A Fresh Start on Your Path to Financial Freedom


What is Bankruptcy

Bankruptcy Settlements for Toronto, ON Residents

Bankruptcy can be the most affordable option to eliminate your unsecured debt very quickly. If you are an individual or a family who can no longer afford to keep up with your debt payments you can choose to file bankruptcy.

In Canada, bankruptcy is the legal process of clearing debts that cannot be paid when owed by surrendering non-exempt assets to a Licensed Insolvency Trustee.

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Our Debt Management Plan Can Help You
With the Following Debts

Business Debt

Business Tax

Car Loan Shortfall

Credit Cards

Line of Credit

Mortgage Shortfall


Pay Day Loan

Personal Loan

Revenue Canada

Store Cards

Student Loan


  • We are a team of government certified credit counsellors who provide a personalized and comprehensive solution to manage your debt and lead you towards financial freedom.
  • Should a need arise to file a consumer proposal or bankruptcy, a LIT will be handling your file.

What Makes Us Different?

How Does
Bankruptcy Work?

Together, we negotiate your existing debt amount down to a more manageable amount. It will be important to know about …


Your current financial situation


How much you owe and who you owe


Your work status


How much you earn

Don't let bad credit hold you back.

Bankruptcy may be the solution you need to start anew

Call Now 416-780-1020

What Makes Us Different?

Advantages of Filing

There are a number of key advantages of filing bankruptcy in Canada:

  • Peace of mind
  • A ‘stay of proceedings’
  • A countdown to debt freedom
  • Cost not associated to debt amount


General FAQ's

What kind of Debt can be covered in Bankruptcy?

All your unsecured debts can be included. It consist of Credit Card, Store Card, Line Of Credit, Bank Loan, Payday Loan, Personal Loan, Short-term Loan, Income Tax, GST/HST Owing, Student Loan, Business Loan, Bank Account Overdraft, Shortfall Loan Owing and more.

What are my bankruptcy obligations?

When filing bankruptcy in Canada, there are a number of obligations you will need to stand by in order to be discharged and cleared of your debts. These duties include:

  • Making your agreed monthly payments on time
  • Attending two sessions on credit counselling
  • Reporting your monthly income to a Licensed Insolvency Trustee
  • Attending a creditor meeting if required

Another factor to consider is surplus income. If your income exceeds the government threshold, your monthly payments will subsequently need to increase. This is where a bankruptcy alternative like a consumer proposal may more beneficial. Learn more about filing bankruptcy, and the consequences of not meeting your obligations.

What happens after bankruptcy discharge?

At this point, you are able to live your life debt free. This is a huge relief for most debtors. It means you are able to enjoy life again, without being contacted by creditors. You no longer need to manage large, high-interest monthly debt payments, and instead you can begin to save your money. From here, you can begin to take the steps of rebuilding your credit, without being weighed down by heavy debt. At CMS, we can help advise you on the next steps to take.

Will my assets be taken away as result of filing for Bankruptcy?

Filing for bankruptcy doesn’t mean you lose everything. Most of your assets are exempt from bankruptcy, so you will get to keep them. Bankruptcy is supposed to provide you with a fresh financial start. That means you get to keep your assets that will help you begin rebuilding your finances.

Will I be able to obtain new Credit Cards after filing Bankruptcy?

Yes you will be able to obtain new Credit Cards after you have filed your Bankruptcy. We ensure that our clients are on the path to rebuild their credit history while they are in this process. Apart from credit cards you will also get our professional advice to obtain a vehicle loan or a mortgage loan, for a prosperous future. Our goal is not just limited to making you debt free but also to help you possess personal wealth and assets in the long term.

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Faster than you think, you could

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What should you do now?

  • Be making one small monthly payment for all your debts
  • Be free of threatening phone calls
  • Be on the way to re-establishing your credit
  • Reduce your debts
  • Be free of wage garnishment

Contact Us

Our Locations


3200 Dufferin Street,
Suite 502, North York,
ON M6A 3B2 (Dufferin & Orfus)

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150 Consumers Rd,
Suite 200, North York,
ON, M2A 1P9 (Sheppard & Victoria Park)

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2 County Court Blvd.,
Suite 235, Brampton, ON,
L6W 3W8 (Hurontario & Steeles)

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4275 King St. East,
Suite 300, Kitchener,
ON, N2P 0C6
(King St & Deer Ridge Dr)

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