You find you do not have adequate funds in your bank account to pay for necessities, and you are often using your credit card to “tide you over”
You are borrowing money from family or friends, or from a payday loan service to get you from payday to payday
You are not paying off, or down, the balance on your credit cards each month, but are just making the minimum payment
It would take more than a year to pay off all your outstanding debt (except your mortgage)
Your monthly installment debt payments exceed 20% of your net income
Creditors are harassing and threatening you
Utility companies are cutting off services
You have had cheques bounce or your debit card refused
Your wages have been garnished

Should you wish to improve your credit record after obtaining your discharge from Bankruptcy you may wish to talk to your bank or credit union to find out what steps they suggest for you. If you have saved up a down payment, you are borrowing money to purchase something on which the lender can take security, and you have not had credit problems since the bankruptcy, it is unlikely obtaining credit again will be a significant problem.

he best way to get detailed information about filing an Assignment in Bankruptcy or a Proposal is to contact us. There is no cost for this and there is no obligation to proceed.

When you contact us we will set up an appointment to speak with you and review your financial situation. We can do this either by telephone, if you live in a remote community, or in person at our office in either Winnipeg, Manitoba or Kenora, Ontario. We will review all options available to you including options other than those offered under the Bankruptcy and Insolvency Act. We will ensure all your questions are answered and that you have a clear understanding of what the various options and processes are.

Once we have spoken with you, you are free to either take further time to think about your options or to make arrangements to proceed with the filing of a Bankruptcy or Proposal.

In most cases, the employer does not need to know that you are filing an Assignment in Bankruptcy. There are exceptions, however. For example, if your wages are being garnished, the Trustee would need to contact your employer in order to have the garnishment stopped.

A credit Proposal is a viable option if you have either a lump sum to offer your creditors, or a reliable source of income on which you can depend for the entire length of the Proposal. If you income fluctuates greatly, or if your current employment is not long-term, a Proposal might not be a viable option for you.

Many people do not lose their homes in a Proposal or bankruptcy. However, every situation is unique and careful review is needed. Much will depend on the value of the house and the amount owing on it.

Whether or not you lose your car will depend on a many factors. Have you given it as security? Do you use it to get to and from work? How much is it worth? If it is secured, can you afford the payments? We will review all for the issues involved in determining whether you lose your car, and that information will help you decide what option would be best in your situation.

People with significant debt problems often borrow from family and friends, or get family and friends to co-sign for them. You need to understand the problems that this can cause both you and your family members.

Bankruptcy is a legal process regulated by the Bankruptcy and Insolvency Act. Through a bankruptcy, you may be released of all or most of your debts. The purpose of the Act is to permit the honest, but unfortunate, debtor to be released from debt and have a fresh start. As part of the process, you may have non-exempt assets that will be sold, and payments to make based on your income level. These are paid to your Trustee for your creditors.