Bankruptcy Solutions

Bankruptcy has its advantages

How does Filling for Bankruptcy Work?

Bankruptcy is regulated and sanctions by the Canadian Federal Government and can only be filed by Licensed Insolvency Trustees like our professionals at Fontaine & Associates.

Here is how it works.

1. You meet with one of our Trustees for a free confidential assessment of your financial situation.

2. Bankruptcy documents are prepared for your signature;

3. All legal actions against you are immediately stopped.

4. In most cases, your assets are not affected by bankruptcy. You may keep your house, your vehicles, your investments;

5. Your income is protected and cannot be garnished by your creditors.

6. You may be required to make monthly payments to the Trustee. This payment is based on federal guidelines and tailored to your income and family responsibilities;

7. Most debts are completely eliminated by bankruptcy. This includes credit cards, bank loans, business debts, income tax, payday loans, and other types of debts.

8. The bankruptcy process ends with a discharge. In most cases, this discharge is automatic and obtained within 9 to 21 month;

9. Credit counselling is a mandatory part of the bankruptcy process. You will learn to balance your budget, set financial goals, improve your credit rating and get back on the right track.

For more information, contact us for a free confidential consultation.

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