905-884-8191 akpollard@pollardandassoc.ca
Personal Services

Contact us

Pollard & Associates Inc.
31 Wright Street
Richmond Hill, Ontario, L4C 4A2

Telephone 905-884-8191
Fax 905-884-4310

Angela K. Pollard:
akpollard@pollardandassoc.ca

Rita Makhzani
ritat@pollardandassoc.ca

Jennifer La Rosa
jenniferl@pollardandassoc.ca

Michael La Rosa
michaell@pollardandassoc.ca

Pollard & Associates Inc. is an insolvency and financial restructuring firm providing services to individuals and corporations in Ontario. A number of options may be available to you depending on the financial situation in which you find yourself. As each case is unique, if you are experiencing financial difficulties, please contact us to discuss your particular details and your options.

At Pollard & Associates Inc., we can assist you to solve your financial difficulties.  We take the time to understand what is important to you and your family and work with you and your creditors to help you to achieve financial stability.

Personal Options:

Proposal

A consumer proposal is a legal arrangement, which undergoes negotiations between your creditors and a Licensed Insolvency Trustee.  With a consumer proposal you are able to maintain your assets while making payments to the Licensed Insolvency Trustee in trust for your creditors on a fixed payment plan negotiated especially for you.  A consumer proposal is an alternative to filing a bankruptcy.

What you need to know

  • Typically lasts five years with 60 monthly payments
  • Common debts included in a proposal are income tax debt, credit card debt, bank loans, payday loans, and student loans (in some cases)
  • You will be required to attend two counselling sessions with the Licensed Insolvency Trustee
  • You are eligible to file a consumer proposal if you have less than $250,000 in debt (excluding your mortgage on your principal residence)
  • NOTE: court imposed fines, child and spousal support, and student loans (in some cases) will not be discharged upon completion of the proposal

Division I proposal

  • If you have more than $250,000 in debt, complicated financial circumstances, or high tax debt you can still file a proposal
  • Requires the filing of a personal cash flow statement
  • Requires attendance at a creditors meeting

Personal Bankruptcy

Personal bankruptcy is a legal process in which you must surrender some of your assets over to a Licensed Insolvency Trustee.

What you need to know

  • You are able to keep some of your assets even if you file for bankruptcy. In Ontario the exempt assets are:
    • Principal residence with equity less than $10,783.00
    • A motor vehicle of less than $7,117.00
    • Most household furnishings and personal effects
    • Most pension plans and certain types of life insurance
    • RRSP’s, except contributions made 12 months prior to bankruptcy
    • Tools of the trade up to $14,405.00
  • You may be required to make monthly payments to your Licensed Insolvency Trustee for your creditors. The amount that may be required to pay is based upon your family monthly income according to the Superintendent’s Standards
  • You need to attend two counselling sessions and attend creditors meetings if required
  • Common debts included in a bankruptcy are income tax debt, credit card debt, bank loans, payday loans, and student loans (in some cases)
  • NOTE: court imposed fines, child and spousal support, and student loans (in some cases) will not be discharged upon completion of the proposal
  • 1st and 2nd time bankrupts may be eligible for an automatic discharge

Have a question? Visit our FAQ page or contact us for more information.

Our firm will outline your options so that you may have the knowledge to make an informed decision as to the best approach to confront your financial concerns with confidence. We at Pollard & Associates Inc. are committed to helping you navigate the insolvency process because we understand how daunting and overwhelming it can be. Contact us today for more information!