Frequently Asked Questions

How long does it take to commence with the proposal or bankruptcy process?

Between 1 to 2 weeks depending on the complexity of the file.

When will the collection calls cease? When will the garnishment of my wages cease?

Calls will end no later than 10 days after the documents are officially filed. Your payroll officer will be contacted right after the documents are filed. Bear in mind that one pay may be garnished before we are able to stop the garnishment.

How will the process affect my credit rating? When can I hope to receive my creditworthiness back?

In a proposal your record will be restored 3 years after you make the last proposal payment. In a bankruptcy, this happens 6 years after you get your discharge from bankruptcy. However, in the event of a second bankruptcy, this takes 14 years. Your creditworthiness can be restored more rapidly by maintaining a decent level of income and by entering into a secured line of credit agreement before the above mentioned time limits pass. In other words, your credit rating depends on several factors that we at EmpireOne shall be pleased to discuss with you.

Is it possible to complete my proposal faster so my credit record purges sooner?

You are able to accelerate your payments in a proposal in any way you wish without penalty.

Do I risk losing my house, my vehicle, or my job due to an insolvency filing?

In a bankruptcy, you are expected to give the creditors the net equity in certain, but not all, assets. Some assets are exempt from seizure, while others are not. For example, if there is a large amount of equity in a home, this will have to be addressed before you can receive your discharge from bankruptcy. In a proposal, you keep everything; however, you have to offer nothing less than the equity in a “hypothetical” bankruptcy. EmpireOne will explain this important aspect at length when you come visit us. Remember we offer free consultations; you have everything to gain and nothing to lose.

How much will it cost me?

Cost depends on several factors that interplay in a complex manner that is best explained face to face. Once again, there is no charge until we have provided a meaningful service that suits you.