We Can Help With
Debt Relief Services We Offer
Debt relief services are our specialty at Risman Zysman Inc. We understand that when you're feeling overwhelmed by debt, the last thing you want to deal with is more paperwork and phone calls. We offer simple, straightforward services to help you get back on your feet.
Under a Consumer Proposal, you make monthly payments to your trustee over a maximum of 60 months. These payments are based on what you can afford, taking your monthly expenses and other debts into account. Once approved by your creditors, all interest on your debts will stop accruing, and collection calls will cease.
Personal bankruptcy is the legal process of discharging debts that an individual is unable to repay. Once an individual files for personal bankruptcy, their creditors are legally prohibited from trying to collect on the debt. Although stressful and challenging, personal bankruptcy helps provide relief from overwhelming debt.
We are experts in evaluating financial situations and proposing a plan to creditors based on what you can realistically afford. This may involve extending your student loan repayment period, negotiating a lower interest rate, or writing off a portion of the debt.
Debt consolidation combines several high-interest loans or credit card balances into a single, more Affordable loan. We can help you consolidate your debt through a consumer proposal or bankruptcy.
Debt Relief Solutions
Our Licensed Insolvency Trustee will provide personalized debt management that can help you pay off your debts. There are many different types of debt relief solutions available and we’ll make sure you get the best one for your specific situation.
If you're struggling to pay your taxes, our LIT can help you understand your options and make a plan to get back on track. We can also negotiate with the CRA on your behalf to reduce or eliminate your tax debt.
Credit Card Debt
Whether you’re having trouble making your monthly payments or you're already behind on your payments, our Licensed Insolvency Trustee may be able to help by arranging for lower interest rates or by consolidating your debt into one monthly payment.
Friendly & Professional
Friendly Local Trustee
99% Success Rate
Consumer Proposal Acceptance
Zero Upfront Fee
Debt relief with No Pressure
Licensed & Certified
Trustee not a sales person
Reducing your debt by up to 80%
Our team will start by reviewing your financial situation. We will then prepare a consumer proposal that fits your lifestyle. A consumer proposal is a legal settlement with your creditors. This is a great option that can reduce your debt by up to 80%. You will be able to keep your house, your car, and your life!
Frequently Asked Questions
After you file for bankruptcy, your house may be affected in various ways. First, if you have equity in your home and are behind on your mortgage payments, the trustee may sell your home to pay off your creditors. Second, if you are current on your mortgage payments but have very little equity in your home, the court may impact your ability to keep your home by ordering a "charge" against it. This charge gives certain creditors the right to take possession of your home if you default on any payments. As a result, it is important to consult with our bankruptcy advisor at Risman Zysman Inc before filing for bankruptcy to ensure that you understand how it will affect your house.
In a joint bankruptcy, both husband and wife are liable for all debts. This means that if you file for bankruptcy, your spouse's financial status will be affected as well. All of your jointly held property will be considered part of the bankruptcy estate and may be used to pay off creditors. In addition, your spouse's credit score will likely be negatively affected by the bankruptcy filing. However, if the debts are sole to you and you’re filing for personal bankruptcy, your spouse will not be affected.
An insolvency trustee is a professional who is tasked with managing the finances of someone who has been declared insolvent. This includes overseeing the sale of assets, distributing proceeds to creditors, and providing financial counseling to the debtor. The trustee's ultimate goal is to help the debtor rehabilitate their financial situation and become able to repay their debts. Trustees can be either government-appointed or privately hired. They must adhere to strict ethical standards and clauses set out in the Bankruptcy and Insolvency Act.
There are a few key things that happen when you declare insolvency in Canada. First, all of your non-exempt assets are titled in the name of the bankrupt estate and become the property of your trustee. This includes any real estate you own, vehicles, investments, bank accounts, and certain pieces of personal property. Secondly, a stay of proceedings is placed on all civil claims against you or your business. This means that creditors cannot continue to try to collect debts from you during the bankruptcy process. Lastly, you will be required to attend two credit counseling sessions with an approved agency before your bankruptcy can be discharged.
Yes, insolvency in Canada does affect credit. Bankruptcy and insolvency are two different things, but both can impact your credit score. For example, if you're declared bankrupt, it will be challenging for you to get credit in the future. Even if you're not declared bankrupt, having a history of insolvency can make it very difficult to obtain credit. This is because lenders see people who have had financial trouble as a higher-risk lending option.
A licensed insolvency trustee (LIT) can help you if you are struggling with debt. They are qualified professionals who can provide advice on dealing with your finances and getting out of debt.
Risman Zysman Inc. can work with you to develop a plan to repay your debts, including negotiating with creditors, setting up a budget, or consolidating. They can also help you understand the legal process of bankruptcy and advise you on whether it is the right option for you.
