You must owe your creditors at least $1,000 and must be unable to meet your debts when
they become due, or the value of your assets is insufficient
to pay all your obligations.
You should contact a licensed trustee in bankruptcy.
At S. Funtig & Associates Inc., we have consultants available
to answer your questions. Your initial consultation is
free and confidential. If you choose to attend for a consultation,
you are not obligated to continue with any service.
The cost of a bankruptcy depends on a number of factors, including what assets need to be dealt with, or whether you have you been involved in a business. These and other matters will be discussed with you during the free initial consultation.
A trustee's fee is based on the time spent by the trustee's office. All trustee's fees and expenses are reviewed by the Superintendent of Bankruptcy's office.
To assist you with payment of the fees and expenses, S. Funtig & Associates Inc. will review your monthly income and work out a manageable payment schedule for you.
The Superintendent of Bankruptcy, your creditors and
notice will be forwarded to your local credit bureau.
The trustee will determine how your bankruptcy will be
administered. In a summary administration publication
in the local newspaper is not required. In an ordinary
administration the trustee must publish notice in the
local newspaper. Unless a garnishee against your wages
is in effect, it is not necessary to advise your employer.
No. Certain assets are not seizable. In Ontario, the
following assets may be kept by a bankrupt:
Personal property valued under $5,000;
Household goods valued under $10,000;
Motor vehicle valued under $5,000;
Tools of trade valued under $10,000;
Certain life insurance policies and pensions.
It also may be possible to keep your home or vehicle
that may be secured by a creditor. Our consultants at
S. Funtig & Associates Inc. can assist you in exploring
these possibilities.
Payments to unsecured and preferred creditors must stop.
Payment to secured creditors must be discussed with the
trustee before payments are continued.
During the bankruptcy you are required to provide monthly
income and expense statements to the trustee regarding
the family unit. The trustee will review your monthly
statements with guidelines established by the Superintendent
of Bankruptcy. Should your income exceed the guidelines,
you will be required to pay surplus income to the trustee.
At the time of the bankruptcy, there is a "stay of proceedings"
enforced. If a garnishee is in place, the trustee will
advise your employer to stops the deductions to the creditor.
You are required to provide the trustee with information
necessary to file your year prior and pre-bankruptcy returns.
The pre-bankruptcy return is for the period of January
1st to the date of bankruptcy. Any refunds are assets
of your bankruptcy estate.
The post-bankruptcy return is for the period of the date
of bankruptcy to December 31st. This return must be filed
with Canada Customs and Revenue Agency no later than April
30th of the following year. If a balance is due, you will
be required to pay this amount to Canada Customs and Revenue
Agency. If a refund is generated, this refund will be
forwarded to the trustee and will likely be an asset of
your bankruptcy estate.
If you have not filed bankruptcy before and you have
complied with all your duties, you can be discharge from
bankruptcy after 9 months. A certificate of discharge
will be issued by the trustee.
Our consultants at S. Funtig & Associates Inc. are available
to meet with you to discuss any concerns or questions
you may have regarding this process.
