Benefits of Working with a Firm that Focuses in Consumer Bankruptcy

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31 Aug Benefits of Working with a Firm that Focuses in Consumer Bankruptcy

Finding the right Licensed Insolvency Trustee is important. One factor to consider is whether their focus is on personal bankruptcy.

Bruce McLennan and the team at McLennan & Company Ltd. have over two decades of experience assisting individuals and their families getting back on track for a financial future through consumer bankruptcies in London, consumer proposals, credit counselling and more.

What is a personal bankruptcy?

Bankruptcy is a legal process (similar to a Consumer Proposal) that provides immediate relief from your unsecured creditors when you can’t pay your debts and a Consumer Proposal is not affordable.

If you are being harassed by creditors, if you are unable to meet your monthly credit card or mortgage payments, or if you are maxing out loans and credit cards to make ends meet, consider seeking professional help from a Licensed Insolvency Trustee.

How a Licensed Insolvency Trustee can assist you?

A Licensed Insolvency Trustee (formerly trustee in bankruptcy) who focuses their work on personal bankruptcies should have extensive knowledge of alternative options such as consumer proposals, debt restructuring, etc.

If bankruptcy is the option you choose, you will work with the trustee to complete the required forms. The licensed insolvency trustee will then file these documents and you will be formally declared bankrupt.

From that point on, the LIT will take much of the stress off of your shoulders and deal directly with your creditors on your behalf. Once you have been declared bankrupt:

  • you will stop making payments directly to your unsecured creditors;
  • any garnishments against your salary will stop; and
  • any lawsuits against you by your creditors will also be stopped.

How are personal bankruptcies different than commercial bankruptcies?

As the name implies, personal bankruptcies are just that, personal. The cause of personal bankruptcies are often a change in your personal or family circumstances such as a divorce, accident, illness, job loss or other financial change. Licensed Insolvency Trustees with experience in personal bankruptcies understand this.

In addition to dealing with creditors on your behalf, they also help you with the personal adjustments required. Part of the bankruptcy process involves one-on-one counselling to assist you with the future management of your finances and budget.

Contact Us for a Consumer Bankruptcy in London, Woodstock, or Ingersoll

McLennan & Company Ltd. focuses its work on helping individuals and families and we want to help you start over. Contact our head office in London, Ontario at 519-433-4728 or fill out our online form and someone will contact you within one business day to schedule a consultation.

We know that this is a difficult time for you and your family and we offer free initial consultations. For your convenience, in addition to our main office in London, we also have satellite offices in Ingersoll and Woodstock and offer flexible appointment times.