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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.

Browse Debt Review Options in Canada

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Consumer Proposals

Consumer proposals can be an alternative to bankruptcy that reduces debt and gives you more time to pay back creditors.

  • Legally stop creditors
  • Keep your assets & negotiate lower payments
  • Avoid bankruptcy
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Bankruptcy

We will help you through the bankruptcy process every step of the way and guide you to a better financial future.

  • Wipe out most unsecured debt
  • Protect assets like your home
  • Last resort option
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Corporate Bankruptcy

Corporate bankruptcy can be difficult to navigate, but we’ll help you through the maze, while also exploring other options too.

  • Restructure debt
  • Protect jobs for employees
  • Avoid liquidation
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Corporate Insolvency

Restructure your debt and operations to secure your company’s future.

  • Navigate financial hurdles and protect jobs
  • Typically liquidate assets to pay off debts
  • Avoid corporate bankruptcy
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Debt Consolidation

You consolidate various debts under one loan to pay back to creditors. This approach can help you save on interest over time.

  • Simplify repayments & reduce interest rates
  • Improve credit score
  • Gain control over finances, avoid multiple creditors
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Debt Management Plan

Stay in control of your debts with a predictable, scheduled repayment plan. These plans can run for up to 5 years and aim to leave you debt-free at the end of the repayment period.

  • Potentially reduce payments
  • Avoid interest
  • Repay debt in agreed time frame
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Division 1 Proposals

Division 1 Proposals let you change the terms of your debt, reducing the amount you owe and / or extending the repayment period.

  • Repay portion of debt over extended period
  • Retain assets
  • Avoid bankruptcy
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Credit Counselling

Here, you’ll learn to pinpoint the causes of your financial issues and gain the tools to take back control of your finances.

  • Develop a personalized budget
  • Learn debt management strategies
  • Repair damaged credit
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Debt Settlement

To settle your debt you can hire a company to negotiate with the creditor.

  • Potential for significant debt reduction
  • May damage credit score
  • Not guaranteed
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Support across Canada

Why choose us for consumer proposals in Ontario?

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Remove up to 80% of your debt

Our Licensed Insolvency Trustees can provide a customised consumer proposal that could shrink your debt by up to 80%.

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Professional guidance in any language

Our multilingual team offers debt support in Farsi, Portuguese, Italian, Tamil, and more, so you can feel comfortable every step of the way.

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Nationwide support

With offices in nine provinces, we offer in-person debt support across Canada—from Atlantic provinces to Ontario to British Columbia.

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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.

Contact information

It's never too late to obtain debt help. Book your free consultation today

Phone number
800-268-8093
Email
hello@harrispartners.ca
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