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Personal Bankruptcy

Personal bankruptcy is a privilege that allows you to exercise your right to protect yourself against legal action. As financial advisors and licensed insolvency trustees with a licence delivered by the Office of the Superintendent of Bankruptcy (OSB), BLT Lapointe & Associates Inc. can help you to write off your debts so that you can start anew.

Is bankruptcy the best option?

Analyzing your financial situation is the first step towards settling your debt problems. Is personal bankruptcy your best option? If you’d like to find out, the advisors at BLT Lapointe & Associates Inc. offer a free confidential evaluation. Once your circumstances have been analyzed, we will let you know whether bankruptcy is right for you. If this is not the case, we will suggest alternate solutions, such as the consumer proposal.

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The 4 Steps of Personal Bankruptcy

Declaring bankruptcy may sound difficult, but we’re here to help. We’ll guide you through each step of the process, offering supportive, personalized service. Don’t forget: filing for bankruptcy will allow you to have a fresh start; you’ll finally be free of stress and debt. Here are the four steps you’ll need to follow:

1. Declaring bankruptcy. This step involves signing and filing official forms with the Office of the Superintendent of Bankruptcy. As of this date, you will be protected against legal action, wage garnishments, and harassment. We will represent you before your creditors.

2. Liquidation of assets. We will liquidate all of your seizable assets and place the money in a trust account so that it can be redistributed among your creditors. We will then create a balanced budget that takes your personal situation into account, where we will agree on an amount for you to reimburse according to a monthly payment plan.

3. Consultation sessions. Two meetings with a financial reorganization consultant will be scheduled. These meetings are an easy and effective way for you to take stock of your budget and review the way that you manage your money—this should help you to avoid further bankruptcy or insolvency problems in the future.

4. Discharge. Once your commitments have been met and all of your payments have been made, your bankruptcy is over. We will provide you with a certificate confirming that you are now debt-free. If this is your first bankruptcy, with no surplus income, you may be discharged of your debts after 9 months.

Learn more about the steps of bankruptcy

Good to know!
Since 2009, certain significant assets may be exempt from liquidation. For example, you can hold onto clothes, food pensions, furniture and appliances, tools that are essential for your work, and even your RRSPs (under certain conditions). In some cases, your car and your house may also be exempt from seizure.

We can help you Are you in debt? Are you considering bankruptcy? BLT Lapointe & Associates Inc., a personal and commercial licensed insolvency trustee in Montreal, Laval, Longueil, and many other cities, can help. You are not alone; give us a call.

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