Due to Covid-19, I may have to declare bankruptcy in Ontario. Do I need a Trustee Company?

Yes, whether you are an individual or a company, you will need the services of a bankruptcy trustee company.  

Why? 

Because bankruptcy in Ontario is federally regulated which means you’ll require a professional to provide you and/or your business with advice and how to solve your debt issues.  Only a licensed insolvency trustee company is able to assist you in filing for bankruptcy.

Covid happened and you’re not alone!

You don’t need to be a psychic to predict that over the next weeks and months, the country will see an increase in personal & small business bankruptcies. 

The small business community was hit very hard with thunderous consequences to the owners, their employees, their suppliers and so on.   The ramifications are much more significant than what is being measured in terms of unemployment rates right now.  This unprecedented event caught most businesses off guard and nothing had quite prepared any business for it.

While small businesses tried hard to resolve the immediate impact with the Government’s relief efforts such a CEWS, CERB and tax deferrals, the length of the shutdown caused permanent damage to some, making recovery an impossible effort.  For example, the majority of restaurants still have not reopened and the ones that have are operating with a small outdoor patio.

Many companies accrued debt and rent obligations piled up, without any sources of revenue coming in.  The sharp drop in revenues made it impossible for small businesses to keep up with their obligations. Let’s face it, not all small businesses are in a place to have cash reserves, and not all could pivot from “brick and mortar” establishments to online sales that quickly.

Don’t be discouraged by #failure. If you’ve never failed, you’ve never tried.  Failure is temporary.  

So, some of you may have a very difficult decision to make. You may be an employee who lost their job or the owner who must wind up your operations and just close. Some of you may have to declare bankruptcy.  This is where a trustee company can help.

If you are at the end of your rope and in a financial crisis, it may be time to look at your options.  Call us, or REQUEST AN APPOINTMENT and we can help you figure this out. You may have to do a debt consolidation plan or declare insolvency.  Whatever lies ahead for you, I can tell you it’ll take “LOADS” of pressure off just by knowing what’s next and you’ll be able to rely on what’s coming in the weeks or months ahead.

Failure is not the opposite of success. It is part of it. 

I mean, come on, a pandemic is not your fault!

If indeed your best teacher is your last mistake, you now know how to anticipate and protect yourself against a situation like this in the future. But for now, you must drop the toxicity in your life regarding debt. There is no point in feeling trapped, burdened, depressed, shame, grief, regret or feel like a failure. We want to help you move past this so you can go on to create, innovate, build again, be excited again, and, yes, you do get a “do-over!”. 

It’s all possible. We’ve witnessed thousands of bankruptcy situations and we know that you can recover.  

Action is within reach. Let us help you prepare for your next uptick! As a trustee company, we are proud to offer our debt help, Consumer Proposal and bankruptcy services to you remotely, accessible by telephone or video conference from the comfort and privacy of your home.

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