debt freeDeclaring personal bankruptcy is never an easy choice to make, but sometimes it’s the best solution to getting out of debt and starting over with a clean slate. At Charles Advisory Services, we provide a firm hand in helping you through the bankruptcy process while keeping your long-term financial goals in mind.

When debt consolidation and consumer proposals aren’t options in your debt management plan, it’s time to call us to explore if filing for bankruptcy is right for you.

When Should I File for Bankruptcy?

Typically, one becomes a candidate for a proactive debt management solution when their assets are insufficient to cover debts, such as delinquent loans, taxes in arrears, and unpaid credit card bills. Many times, these financial difficulties happen to normally responsible people who may be struggling through job loss, illness, or divorce.

Bankruptcy may become the best option when you can’t secure funds for debt consolidation, or your creditors reject your consumer proposal and refuse further negotiations.

No matter where you are in the debt management process, we’ll always recommend the best options for debt relief that will have the least impact on your future financial and credit situation.

What Happens When You Declare Bankruptcy?

Upon filing for bankruptcy, all civil legal proceedings and unwanted contact from your creditors cease immediately.

For most people, it is either a 9-month or 21-month process to be completely absolved and discharged of their debt. However, there are some types of debt that cannot be absolved by bankruptcy. Together we’ll examine your current debts and confirm which ones can be relieved in a bankruptcy filing. If we determine that bankruptcy is the best option for you, we’ll begin the process right away to get you back on the road to financial recovery sooner.

Your credit rating will be negatively affected for a period of six years after you are absolved of your debt and remains on your credit report. But because rebuilding your credit rating is an important step towards recovery, we can recommend ways to improve your credit rating during the bankruptcy period.

In most cases, people are able to keep their home and car after filing for bankruptcy, as well as many other personal items and professional tools. Bankruptcy in Ontario doesn’t mean becoming homeless. Rather, it gives you the opportunity to remove the stress of high debt, clear your name, and get back to rebuilding your financial status.

Bankruptcy Services in Toronto

Always remember that there is no shame in bankruptcy. Our team will treat you with the courtesy and respect you deserve, and work hard to help you remove your debt burden as quickly as possible, getting you back on track to reaching your financial goals.

Since 2006, Charles Advisory Services has provided debt consolidation solutions, consumer proposals, and bankruptcy services in Toronto. Founder Robert Charles has helped hundreds of individuals, families, and businesses manage their debt situation with the personal service that only an independent licensed insolvency trustee can give. With Charles Advisory Services, trusted debt consolidation, consumer proposals, and bankruptcy solutions are just a phone call away. 

If you’re ready to relieve your debt through filing for bankruptcy, contact us today for a free consultation!