For a common person, filing bankruptcy may sound like an extreme step. But for many small-scale business owners, it is their only reasonable choice. Whether you are a business or an individual, if your monthly expenses far exceed your business' income; you can find refuge in bankruptcy.
It is the legal process that can be used to escape debts related to your business. Petitioning for bankruptcy is the first step of a lengthy and complicated procedure. But, if you are going through difficulty, it is best to seek help from bankruptcy consulting services in Toronto. Read on to know how they can help:
Bankruptcy Consulting Services in Toronto Can Help You Throughout the Journey:
Bankruptcy filing is not a one-day or one-month process; it is a year-long journey in which you need to assess the debt, file the insolvency, and complete your bankruptcy duties. Therefore, you need bankruptcy consulting services in Toronto to go through the steps and ensure you achieve the purpose of filing the bankruptcy. Here are the Common Steps involved in the Process:
- Start with Debt Assessment: The process will start with contacting one of National Credit Help's Licensed Insolvency Trustees to take a look at your financial situation, assess your debts, and provide you with different debt-relief options including bankruptcy and its alternatives.
- Signing Forms: If you and your trustee decide to go for a bankruptcy filing, you will have to sign some forms, including Assignment and Statement of Affairs. The former form states that you're handing over your assets to the trustee for your creditors' benefits (don't worry, its standard). The latter form lists all your assets, income, expenses, and liabilities. You will also have to answer a few questions regarding the deposition of your assets.
- Post-Bankruptcy Filing: Once you've filed for bankruptcy, the stay of proceedings will immediately take place, which means stopping legal actions against you and calls from collection agencies. Once you're declared legally bankrupt, you will have to perform bankruptcy duties, which your trustee will brief you about. You may also have to meet with your creditors, but it's incredibly rare with a probability of 1 out of 1,000 bankruptcies.
- Bankruptcy Discharge: This is the last step where you will automatically be discharged of bankruptcy after nine months of filing for it. This can be opposed for any reason by the trustee, the Superintendent of Bankruptcy, or the creditor. Furthermore, the bankruptcy discharge can also be delayed to up to 21 months if you have over $200 surplus income; this can only be done in the first bankruptcy case.
We know filing bankruptcy can be incredibly difficult, emotional, and sometimes confusing. But you should know that you are not alone in these times of distress; you have our full support.
We offer one of the leading bankruptcy consulting services in Toronto, so you can rest assured you'll be in good hands. Just call us whenever you like and schedule a consultation.