McLennan and Company

Defining Bankruptcy

London Trustee Defines 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.

Bruce McLennan has been a bankruptcy trustee in London (now know as a Licensed Insolvency Trustee) assisting individuals with filing for bankruptcy for over two decades.

When should you consider filing for bankruptcy  with a trustee in London, Woodstock or Ingersoll?

Life can be unpredictable with job loss, divorce, health care costs from an accident or illness, or other unanticipated circumstances that can change your financial stability.

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.

Why seek professional assistance from a London bankruptcy trustee?

If you are considering bankruptcy, your first step should be to meet with a London Licensed Insolvency Trustee in (formerly referred to as Trustee in Bankruptcy). LITs are individuals licensed by the Office of the Superintendent of Bankruptcy to administer the bankruptcy process.

If bankruptcy is the option you choose, you will work with the trustee to complete the required forms, which the trustee will file. Once filed, you will be officially declared bankrupt.

From that point on, the LIT will take much of the stress off of your shoulders as he or she will deal directly with your creditors on your behalf. Part of this process means that 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.

London Trustee discusses what happens post-bankruptcy

After all steps in the bankruptcy process have been completed, you will be discharged. Discharge releases you from the legal obligation to repay the debts you had as of the date you filed for bankruptcy, except for specific types of debts that are excluded by law – these include alimony and child support payments and some student loans – speak with your LIT (formerly trustee in bankruptcy) for more information on whether this applies to you.

The timing of your discharge depends on a number of factors, including whether this is your first bankruptcy, and whether you are required to make surplus income payments.

Connect with us

McLennan & Company Ltd. wants to help you start over. Contact our head office in London, Ontario at 519-433-4728 or fill out an 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.

Contact McLennan & Company Ltd. today to talk to a bankruptcy trustee in London, Woodstock or Ingsersoll.