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Bankruptcy
 

We fight for your discharge…… know your rights before and after your Bankruptcy proceedings

Bankruptcy Proceedings and the role of an Insolvency Lawyer

The decision of whether to file for a bankruptcy is inherently a difficult decision.  It is a procedure designed to provide people with a fresh start following a phase of financial crisis to a point, beyond which the Government recognizes that continuing the burden of creditors on an individual is futile. However, along with positive aspects of the process, there are negative consequences attached, while some being more serious than others. Thus, the decision of filing for a bankruptcy should never rest on assumptions and trivial advice.

Why do you need a Bankruptcy Lawyer?

Filing for a bankruptcy is an intensive and a critical process. If you are considering to file for bankruptcy or already decided to file for one, your decision should be based on a host of necessary factors, without which, bankruptcy proceedings can have unintended and negative consequences that can actually worsen the situation you are in.

Some key factors are your assets, family relations, spousal and/or joint signatory needs. A bankruptcy procedure should be your last restorative option, and you should be advised of the consequences it will potentially have on your financial health.

The above mentioned factors are some of the most important reasons for which you will need a bankruptcy lawyer.

Independent legal advice for the following:

  • Joint accounts, Co-Signers, Guaranteed.
  • Secured and Unsecured debts
  •  Legal advice on un-discharged bankruptcy
  • Independent legal advice for family and business.
  • Bankruptcy affecting spouse and partner
  • Bankruptcy affecting matrimonial home
  • Gambling
  • Property foreclosure

Business Bankruptcy-Business Restarting or restructuring

  • Advocate both for creditors and debtors
  • Business debts linked to  personnel debts
  • Help in business to overcome financial difficulties
  • Business restructuring

Our Services

  • Receivership
  • Restructuring
  • Consulting
  • Holding Funds in Trust Accounts
  • Notices to creditors
  • Tackling Legal actions on debts obtained by fraud or fraudulent misrepresentation.
 

****    KNOW YOUR RIGHTS ***FAQ?

Q. How my filing bankruptcy / proposal affect my spouse or partner?
A.

  • A party can only be held responsible for repayment of a debt if they signed the original contract, loan agreement or credit card application.
  • If your spouse or partner never signed the original contract or requested a credit card, Creditors cannot be held responsible for the debt.
  • Under Consolidate Bankruptcy Laws of Ontario, marriage alone does not make an individual responsible for spousal debts.
  • Also, responsibility for debt between spouses as listed in a separation or divorce agreement does not legally bind a financial institution or creditor. Unless you obtain concurrence to the division and re-assigning of responsibility of debt from the creditor, creditors have the right to pursue anyone who signed on the debt.

Q. My husband and I are divorcing and he is filing bankruptcy, I have over due and overburdening debt as well, Should I also file bankruptcy?

A. Depending on the separation agreement and financial situation certain factors like your matrimonial home and other miscellaneous joint debts are considered to make an educated decision.

Q. My husband owed more than $150,000 to creditors before his death, He also had a life insurance of $600,000.00 and we jointly own a house, Does this affects me at all?

A. All the debts of the deceased persons are included into the family estate and will be paid through it subject to beneficiary clause on life insurance.

Q. What happens if I don’t get a discharge in my Bankruptcy?

A. NOT GETTING A DISCHARGE IS A VERY  SERIOUS ISSUE  because you are no longer protected from the creditors, and maybe be subject to collection procedures like collections calls, garnishments and other legal actions creditors may deem fit.

 
 
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