The prospect of personal bankruptcy is never one to relish, but if you are in a financial crisis you may think it’s the only option left for you. The Personal Bankruptcy lawyers at Rogerson Law Group have years of experience advising and representing insolvent individuals on their options when bankruptcy seems inevitable.

We take a sympathetic but strategic approach with our clients who face personal bankruptcy. Most are hardworking, conscientious, honest individuals who have got into a very difficult financial position through reasons frequently beyond their control. We work closely with them to determine if there are other options before considering bankruptcy. Potential options might be consolidation loans, debt repayment programs, debt settlement options or a Consumer Proposal.

What is personal bankruptcy?

This is a serious and sometimes complex legal action and should not be entered into until careful consideration has been given, following dedicated legal advice from specialist bankruptcy lawyers.

If you are at least 18 years old, and owe more than $1000 you may be eligible to file for personal bankruptcy if you have explored other options first. Personal bankruptcies must be filed by a Licensed Bankruptcy Trustee (and you must pay the costs and fees of doing so). It is important to bear in mind that everything you tell a bankruptcy trustee may be reported to the Court and your creditors. This is unlike your communications with your lawyer, which are secret and protected. It is important, therefore, to seek initial confidential advice from a lawyer specialising in personal bankruptcy.

It’s not generally appreciated, but the process can take around 9 months or more to complete. In the meantime, you will have to attend bankruptcy counselling sessions.

Bankruptcy typically results in:

Settlement of your assets (subject to exceptions)
Disbursement of the net proceeds to creditors
Release from the legal requirement to pay those creditors covered in the bankruptcy

However, not all debts are expunged through bankruptcy, including child support, fines imposed by the courts, secured debts such as mortgage, and debts accrued through fraud.

You will not necessarily lose everything if you go bankrupt. For example, you get to retain personal property and some business assets to a certain value; some farm property is also exempt. We can advise you fully on these exceptions and how they may apply in your unique circumstances.

How can we help?

If you are facing the prospect of bankruptcy, our experienced Personal Bankruptcy lawyers will take detailed information from you, covering your current financial situation, and any assets you may have. We will then be able to advise you on all your options, and explain the Bankruptcy process to you. Also we can assist you if you encounter difficulties in dealing with your bankruptcy trustee during the process.

Rogerson Law Group provides cross bankruptcy services in the entire GTA including Toronto, Scarborough, Mississauga, Vaughan, Brampton, Richmond Hill, Etobicoke, and Barrie and surrounding areas with offices located in downtown Toronto, Barrie, and an associated office Ottawa.