Belleville: 613-966-8060 | Cobourg: 905-372-2237 | Kingston: 613-548-7070 | Trenton: 613-394-0707
Trusted Consumer Proposal and Bankruptcy Solutions in Belleville
Managing unmanageable debt requires a structured, legal approach. At F. J. Zielski & Associates Inc, we provide federally regulated debt relief services, including consumer proposal and bankruptcy solutions in Belleville. These options are designed to help individuals regain control of their finances while complying with the Bankruptcy and Insolvency Act. Contact us today for additional information.
Financial Services Available at F. J. Zielski & Associates Inc
Plagued by financial problems? The advisors at F. J. Zielski & Associates Inc specialize in insolvency-related services for individuals and small businesses with offices in Belleville, Trenton, Kingston, Cobourg, Peterborough, Madoc and the nearby area. Explore key topics and situations our team can assist you with as part of our insolvency support services:
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For High-income earners, those that reside outside of Canada, Corporations and other exemptions, please continue reading.
Structured Relief Without Losing Control
A consumer proposal is a regulated option under the Bankruptcy and Insolvency Act that allows individuals in Belleville to manage unsecured debt without filing for bankruptcy. It is a legally binding agreement facilitated by a Licensed Insolvency Trustee, such as F. J. Zielski & Associates Inc, between the debtor and creditors.
This arrangement often involves repaying a portion of the total debt over a fixed period, up to five years, based on income and financial capacity. It allows the individual to retain assets and avoid direct consequences tied to bankruptcy in Belleville, such as the sale of non-exempt property.
How a Consumer Proposal Works:
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Stops interest on unsecured debts.
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Halts collections and legal action.
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Requires creditor approval by dollar value.
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May protect assets like a vehicle or home.
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Replaces multiple debts with one monthly payment.
Legal Protection When Repayment Isn’t Possible
If debts are unmanageable and a proposal is not feasible, bankruptcy may be necessary. At F. J. Zielski & Associates Inc, we handle bankruptcy filings for those facing serious financial challenges.
Bankruptcy requires surrendering non-exempt assets and fulfilling duties such as income reporting and credit counselling. Depending on income and compliance, a first-time bankruptcy typically ends in discharge within 9 to 21 months.
Common Triggers for Bankruptcy:
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Inability to make minimum payments.
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Wage garnishments or lawsuits.
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High unsecured debt with limited income.
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Failed prior debt relief attempts.
Though it affects credit, bankruptcy provides legal protection and a path to start over. We ensure all steps are completed lawfully and clearly.
Get Your Credit Report
There are two credit bureaus in Canada that record and report information, Equifax® Canada and TransUnion®. You should contact these agencies to request a copy of their reports to ensure that the information being reported is accurate.
If you have any questions or would like to schedule your free consultation, do not hesitate to contact F. J. Zielski & Associates Inc in Belleville, Kingston, Trenton, or Cobourg.
Equifax®
P.O. Box 190, Station Jean Talon,
Montreal, QC H1S 2Z2
Telephone: 1-800-465-7166
Fax : 514-355-8502
Garnishment - Can I Stop Them?
If you do not pay your debts, a creditor can go to court and obtain a wage garnishment. This is what people often refer to as having their wages "garnished," although the correct term is a garnishee or garnishment.
To garnish your wages, a creditor must first sue you. This is done by issuing a statement of claim. If you do not defend yourself or are unsuccessful in doing so, the creditor will seek and obtain a Garnishment Order from the court. The only exceptions to this rule would be the Canada Revenue Agency and Family Responsibility.
In virtually all cases, a consumer proposal or a bankruptcy will stop the garnishment. We strongly recommend that if you are being garnisheed or are threatened with a garnishment, contact F. J. Zielski & Associates Inc now.
If a creditor has gone to the trouble of garnishing your wages, they are not likely to lift the garnishment because you agree to pay. Once it is there, it sticks!
There Are Three Ways to Stop Wage Garnishment
How much can be garnished from my wages?
Once a wage garnishment starts, there are three ways to get it to stop:
Repay the debt.
File a proposal to creditors.
File for personal bankruptcy.
The amount that can be garnished from your wages is determined by the court.
If you are threatened with a wage garnishment or are currently being garnished, we recommend that you contact us immediately to determine your options. The longer you wait to deal with the wage garnishment, the more you will lose from each pay cheque.
Download and fill out the forms below to give your F. J. Zielski & Associates Inc advisor the information needed to assess your situation. Find offices in Belleville, Kingston, and Trenton. You can also call us in Cobourg.
Discover Life after Bankruptcy
Filing for bankruptcy is a difficult decision. However, it is possible to recover from a poor credit rating after you are discharged from bankruptcy. To help you accomplish this, F. J. Zielski & Associates Inc has a seven-step plan:
Step 1: Complete your bankruptcy in the shortest time you can.
