How Do I Know if I Need to Go Bankrupt in Guelph?

At some point before you sign the documents placing yourself into bankruptcy (or commencing a proposal) you are required, by law, to meet with a licensed trustee in bankruptcy for something called the assessment.

Like the name suggests, this session is designed to help you â€œassessâ€ your options and determine which solution is right for you.

At Hoyes, Michalos & Associates Inc. we refer to this as the â€œPLANâ€, and in Guelph you will be meeting with me, Ted Michalos, for your assessment.

Ted Michalos, Trustee

There are a number of different elements to your assessment. The most basic is the requirement to provide you with information about the different solutions that area available to people experiencing financial difficulties.

These options include:

budgeting assistance;
consolidation loans;
credit counselling;
proposals to creditors; and
personal bankruptcy

You will be told about your rights and responsibilities for each type of procedure, plus what your creditorsâ€™ rights and responsibilities may be. The purpose is to make certain that you have enough information to make an informed decision on the solution thatâ€™s best for you.

The second element of the assessment, the real heart of the PLAN, is determining which solution to use and then setting out in detail how the process will unfold. Again, you and I will talk about your rights and responsibilities, but in much greater detail. The purpose is to make certain that you understand what you are required to do in order to make your PLAN work.

Once the assessment has been completed, you will be asked to sign an Assessment Certificate. This form simply acknowledges that you have met with a trustee and decided to file either a proposal to creditors or bankruptcy. In most cases, this form is signed at the same time as all of the other documents required to be signed in order to file a proposal or bankruptcy.

For your no-charge assessment, please call our office in Guelph at 519-823-0330 to ask questions over the phone, or to arrange a free consultation.

You can also reach me at 310-PLAN (no area code required). If you prefer, you can also e-mail me your questions, and I will get back to you within two hours during normal business hours.

Whether or not to file bankruptcy is a difficult decision, which is why I strongly believe you should understand all of your options before you decide to file. Please contact me today, and let’s get started.