Frequently asked questions about bankruptcy & debt
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FAQs
What are some warning signs that I might have a debt problem?
If your monthly debt payments (not counting rent or a mortgage) are greater than 20% of your income, you are headed toward a difficult financial situation. Other warning signs include difficulty paying monthly bills, trouble keeping track of money, and uncontrolled spending.
What is the difference between personal bankruptcy and a consumer proposal?
While both personal bankruptcy and a consumer proposals are administered by a Licensed Insolvency Trustee (previously known as a Trustee in Bankruptcy), they involve different legal processes to eliminate your debt. You should choose between the two based on your individual situation. Bankruptcy is the best choice if you have over $250,000 in debt and have an uncertain income. A consumer proposal is a good choice if you have less than $250,000 in debt and have a steady income.
Am I eligible to file a consumer proposal?
To be eligible to file a consumer proposal, your debts must total less than $250,000. You must have a stable income source, have no open prior proposal proceedings, and be unable to pay your debts when they are due. Businesses cannot file consumer proposals.
What are the steps to filing a consumer proposal?
First, you need a Licensed Insolvency Trustee to review your financial situation. Your trustee will work with you to determine how large a monthly payment you can fit into your budget. Then, he or she will make an official offer to your creditors. If it is accepted, you make monthly payments for a predetermined amount of time.
How do I rebuild my credit after bankruptcy or filing a consumer proposal?
The best thing you can do to rebuild your credit is to pay your bills on time. Avoid any habits that could get you back into debt, like charging purchases you can’t pay back. When you set up your budget, make sure to put aside extra money each month in case of emergency. You can also get a secured credit card with a low limit, which, if you make your payments on time, can start to rebuild your credit score.
Our Debt Management Solutions
Why Harris & Partners
Our Licensed Insolvency Trustees provide a customized service that could remove up to 80% of your debt and stress, so you can breathe easier.
Our multilingual team provides support in many languages, from Farsi and Portuguese to Italian and Tamil, leaving out complicated jargon, so you understand everything, every step of the way.
Want to speak to someone in person? Our team is on hand to help at a Harris & Partners office near you.
Get in touch with Harris & Partners
If you need help from those who specialize in solving debt problems, contact us at Harris & Partners Inc. Licensed Insolvency Trustee. In Toronto, NorthYork, Brampton, St.Catharines, Ottawa, Pickering, Oshawa, Hamilton, Kitchener, Brantford, Barrie and Markham, our federally Licensed Insolvency Trustees can help you achieve long lasting financial solutions.
It's never too late to obtain debt help. Book your free consultation today
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