Perry Krieger & AssociatesWhat Is Bankruptcy?
Bankruptcy is a legal process to allow an honest but unfortunate individual to be discharged from most of his/her debts subject to reasonable conditions.
It fairly and equally deals with your financial problems, by distributing some of your assets or income to creditors. Bankruptcy lets an honest debtor obtain a fresh start, free from the burden of his/her debts.
When you file an assignment in bankruptcy, your unsecured creditors won’t be able to take legal action against you (garnishment, collection efforts, seizing your property).
Who can file an assignment in bankruptcy?
Any individual who owes more than $1,000 an unable to pay his/her debts as they become due can file an assignment in bankruptcy.
Meeting with a Trustee
A Trustee at Perry Krieger & Associates Inc. will meet with you and perform a detailed review of your financial situation. Options including bankruptcy, a proposal to your creditors, or a private settlement with creditors will be presented to you. The consultation meeting with a Trustee is free of charge.
Common Questions
We have prepared a list of common questions for your review to answer some of the most common questions prior to your initial consultation.
Exemptions
In Ontario, the following items are exempt from your bankruptcy proceeding. It should be noted that these amounts increase annually by small amounts.
- Personal effects up to a value of $5,650
- Household furnishings and effects up to a value of $11,300
- Motor vehicle up to a value of $5,650
- Farming equipment for a farmer up to a value of $28,300
- Tools of the trade to a value of up to a value of $11,300
- Certain life insurance policies
- RRSPs and Pensions subject to certain conditions and exceptions