Plagued by financial problems? The advisors at F. J. Zielski & Associates Inc specialize in insolvency related services for individuals and small business with offices in Belleville, Trenton, Kingston, Cobourg, Peterborough, Madoc and area.
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.
P.O. Box 190, Station Jean Talon,
Montreal, QC H1S 2Z2
Fax : 514-355-8502
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.
In order 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 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
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
How much can be garnished from my wages?
The amount that can be garnisheed from your wages is determined by the court.
If you are threatened with a wage garnishment or are currently being garnisheed, 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.
Filing for bankruptcy is a difficult decision. However, it is possible to recover from the 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 accurateness. 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 which 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.
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:
Providing financial consultation and strategy
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.
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.
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.
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).