Bankruptcy in Cambridge Ontario

Cambridge, Ontario has enjoyed a good economy for the last few years. We have big employers, like Toyota, that create jobs, and that has led to lots of residential construction for new residents of Cambridge. Unfortunately good times do not mean that everyone has a great job, and as a result some residents of Cambridge have no choice but to consider personal bankruptcy.

I started the Bankruptcy Cambridge Blog to discuss how bankruptcy works, what’s good about it, and some of the disadvantages of personal bankruptcy.

Filing for bankruptcy in Ontario is a legal process that allows you to discharge most of your debts, but it also comes with responsibilities. If you go bankrupt in Cambridge you are required to make a payment each month (based on your income), and each month you must send your trustee proof of your income (such as your paystubs). You are required to attend two credit counselling sessions, and your trustee will file all outstanding tax returns. In most cases a first bankruptcy is finished in nine months, and your debts are wiped out.  (If you have surplus income, which will extend your bankruptcy for an additional year.  In that case you may want to consider a consumer proposal as an alternative to claiming bankruptcy).

A note will remain on your credit report for a further six years, so bankruptcy should be considered only if all other options are not possible.

Please call our Cambridge office at (519) 622-3773 to set up a no charge initial consultation to decide if bankruptcy is right for you, or complete our handy on-line bankruptcy evaluation form.

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