If you are a first-time bankrupt, you qualify for an automatic discharge from bankruptcy at the end of 9 or 21 months, depending on your income. To be eligible for this quick discharge, you have to make monthly payments and attend your credit counselling sessions. The sooner your bankruptcy is completed, the sooner it will disappear from your credit report, so complete all of your bankruptcy duties as soon as possible.
Step 2: Use common sense.
Think before you spend your money, ask yourself ‘Do I really need this right now?’ - 9 out of 10 times, the answer will be no. Each month you receive a bank statement, look at it. Look at the deposits and look at the withdrawals. Do you know where all those instant teller cash advances went?
Step 3: Start saving money
Money is opportunity, to borrow again, you need to prove that you can handle money, and the best way to do that is to show that you have some! Open a saving account and start depositing. You were making monthly payments to the trustee during your bankruptcy. Now that your bankruptcy is finished, continue making those payments, but make them to your own savings account. Savings will be the foundation for your future borrowing.
Step 4: Get a copy of your credit report.
Go to Equifax® Canada and TransUnion® and get a copy of your credit report and check for accuracy. If you find any errors, such as debts appearing that were included in your bankruptcy, notify the credit bureau immediately.
Step 5: Get a secured Visa card
Start rebuilding your credit with a secured credit card. You use your savings to place a deposit on a credit card; the bank, in turn, will give you a credit card with a matching credit limit. It shows up on your credit report as a normal credit card, and now you have a credit card for use when required.
Step 6: Get an RRSP
If you invest $1,000 in an RRSP, your bank will probably be willing to lend you another $1,000 to contribute to your RRSP. That $2,000 you can contribute will generate a refund at tax time that will be almost enough to pay off your loan. Your credit report then shows a paid loan, which is a positive entry on your credit report, and you have $2,000 invested in an RRSP!
Step 7: Keep saving
You will soon have enough for a down payment on a car, and if you save long enough, the down payment on a house. As you save more in your savings account your desire and dependence on credit will diminish. Why borrow money when you can use your own?
For more information on life after bankruptcy, contact F. J. Zielski & Associates Inc in Belleville, Kingston, Trenton, or Cobourg.
Bankruptcy Information for High Income Earners
F. J. Zielski & Associates Inc has extensive experience working with high income earners. We can help you achieve a financial fresh start. You could make one affordable monthly payment, with no interest.
We can assist by:
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Providing financial consultation and strategy
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Negotiate with key creditors, including CRA in respect of income taxes, goods and services taxes, and directors' obligations
F. J. Zielski & Associates Inc can prepare a customized proposal to your creditors and seek to reduce the overall level of debt and set a repayment schedule aligned with family and business/practice requirements over a 2 to 5 year period. Your personal Registered Retirement Saving Plan can be left intact.
One telephone call could change your life. Get out of debt now and eliminate the related stress. Call or email us in Belleville, Kingston, Trenton, or Cobourg to schedule a free consultation.
Financial Services for Those Residing Outside of Canada
At F. J. Zielski & Associates Inc, we know that if you're a Canadian citizen living outside the country you can sometimes feel isolated, particularly if you're trying to deal with money trouble back home. Our team of advisors has extensive experience helping Canadians in such situations.
Call today or email F. J. Zielski & Associates Inc for more information or to schedule a free consultation. If you reside outside of Canada and have excessive Canadian debt, the professionals at F. J. Zielski & Associates Inc can help you!
We can reorganize your financial obligations throughout Canada allowing you to only pay back a portion of your debt, including taxes, with one affordable monthly installment, and no interest.
This is your opportunity to get rid of your excessive debt. For additional information, visit our blog page.
Financial Recovery for Canadian Corporations
In addition to helping individuals with their financial problems, F. J. Zielski & Associates Inc deals with corporations. Under the Bankruptcy and Insolvency Act, corporations can handle their debt just as a natural person would.
F. J. Zielski & Associates Inc provides proposal and bankruptcy services for insolvent corporations throughout Belleville, Kingston, Trenton, Cobourg, and the area. If you have any questions or would like to set up a free consultation with one of our advisors, please do not hesitate to contact us.
Prescribed Amounts for Exemptions
Check out some of the prescribed exemption amounts below:
1. (1) For the purposes of subsections 2 (1) and (1.1) of the Act, the following amounts are prescribed:
1. For the chattels described in paragraph 2 of subsection 2 (1) of the Act (household furnishings and appliances), $14,180.
2. For the chattels described in paragraph 3 of subsection 2 (1) of the Act (tools and other personal property used to earn income),
i. in the case of a debtor engaged solely in the tillage of the soil or farming, $31,379 for livestock, fowl, bees, books, tools and implements and other chattels ordinarily used by the debtor in the debtor’s occupation, or
ii. in any other case, $14,405.
3. For the chattels described in paragraph 4 of subsection 2 (1) of the Act (motor vehicle), $7,117. O. Reg. 289/15, s. 1; O. Reg. 758/20, s. 1 (1-4).
(2) For the purposes of subsections 2 (2) and (3) of the Act (principal residence), the prescribed amount is $10,783. O. Reg. 289/15, s. 1; O. Reg. 758/20, s. 1 (5).