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LCTaylor has helped thousands of people to solve their debt problems, stay out of debt and save for a secure and comfortable future.  Whether you have bad credit, can’t pay your bills or are bothered by calls from collection agencies, LCTaylor can help with your money trouble. Put simply, we help you find debt solutions.

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Services

If you’re struggling to get out of debt, LCTaylor is here to help.

Trustees in Bankruptcy are the most highly trained and educated insolvency experts in Canada – and ours are among the best. We specialize in solving financial problems for both individuals and businesses. Our Trustees are licensed by the federal government to provide insolvency solutions.

With a combination of expertise in debt counselling and long-term financial planning, the Trustees at LCTaylor will not only help you get out of debt, but will help you plan your financial future afterward.

Credit Counselling
Credit Proposals
Bankruptcy
Estate Management


Answers

How long am I bankrupt?

In most cases, after a prescribed period of time you are automatically discharged from the bankruptcy. This means that you are no longer bankrupt, and that you no longer have any legal obligation to pay the debts that were included in the bankruptcy.

The length of a bankruptcy varies depending on the circumstances of the individual.

First time bankruptcy, with no surplus income according to the national guidelines: 9 months.

First time bankruptcy with surplus income according to the national guidelines: 21 months.

Second time bankruptcy with no surplus income obligation according to the national guidelines: 24 months.

Second time bankruptcy with a surplus income obligation according to the national guidelines: 36 months.

Third or more time bankruptcy, regardless of surplus income obligations: A person in this situation is not eligible for an automatic discharge, and must attend a court hearing to determine what conditions must be met before the debts are erased.

In all cases, if the person who has filed for bankruptcy does not meet their obligations under the Act, or if a creditor, the Trustee, or the Superintendent of bankruptcy opposes the discharge, then they are not eligible for an automatic discharge, and must attend a court hearing to determine what conditions must be met in order to receive a discharge.

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