know the rules  reminder - a napkin doodle with a cup of espresso coffee

We try to help people avoid bankruptcy. However, there are times where things are just too far gone to fix. In those situations, it is still in your best interest to contact us to learn about ALL of the other options before just simply jumping into it.

There are also more long term effects that those who have claimed bankruptcy suffer through than most consumers think. Consider this: if you go bankrupt, for the REST OF YOUR LIFE you MUST disclose that you have been Bankrupt EVERY time you apply for a loan or credit, if it asks. Yes, bankruptcy IS permanent in the record system. No, it does not go away or expire. Yes, you can eventually move on and rebuild things, but at what cost? You cannot ever erase it. People get confused about this all the time because they hear people say it falls off in 7 years. It’s confusing, because there are different places where bankruptcy data is stored. The information gets reported on your credit file and in a database of Canadian bankruptcies. Yes, it may fall off your Credit Report in 7-8 years (for a 1st Bankruptcy, and 14 + years for a 2nd bankruptcy), but this is not the only record system. There is the Insolvency (Bankruptcy) database that also stores this information, and it goes back to its time of inception; so if you go bankrupt it is truly permanent and always on public record.

Bankruptcy may or may not be the right thing for you, but before jumping into it, why not at least price out with us what it would save you to settle all of your debts or make a proposal to your creditors first? We find that most times clients find there is a solution that was overlooked before they saw us. If they only checked out bankruptcy, they may have missed a more desirable solution. We want to help you find that solution if you can.

The Bankruptcy Act is a powerful act for honest but unfortunate debtors wishing to get out of debt. It is, however, still a rigorous process where creditors (who you owe money to) and their agents (trustees) play a very powerful role in enforcing the Act. It is not as simple and NOT necessarily as cheap as some people think; and it is certainly NOT free. Bankruptcy can cost a lot of money depending on your income and your assets, and it can also cost you in some ways for a lifetime as you may pay higher interest rates for your future mortgages and loans. However, for those who cannot fix the problem with any of our programs, we are happy to still work with you and consult with you through your bankruptcy. In Canada, the only person who can actually administer a bankruptcy is a person who is licenced as a bankruptcy trustee. We are not the bankruptcy trustee, but we can work for you. The problem with the system is the question of representation. A trustee has a fiduciary duty (legal obligation) to work for your creditors (ex. the banks). The more money you make and the more assets you have; the MORE your Bankruptcy will cost you. That is where we come in; we understand the Bankruptcy Act and we understand how various trustees view it, so together we work to represent YOU and not your creditors or the trustee.

Let’s face it, bankruptcy is NOT pretty, and our clients are always happy they hired us to have us on their side looking out for them. We are the person who is working with you to make your bankruptcy experience as painless as possible and reduce the long term impact through our comprehensive credit rebuilding program. We can ensure that you understand your rights and how to protect property and other assets when possible. We have well-rounded experience in the bankruptcy realm and specialize in working for bankrupt individuals and corporations.