Thinking of Filing For Bankruptcy?
If you are thinking of filing for bankruptcy it is likely because you have accumulated more debt than you can afford to pay. Bankruptcy is a legal avenue to give those who are suffering from financial hardship an avenue to deal with their debt.
Bankruptcies are administered by trustees. Trustees are appointed by the Superintendant of Bankruptcy to manage the bankrupts estate for the bankrupt AND the creditors.
When you file for bankruptcy you pay a monthly payment to your trustee who then distributes the money to your creditors. You will also have to participate in credit counseling. Once you have completed your obligation to your trustee you will become discharged from bankruptcy.
It is crucial that as soon as you file for bankruptcy you take steps to rebuild your credit right away. You can do this by obtaining a loan at Prudent. Our loans report to Equifax.
If you would like a referral to a trustee call our office at 416 223 9300.
