Maria Rickard & Associates

Description

SO, BANKRUPTCY IS YOUR SOLUTION…
Many potential bankrupts have very little knowledge of the significance and implication of the Bankruptcy process. WHAT IS BANKRUPTCY? It is a legal process that provides immediate relief to an overburdened debtor by halting legal actions by creditors (garnishments, seizures, lawsuits, etc.); afterwards, it results in eliminating the majority, if not all, of the debts. While the bankrupt may normally keep furniture, clothing and personal effects, the assets exceeding provincial exemptions will have to be turned over to the trustee who will realize on them and distribute the proceeds among the creditors. (Ontario Exemption values – Furniture - $13,150.00 and Personal Effects - $5, 000, Vehicle - $6,600.00, Tools of the Trade - $11,300) and Principal Residence - $10,000. The process is intended to provide financial rehabilitation for the debtor and a new start in life. CALL US! Call Maria Rickard & Associates Inc, bankruptcy trustee in Toronto and Sault Ste. Marie, for your free consultation today.