Licensed Insolvency Trustee | Debt Relief, Ontario Options

Can a consumer proposal stop collection calls and law suits?

Yes, filing a consumer proposal can typically stop most collection activity related to unsecured debts. When a proposal is filed through a Licensed Insolvency Trustee, a legal protection called a stay of proceedings immediately takes effect. This protection requires unsecured creditors to stop legal actions and all other collection efforts while the proposal is being administered.

Can small business owners file a consumer proposal or bankruptcy?

Yes, small business owners may be able to file either proposal or bankruptcy depending on their financial situation. Many small businesses operate as sole proprietorships, which means that all the business debts are personally owed by the owner. In these situations, a consumer proposal may allow the owner to settle unsecured business debts through structured payments over time.

When should I speak with a Licensed Insolvency Trustee?

Many people wait too long before speaking with a Licensed Insolvency Trustee, often because they are unsure of their options or hope their financial situation will improve. You are in control of accessing the information a LIT will provide to you at no cost. Waiting may make sense – but only when you are informed and not simply ignoring a situation that is stressful at the least and harmful to you at the most.

Will I lose my house if I file bankruptcy in Canada?

Many individuals considering Canadian bankruptcy are concerned about whether they will lose their home.