Daily, debtors walk into our office many months later than they should be to look for assistance with filing a bankruptcy.  They have been struggling with debt for a long time but have been afraid to take the step to come to see a Licensed Insolvency Trustee for advice.   They have turned to payday loans, borrowing from family, and sometimes scrimping on the basic necessities to get by monthly.  Their wages are being garnished which means now their employer knows they are in financial difficulty.  Their family has been contacted by collection agencies trying to track them down.  I can only imagine the number of debtors that never actually make the telephone call to see a Licensed Insolvency Trustee and continue to struggle with debt for years, incurring significant interest charges.

When should you call a Licensed Insolvency Trustee?

  • When you use your credit cards for daily necessities
  • When you are borrowing money to make it from one payday to the next
  • When you pay only interest charges or the minimum payment and are not reducing your debt
  • When you couldn’t pay your debts in full if you were to sell all your assets
  • When your wages are being garnished
  • When creditors are harassing you at home, work and on your cellular phone

The initial assessment to review your situation and options with a Licensed Insolvency Trustee is typically free of charge, so you have nothing to lose.  A Licensed Insolvency Trustee will not push you to take any steps – the initial meeting is for information purposes for you to decide on what is the best solution for you going forward.  To make it even simpler to reach out, we have a form on our website that can be completed and then we will contact you directly.

Many debtors who eventually take the steps to file personal bankruptcy wish they had done so sooner and had their fresh start earlier.  Don’t be one of those who doesn’t seek advice but should. We can help you get a fresh start now.

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)