There are several things that set Licensed Insolvency Trustees (LITs) apart from other insolvency professionals. First and foremost, LITs are the only insolvency professionals that are licensed by the federal government. This means that they have undergone rigorous training and examinations to practice insolvency in Canada.
LITs also have a fiduciary duty to their clients, which means that they must act in their best interests. This is different from other professionals who may work in the insolvency field, such as accountants or financial advisers, who do not have this duty.
Another important difference is that LITs are the only ones who can file a consumer proposal or bankrupt an individual in Canada. This makes them an important part of the insolvency process, as they are the only ones who can provide this service.
Lastly, LITs are required to follow certain ethical standards set out by the Canadian Association of Insolvency and Restructuring Professionals (CAIRP). These standards are in place to protect consumers and ensure that they are treated fairly by LITs.
A Licensed Insolvency Trustee has extensive knowledge of all available debt solutions and can help you choose the best option for your unique situation. They provide impartial advice and will not push you into any particular solution. They are confidential and will keep all information about your financial situation strictly confidential. They also offer support through every step of the bankruptcy service, from providing initial consultations to filing the necessary paperwork to discharge.
You should seek insolvency help if you find yourself in any of the following situations:
- You can't make your minimum monthly payments on credit cards, personal loans, or line of credit.
- Your debt is more than 50% of your annual income.
- You've been turned down for a loan or credit card because of your debt levels.
- You've fallen behind on rent or mortgage payments.
- You're getting collection calls and letters from creditors.
- The interest rates on your debts are so high that you can't afford to pay them off even if you paid only the minimum each month.
No, bankruptcy is not the only way to get out of debt. While it may be the best option for some people, other ways to get out of debt may be more suitable for your situation. You can try negotiating with your creditors, consolidating your debts, or even doing a debt management plan. Bankruptcy should always be a last resort option. Risman Zysman Inc. can help you along the way.
No, you don't lose everything if you go bankrupt. There are a few things you may lose if you go bankrupt. You may lose your house, your car, and other valuable possessions. You may also have to give up your income and go through a period of financial difficulty. However, there are ways to avoid bankruptcy and protect yourself from its consequences. Our bankruptcy assistance program can help you understand the entire process.
Yes, you can run a business if you go bankrupt if it’s a sole proprietorship. In fact, many successful companies have been started by individuals who have filed for bankruptcy protection.
However, it's important to note that running a business while bankrupt can be difficult. You will likely need to take on additional work to make money and support your business, and you may also need to find new investors or lenders who are willing to work with you.
When you go bankrupt, your debts are forgiven. This means that all of your creditors (the people or companies to whom you owe money) are legally forbidden from trying to collect the money that you owe them. In other words, going bankrupt gives you a fresh start and allows you to walk away from your debts without having to pay a single penny.
Although bankruptcy offers some relief from debt, it's important to remember that it's not without consequences. For instance, bankruptcy will stay on your credit report for up to 10 years, making it difficult to borrow money in the future. Furthermore, bankruptcy can also have an impact on your job prospects.
No. Unless you inform them, your neighbours and friends will not know if you file for insolvency proceedings. The proceedings are a confidential legal process.
No law requires your employer to know about your consumer proposal or bankruptcy. However, it's important to remember that a consumer proposal or bankruptcy is a public record. This means that anyone who does a simple search on your name will be able to see that you have filed a consumer proposal or bankruptcy.
Your wages are not directly affected when filing a consumer proposal or bankruptcy. However, you will have to make payment to the LIT and report your monthly earnings if there are changes. This should happen until you are discharged.
Yes. Bankruptcy or a consumer proposal stops the CRA from coming after you and creditor calls. When you file for bankruptcy or a consumer proposal, an automatic stay is put into place. This stay prohibits creditors from contacting you, taking legal action against you, or seizing your assets.
A consumer proposal will stop interest and penalties on your CRA debt, but the original amount you owe will still be there. Bankruptcy will discharge all of your debts, including those to the CRA. Risman Zysman Inc. will help you understand the implications of bankruptcy or a consumer proposal before deciding what's best for you.
Our Solutions to your debt problem
Risman Zysman Inc offers a full range of insolvency and restructuring services. These include the following:
- Consumer Proposals
- Corporate Insolvency
Get Started Today!
You can be DEBT FREE with Risman Zysman Inc in your corner. To book a free consultation, you can call us at 416-222-4600, contact us through our website, or submit an application form.
To access our application form, select the "Application Form" link below. Any information you submit is always kept confidential. We want you to feel confident in your options and reduce your fears and frustrations as you move towards financial freedom.
Where You Can Find Us
Toronto (Main Office)
4646 Dufferin Street, Unit 7,
North York, M3H 5S4
Ottawa Office (By Appointment Only)
900 Lady Ellen Place
Ottawa, Ontario, K1Z 5L5