trustees are regulated by the federal government, ensuring they adhere to strict ethical standards. Only licensed insolvency trustees can provide you with a debt solution like a consumer proposal or filing for bankruptcy. We’ve been helping people for over 25 years and pride ourselves on providing clear honest advice to solve your debt issues.  Give us call and lets just talk about how we can help you.

Whether you’re facing insolvency, debt problems, or even garnishment of wages, our Toronto bankruptcy trustees are here to offer expert advice.

If your business is buried in debt, we’re ready to show you on the best way to smoothly transition through a business bankruptcy. Once you’ve made the decision to file for bankruptcy or a consumer proposal, we manage the process and liaise with your creditors. The trustee will ensure all actions are in line with the Bankruptcy and Insolvency Act, safeguarding your rights and interests.

When you declare bankruptcy in Ontario, Canada, it will have a significant impact on your credit rating. Here’s how:

Credit Score Impact: Bankruptcy will be noted on your credit report and it will substantially lower your credit score. In Canada, credit scores range from 300 to 900. A bankruptcy will likely result in your score falling to the lower end of this range.

Duration of the Impact: A first-time bankruptcy will stay on your credit report for six years after you have been discharged if you’re using Equifax, while for TransUnion it’s seven years. If it’s not your first bankruptcy, it could remain on your credit report for up to 14 years.

New Credit: With a bankruptcy on your record, it will be more difficult to get approved for new credit during the period it remains on your credit report. This includes not only credit cards but also personal loans, car loans, and mortgages.

Interest Rates: If you are able to obtain new credit, lenders may view you as a high-risk borrower and charge you higher interest rates.

However, it’s important to remember that bankruptcy also gives you a clean slate to start rebuilding finances and your credit. We find that most people considering bankruptcy already have credit rating issues.  By taking steps such as paying bills on time, getting a secured credit card and using it responsibly, or obtaining a small loan and making regular repayments, you can gradually rebuild your credit over time.

The cost of hiring a bankruptcy trustee is regulated by the government and is typically based on your income, assets, and the complexity of your financial situation.

There are no upfront fees and there is no cost to speak to a trustee.  The trustee can review your finances and provide a clearer picture of  the best option for you or your business. It’s important to remember that, in most cases, fees are included in the payments made through your bankruptcy or proposal.