Bankruptcy is the very last thing that anyone wants to see happen. Your creditors don’t want you to go bankrupt. You don’t want to go bankrupt. And we at Bromwich & Smith want to do everything in our power to help you avoid bankruptcy by helping you with budgeting, credit counselling and by filing a consumer proposal.
However, after a one-on-one review of your finances with one of our counsellors, you may discover that the best option for you to get your financial life back on track is by filing bankruptcy. Filing bankruptcy is nothing to be ashamed of. Bankruptcy is a legal debt restructuring tool that is available with the assistance of Bromwich & Smith.
When you file bankruptcy with Bromwich & Smith there is an immediate stop to all creditor collection activity. All phone calls stop. All garnishees stop. All accounts become unfrozen. Immediately you will begin to feel the relief of stress. This is important because when you deal with Bromwich & Smith one of the most important principles is your rehabilitation and healing, and this can only start to happen once the stress goes away.
Each month you will track your expenses so that you can see patterns in your spending habits. These monthly income and expense statements that you do will also be useful in the one-on-one counselling sessions that you well attend (some trustees do group counselling sessions, but at Bromwich & Smith we believe that personal one-on-one counselling is more private and beneficial to you).
Depending upon your income and unique family situation, you may be required to make monthly payments to Bromwich & Smith for bankruptcy. This amount will be determined and discussed during the free consultation with one of our counsellors when they are reviewing all of your options.
When you file bankruptcy some of the things that you own (your assets) will be taken by the trustee and sold. The assets that are taken are called non-exempt assets (boats, recreational vehicles, summer homes, quads, etc.). Mosst provinces in Canada have very generous exemptions and it is very likely that you will be able to keep everything that you own. You should call and speak to one of our counsellors today if you are concerned that you may lose some of your assets in a bankruptcy scenario. If you are a home owner and are worried about losing your home, don’t worry, there are exemptions for your home too.
If you have not been bankrupt before you can be in and out of bankruptcy within 9 months! Think about that: being completely debt free in as little as 9 months. Of course, every situation is unique so call one of our counsellors today to discuss how a bankruptcy might be your best solution.