You know you are in over your head with the amount of debt you are carrying.  Each pay cheque you carefully try and juggle paying your rent, utilities, buying groceries and credit card payments.  Unfortunately, there is insufficient income to cover all your expenses for the month, so you end up using your credit cards or taking cash advances. You are too embarrassed to ask anyone how to file for bankruptcy, so you just continue with this debt cycle.

There is a lot of useful information on the internet about personal bankruptcy but, the best place to obtain assistance with a bankruptcy is to contact a Licensed Insolvency Trustee.  You can contact us via telephone at 1-888-287-2525, email or by submitting a form on our website that prompts us to reach out to you.  Making that initial contact is difficult, but you will be grateful that you did.  The initial assessment to review your financial situation (assets, liabilities, income and expenses) is free of charge.  The Licensed Insolvency Trustee will review possible solutions to your debt burden (debt consolidation loan, credit counselling, personal bankruptcy, or consumer proposal) explaining how each solution works for you.  The Licensed Insolvency Trustee will also review the pros and cons of a bankruptcy filing.

By Kathy Lenart – Insolvency Partner, Licensed Insolvency Trustee
CPA, CA, CIRP
Member and Secretary of the Ontario Association of Insolvency and Restructuring Professionals (OAIRP)
Canadian Association of Insolvency and Restructuring Professionals (CAIRP)