Is Bankruptcy Brampton the Right Solution for Your Debt Problem?

Your debt may seem devastating and uncontrollable. You feel you can’t do anything else to solve it and the only way is to file for bankruptcy in Brampton. You’re certainly not alone.


Brampton is a thriving city in Southern Ontario. The booming economy has brought great opportunity to the region, but has also made the area an increasingly expensive place to live. As a result, many residents of the Brampton region are starting to feel overwhelmed with their debt and financial problems.


So if you are among the many residents of Brampton feeling trapped by large amounts of credit card debt, don’t feel too stressed. You may be dealing with wage garnishments, facing threats of legal action and avoiding harassing phone calls from creditors, and you just want it all to stop. And yes, filing bankruptcy puts a stop to all of these things, but it’s not the only way to free up your debt load.


Often the best ways to deal with a debt problem is to talk with someone you feel comfortable enough to talk about it. The right person to talk about your debt problems are Licensed Insolvency Trustees who specialize in bankruptcy in Brampton. LITs have the knowledge and experience you need to find out the many options you may have to solve your debt problem.


Brampton Trustees can be a solid support system that you and your family can rely on to openly discuss and learn about all your options for debt relief. They understand that having debt can be stressful and talking about it can be very emotional and difficult. They have seen and helped many people in your shoes and you can be assured that they will be able to help you find the best solution for your financial situation.


In your first meeting with a Brampton Trustee, they will ensure you understand the benefits and consequences of bankruptcy. They will point out important details that you need to know about bankruptcy. This will include, for example, the following facts:

1. In order to qualify for bankruptcy, you must owe at least $1,000 and be unable to pay monthly payments and your total debts are greater than the total value of the assets you own.
2. You won’t lose everything in a bankruptcy. There are exemptions established by the federal Bankruptcy and Insolvency Act that can protect some of your possessions depending on where you live.
3. When you file for bankruptcy, a Stay of Proceedings immediately comes into effect to protect you from legal action, harassing phone calls, any wage garnishments and other collection efforts from your unsecured creditors.
4. If you make sure to meet all the terms and conditions, the bankruptcy process may be as short as nine months. After this time, you have a fresh start and can make plans to rebuild your financial future.
5. Bankruptcy is not the only debt solution available to Canadian debtors. Your Trustee will explain all the debt relief options that you may be able to use and explain if they would fit your situation.

Whether or not filing for bankruptcy in Brampton might be the best debt option for you, a Licensed Insolvency Trustee will do everything possible to find the best solution for you. They will work with you to provide an effective solution that will allow you to get out of debt and achieve financial stability in the fastest and least expensive way.