top of page


a licensed insolvency trustee in Ottawa, ready to answer your questions about Bankruptcy!

It’s entirely too easy to go into debt, and extremely difficult to break free from it.

It’s entirely too easy to go into debt, and extremely difficult to break free from it. Credit, high interest loans, poor financial planning, and emergencies can impact anyone. Life happens, and debt can quickly pile up. The increased stress, loss of material goods, and fear of being unable to pay your bills can cause problems in other areas of your life. Relationships become strained and it becomes difficult to focus on things that you once enjoyed. When it gets to this point, bankruptcy begins to look like the only way out. Speaking to a licensed insolvency trustee can help you plan ahead and choose the best way to deal with mounting debt.

What to Consider Prior to Filing for Bankruptcy in Ottawa

Bankruptcy should only be considered as a last resort; remember that it can take years to recover from. It stays on your record, impacts your credit score, and can deter potential lenders. This is especially disruptive for those who need a home or auto loan. Before committing to bankruptcy, you need to ask yourself the following:

  • Are your debts owing to your creditors in arrears or you are unable to make a payment arrangement?

  • Does the total of everything you own excluding exempt assets or property amount to less than the money you owe?

  • Have you met with a licensed insolvency trustee nearby?

  • Have you discussed the time you will be in bankruptcy, which can range from a minimum of 9 months to 36 months?

  • Have you considered a consumer proposal as an option to resolve your debts?

It is important that you consider what options may be an alternative in solving your financial debts and in making the right choice when you consider filing for bankruptcy. Bankruptcy usually lasts 9 months but can go on longer depending on if you have been bankrupt before; your income level and completing your duties. In assessing your situation, You need to be completely honest about all your debt, assets, and spending habits with your licensed insolvency trustee to be properly advised as sometimes there are potential solutions that you didn’t know to look for.

Consider a Consumer Proposal in Ottawa as an Alternative

A consumer proposal is an alternative to bankruptcy that allows you to make arrangements with your creditors. Instead of accepting the total loss that comes with bankruptcy, creditors will agree to accept less than what’s owed on an extended payment plan. This is a perfect solution for people with a steady source of income who can afford to make reduced payments.

Only a licensed insolvency trustee can arrange for a consumer proposal. This is a legally binding agreement and can stop wage garnishments and other collection procedures. It’s important to understand that the consumer proposal can only cover unsecured debt, and you can still experience repossession or foreclosure.

We Can Help you Avoid Bankruptcy

The professionals at D. & A. MacLeod have financial solutions that can help you avoid bankruptcy and get your life back on track. It may be early enough to develop a consumer proposal. Don’t wait to call! You don’t have to face the fear and uncertainty of financial instability alone.

Contact us today for more information on the bankruptcy process and what we can do to help you avoid it.


bottom of page