Locations

Toronto Location:
1351 Dundas St. W, Toronto, ON, M6J 1Y3
Main
416-534-2777
Fax
416-534-5605
Monday – Friday: 9:00 AM - 5:00 PM
Closed Saturday and Sunday

Sault Ste. Marie Location:
123 March Street, Suite 407, Sault Ste. Marie, ON, P6A 2Z5
Main
705-942-1069
Fax
705-942-3210
Monday – Friday: 9:30 AM - 4:30 PM
Closed Saturday and Sunday

Call Maria Rickard & Associates Inc in Toronto & Sault Ste. Marie

SO, BANKRUPTCY IS YOUR SOLUTION…
Many potential bankrupts have very little knowledge of the significance and implication of the Bankruptcy process. The purpose of this website is to explain in simple terms the duties, restrictions, and responsibilities imposed on a bankrupt.

WHAT IS BANKRUPTCY?
It is a legal process that provides immediate relief to an overburdened debtor by halting legal actions by creditors (garnishments, seizures, lawsuits, etc.); afterwards, it results in eliminating the majority, if not all, of the debts.

While the bankrupt may normally keep furniture, clothing and personal effects, the assets exceeding provincial exemptions will have to be turned over to the trustee who will realize on them and distribute the proceeds among the creditors. (Ontario Exemption values – Furniture - $10,000 and Personal Effects - $5,000, Vehicle - $5650.00, and Tools of the Trade - $10,000)

The process is intended to provide financial rehabilitation for the debtor and a new start in life.

SO, A CONSUMER PROPOSAL IS YOUR SOLUTION…

WHAT IS A CONSUMER PROPOSAL?
It is a legal process which allows you to make a settlement offer to your creditors. If your creditors accept the offer, then you and your creditors are bound by the agreement. In a Proposal, since you are offering a settlement and not asking for debt forgiveness, any assets that are in your name remain with you, the trustee does not take any possession of assets.

CALL US!
Call Maria Rickard & Associates Inc, bankruptcy trustee in Toronto and Sault Ste. Marie, for your free consultation today.

Professional Affiliations

Specialties
  • Bankruptcies
  • Consumer proposals