Lazard & Associates Inc

Expert Bankruptcy
Trustees in Ottawa

Although bankruptcy is the last option Lazard & Associates will recommend to our clients, it is the only option for many people. Before filing personal bankruptcy, we make sure to look at all other possible courses of action. If you are an individual whose debt does not surpass $250,000, you may be eligible to submit a consumer proposal. If you are denied your consumer proposal, then you should consider filing for personal bankruptcy as a last resort. Lazard & Associates are here to help you rebuild your life debt-free, and are prepared to assist you with each step on the journey, even filing for personal bankruptcy.

Lazard & Associates Inc

What Happens After
Declaring Bankruptcy

We will work closely with you to determine a plan that will help you get out of debt. We start by reviewing your full financial situation and discussing the options that are available to you. We will help you develop a debt management plan that includes a budget that you can stick to while making regular and reasonable payments towards your remaining secured debt. Your debt management plan will be tailored to your unique financial situation and needs so you can still take care of the things in life that need tending to while still reducing your debt over time.

Lazard & Associates Inc

Lazard & Associates: Ottawa's Trusted Bankruptcy Consultants

Filing for bankruptcy isn’t something anybody wants to have to do, but sometimes it is the smartest option, depending on the circumstances. Lazard & Associates have helped countless individuals recover from the impact of their debts, whether it be through a consumer proposal or bankruptcy. We are dedicated to assisting our clients with regaining their financial independence and starting to rebuild their credit! Contact us today with any questions you may have, we will be happy to answer them and get you started on the path to financial freedom. Our clients are our number one priority, and we will do everything possible to assist in any way we can, all you need to do is call.

Personal bankruptcy FAQs

Alternative debt relief options, such as a consumer proposal, have helped many people get out of debt. A Licensed Insolvency Trustee will examine your circumstances carefully and explain all available debt relief options to assist you in determining the best option for you. Bankruptcy is normally chosen only after all other debt relief options have been exhausted. Contact us at Lazard and Associates to see what your options are.

If you declare bankruptcy, you will still be liable for some of your debts. Examples of such debts include secured loans (i.e. car loans), mortgages, spousal support payment, child support payment, alimony, debt as a result of fraud, court imposed fines etc. Bankruptcy allows you to eliminate most, if not all, of your unsecured debts, such as credit cards, lines of credit, bank loans, payday loans, and tax debts.

No. A licenced insolvency trustee has the authority to start and process bankruptcy cases. Unless your situation is especially complicated, in which case your trustee will consult with your chosen attorney. Lazard and Associates offers bankruptcy advisory and filing services.

Most provinces offer exemptions that allow you to keep some of your home’s equity if you file for bankruptcy. Leased or financed vehicles are not included in your bankruptcy unless there is sufficient equity value over the loan amount. Bankruptcy exemptions in Ontario covers one vehicle up to $7,117 and homes with equity not exceeding $10,783. However,  if you’ve previously paid off a considerable chunk of your mortgage and you’ve built up equity in your house, bankruptcy law states that you must utilise that equity to pay off some of your debts to your creditors. Talk to your Licensed Insolvency Trustee about your alternatives if you have numerous vehicles or other assets that you want to keep. Work with our insolvency experts at Lazard and Associates to determine which options are best for you. Bankruptcy is the last option we will recommend to our clients.

While bankruptcy will discharge your unsecured debts, you will still be responsible for alimony and child support payments if you apply for bankruptcy. However, working with a LIT like Lazard and Associates will help you plan better to meet your financial obligations.

Your individual bankruptcy filing does not go on your spouse’s credit record. However, if you and your spouse have joint debts, your partner may be held liable for the whole debt if you file for bankruptcy. It is best for you and your spouse or co-signor to seek the assistance of a Licensed Insolvency Trustee such as Lazard and Associates at the same time to ensure that both of your needs are met.

Your student loan debt is immediately erased If you have been out of school for at least seven years and file for bankruptcy. If you attended school within the last seven years, you may be eligible to have your debts forgiven under hardship provisions. All your choices for dealing with student debt can be explained by a Licensed Insolvency Trustee Such as Lazard and Associates.

No. Most people are completely unaware that you have filed for bankruptcy. While bankruptcies are public records, accessing them normally necessitates paying a fee, which does not happen very often.

Bankruptcy will have a negative impact on your credit score stay on your file for seven years. There is a high chance that your credit rating has already been impacted negatively before considering bankruptcy. Bankruptcy might provide you a fresh start and help you rehabilitate your credit faster than other debt relief options.

A discharge relieves you of your legal obligation to repay the debts you had as of the day you filed for bankruptcy except for certain types of debts that are specifically prohibited by law. This discharge could also be automatic, non-automatic, conditional, or suspended.

Our Industry Experience

Why Choose Us?

It can be quite difficult to trust someone with your finances, but when it comes to personal bankruptcy, there’s no one you can trust more than Lazard & Associates. We help you reestablish your credit, pay of your debt and avoid bankruptcy through consumer proposals.

Lazard & Associates Inc

What Our Satisfied Clients Say About Us

Very Professional, Very Understanding and Above All Very Kind Hearted Team! First time I went there I felt like a complete Loser to say the least!!! After discussing in details with Happy-go-Lucky Louise I felt 90% of my anxiety immediately gone! No word of a lie I smiled and laughed all the way home!!”

– Satisfied Client

I found Lazard and Associates to be professional and caring. After getting myself into some serious trouble, I am back on track with their help. Avoiding Bankruptcy and doing a proposal has been very helpful in reestablishing my credit quickly. I have recommended them to friends and family and happy to see that it isn't a cookie cutter approach. They take the time to do what's best for the client.”

– Satisfied Client