Once the decision is made to file bankruptcy, the steps are fairly straightforward. The essential steps to answer the question, how to file for bankruptcy in Toronto, are set out below:
- Arrange a meeting with a Licensed Insolvency Trustee
This can be done either in person or remotely via video chat. The consultation is always free when you meet with us. At our firm, you will meet with one of our friendly and understanding debt-experts. The meeting is a low-stress, information gathering session that will last for approximately 30 minutes. You can call our office, fill the contact form or email us for same day appointments. If you are visiting our website using a mobile device, you can text us directly to contact the trustee.
- Preparing for the meeting
No preparation is required to meet with our firm, especially if you are pressed for time or require urgent attention to deal with your debts. We can arrange to collect your key financial documents after our meeting.
But if possible, it would be helpful to review your financial documents with you. We want to provide you with a complete picture of your present situation and options to become free of debt that are catered to your specific needs. Ideally, if you are able to gather up your most recent statements from creditors, proof of income (such as pay stubs and prior year T4s or tax assessments) for you and other family members living with you, and a list of your assets (investments, car, home, safety deposit box etc), please let us know so we can review them in detail.
- Free Consultation with our friendly debt-experts
We know that the majority of people that look to us for help do so because they have fallen into debt that has become unmanageable. In the majority of cases, the debt issues arose due to reasons beyond their control. More often than not, issues such as job loss, health issues, reduced work hours, budget shortfall, divorce, and / or over-reliance on credit to ‘make ends-meet’ are common causes of bankruptcy that no one should be made to feel ashamed or to feel badly. And no one should be judged. We are all human and, as they say, ‘life happens’.
The majority of people that find themselves unable to service their debt are hesitant to meet with a licensed insolvency trustee. They agonize and stress for many months in the hope that their financial issues will resolve. Eventually they hit a wall and cannot continue on their own. They know that they need help at this point but they don’t know their options–or if bankruptcy may be a solution–and they don’t know how to file for bankruptcy in Toronto.
The key step in the process of how to file for bankruptcy in Toronto –or across Canada for that matter–is the meeting with a licensed insolvency trustee. At our firm, we will meet virtually (FaceTime, Skype, WhatsApp, Zoom, or Teams) or we can meet in person at our main office in Scarborough, or at one of our satellite offices in Brampton, Weston Road (Toronto), Mississauga or Oshawa. We will review with you your financial information and the reason or reasons that you are unable to repay your debts. Together we will formulate a plan to resolve your debts and stop the collections, court actions to recover the debt, or garnishment of income.
We will review all options to deal with your financial situation so that you have a clear idea of the pros and cons of each option before making a decision. There is no pressure for you to follow any of the options that are discussed. And the meeting is private and confidential.
- Bankruptcy Application Form and Documentation
We will provide you with a simple application form to complete. This can be done at our office or in the comfort of your home. We will also provide a list of documents that we will require to prepare the bankruptcy documentation. We will send you a draft copy of the bankruptcy documentation using a program called SignNow which makes it easy to review and initial the pages (or make changes if there are any errors or omissions) without having to print a copy.
We’re almost there.
One key step first: If you owe money to your bank (either because of an overdraft balance or because of a bank-issued credit card) you should open an account with a different bank.
To finalize the process and to fully answer how to file for bankruptcy in Toronto, the next step wraps things up with the formal signing of papers.
- Signing the Bankruptcy Documentation
We can meet in person or via video chat to sign the official paperwork. If signing remotely, we will send the documentation to you for your electronic signature. We will then send the documents electronically to the Office of the Superintendent of Bankruptcy and we will immediately receive a certificate of appointment which will have a unique estate number.
The bankruptcy is now official and creditors must stop calling and must stop collection efforts.
If a wage garnishment (seizure of income) had already commenced, we will demand that your payroll department immediately stop any further garnishment.
We will provide you with a list of rules and will explain them thoroughly to you to ensure that the process is as smooth as possible.
Follow these simple steps and you will know how to file for bankruptcy in Toronto in a stress-free way!