When is Declaring Bankruptcy Necessary? | Trustee in Bankruptcy | Albert Gelman Inc.

When is Declaring Bankruptcy Necessary? | Trustee in Bankruptcy | Albert Gelman Inc.

Bankruptcy can be a good option when you have a serious amount of debt. If you have a limited income, have little to no equity in your assets and are struggling to pay your bills and pay down the debt, bankruptcy may be the best option for you.

What are the Benefits of Declaring Bankruptcy?

When you declare bankruptcy, you are essentially getting a fresh start from your debt. Any wage garnishments and other collection actions will cease, and you will be obligated to make one monthly payment to the Trustee which is based upon the amount of your income.  Many people feel a sense of relief as they get to experience a “fresh start” in a sense, and they know they are on their way to becoming more financially debt free.

Is Bankruptcy My Only Option?

Bankruptcy is not the best option for everyone, and there may be more appropriate options for you and your situation. Consider filing a Consumer Proposal – which is an offer to your creditors to settle your debt.

  1. A Consumer Proposal is an option for people who may have available equity through their home, family that is willing to help them out, or some savings that they are able to put forwards as an offer to creditors.
  2. Opting for a consumer proposal will allow you to take up to five years to pay off your debt with monthly payments. In the majority of cases, the total sum of debt is substantially reduced. When a consumer proposal is approved by the creditors and the Court, as long as you make your proposal payments, you will be on your way to financial freedom!

Only a licensed Trustee in Bankruptcy can administer a bankruptcy or a Consumer Proposal.  Using a Trustee for each of these options is extremely beneficial. Proposals and settlements are taken much more seriously and can be more easily negotiated when they come from a licensed professional. A free consultation with one of our professionals can help you determine what your best option is. We will review your situation and thoroughly explain each option to you. No matter what your decision is, the Trustees at Albert Gelman Inc. will be there for you every step of the way, from the initial consultation to the final payment.

If you are contemplating whether or not you should declare bankruptcy, call Albert Gelman Inc. today. We can go over all your options and discuss what the best course of action is for you. Call us at 1-855-654-1650, or visit any of our locations to book your free consultation.