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When you declare bankruptcy, Bromwich+Smith legally eliminates all creditor actions. Creditors can no longer contact you and collection activities must stop. Gain peace of mind knowing your past is officially behind you and a blank slate awaits, with most debts permanently erased after nine months.
You have options
Before recommending filing bankruptcy, all other options, such as a Consumer Proposal, are examined in detail. However, in some cases, declaring bankruptcy can be the best option to eliminate debt and allow you to start over with a clean slate. If it is determined that bankruptcy is your best option, don’t worry—we'll give you all the facts you need to understand the process and get started on rebuilding your worth today.
First, a Bromwich+Smith Debt Relief Specialist will go over your current financial situation with you. Your free consultation takes place over the phone and from the comfort of your own home. We will review your income and any family situation expenses (child/spousal support payable, child care costs, medical expenses, etc.) against a government set standard to determine the amount you will have to pay each month (called surplus income), plus any debt that can be recouped from the sale of any non-exempt assets (see the note below). The length of time you will have to make payments depends upon whether or not you have been bankrupt before. In some cases you won’t even have to make any payments at all and you will be finished in as little as 9 months!
Next, Bromwich+Smith will formally declare bankruptcy on your behalf. Then, a massive burden will be immediately lifted from your shoulders: no more bothersome phone calls, no more garnished wages, active lawsuits come to an end, and any frozen bank accounts are thawed.
Although some non-exempt ‘lifestyle’ items such as boats, RVs, quads, etc. may be sold by your trustee to pay down your debt, most provinces have generous exemption laws allowing you to keep significant equity in your home, a vehicle, RRSPs and pensions, most of your household items, and any tools of trade. Plus, all of your income required to maintain a reasonable standard of living is protected. To see the standard exemptions for each province and territory in Canada, click here. Since everyone’s situation is different, we encourage you to call us to discuss your options.
- Is based on a financial review with one of our Licensed Insolvency Trustees
- Will help you gain money management skills through private counselling meetings
- Can be over with in less than 9 months from filing if it’s your first bankruptcy
- Eliminates your debt and gives you a fresh start
You can only file for bankruptcy through the help of a federally Licensed Insolvency Trustee like Bromwich+Smith.