Personal Bankruptcy Consultants and Solutions

Bankruptcy gives an individual a “fresh start” with clearing all unsecured debts within 9-21 months.

It stops all collections from creditors and/or garnishments against your wages, with an instant stay of court actions.  (Excluding Family court or Provincial Offences court orders).

These essentials are excused from seizing under the provincial law (the Execution Act):

  • Personal possessions up to $5,650.00
  • Household possessions up to $11,300.00
  • Tools of trade up to $11,300.00
  • One motor Vehicle up to $5,650.00

Your spouse/common-law would not be affected by your Bankruptcy unless they have co-signed or is a guarantor for your account(s).  During your Free Consultation with EmpireOne you can discuss which accounts may be connected to someone else.

A house for example, will not be affected if no equity exists above the mortgage in a Bankruptcy.

A vehicle for example, will not be affected if there is continuous financing payments made and no large down payment made.

If you are self-employed, you can continue your daily business activities while you are in Bankruptcy.

When in Bankruptcy, household income is monitored until your discharge date. High income levels could cause a “surplus income” that is determined by legal rules.

A 1st time Bankrupt with no surplus income would be in Bankruptcy for 9 months.

A 1st time Bankrupt with surplus income would be in Bankruptcy for 21 months.

In both above cases an automatic discharge would be given, provided the Bankrupt fulfilled their obligations that are requested.

A good example of such information relates to income tax. Tax returns during the year of bankruptcy are not filed by the bankrupt. Instead, returns are prepared by the administrator of the process, and are filed by the same. The bankrupt is expected to supply the necessary tax slips and pertinent figures to the administrator.

Consider contacting EmpireOne to discuss this avenue or another that may best suit your needs.

Claiming Bankruptcy? Know What You Are In For

Claiming or declaring bankruptcy should be your last resort when dealing with debt. A number of candidates do not know how to declare bankruptcy and/or fail to realize that the process involves legal implications that need to be adhered to. Not everyone is familiar with the aftermath of declaring bankruptcy. This is where your personal debt consultant can offer their professional advice.

Thinking of claiming personal bankruptcy? There is no denying that declaring bankruptcy offers you benefits in terms of credit repayment.

However, there’s more to declaring bankruptcy than what meets the eye. Our team of experienced bankruptcy consultants provide you with the help you need.

Talk to our credit counsellor today, to find which option is actually better in your financial circumstances. In the debate between debt counselling and bankruptcy, have you made the right decision? Avail eye-opening credit and debt counselling from EmpireOne.