Sheriff Sole & Madej Inc.
LICENSED INSOLVENCY TRUSTEE
Ontario & Alberta
We do much more than simply reduce and eliminate debt, we’re here to help! For over 20 years, our Licensed Insolvency Trustees in Toronto, Administrators and credit counsellors have been dedicated to resolving your debt problems.
Get in touch with us, when you are ready for a financial change.
Do You Have Questions About Bankruptcy or Insolvency?
Let’s see if we can get you some answers…
Do I need a trustee to file bankruptcy in Canada?
Yes. Because in Canada bankruptcy is a legal process, you must utilize the services of a licensed insolvency trustee. Once you meet with your trustee, they will help you determine the best course of action. In some cases you may qualify for a consumer proposal instead. Your trustee will help guide you through the process and make sure that all of your questions and concerns are addressed.
What is the difference between a consumer proposal and bankruptcy?
Consumer proposal protects you from your creditors and at the same time, you keep all of your assets, including your family home. Once your proposal is filed with your creditors, your assets cannot be seized. On the other hand, bankruptcy may result in the seizure of specific assets based on your allowable exceptions. In a bankruptcy, you may have the opportunity to repurchase these assets from the Licensed Insolvency Trustee Toronto. It is important to note that each province has specific exceptions. Your assets will be used to pay of the list of creditors.
What is consumer proposal?
In some cases, this may be preferable to bankruptcy and be the better option for you. The goal of a consumer proposal is to roll all of your debt into one manageable monthly payment. In most cases, it is possible to negotiate your debt so that you end up owing less than you actually owe. You might think of it as an opportunity to honour your commitments, avoid bankruptcy, and it gives many clients a huge sense of relief and sets the stage for financial recovery.
How long will I be bankrupt in Canada?
A trustee will be able to better answer this question once they have more information about your specific case. Generally speaking, if this is your first bankruptcy, you may be entitled to an automatic discharge from personal bankruptcy in as little as 9 months.
Your trustee will be able to advise you more fully based on your specific case. Its best you contact us to discuss your specific situation.
What can I expect from my initial consultation with my licensed insolvency trustee?
In short, you will get the facts. Your consultation is a risk-free analysis of your particular situation and you will be given advice on how to proceed if indeed you need to declare bankruptcy. There is no obligation to continue with your licensed insolvency trustee Toronto after the initial consultation. Most of all the consultation will provide you with your options and peace of mind.
I owe significant income taxes to Canada Revenue Agency (CRA). What can I do?
Many of our clients are surprised to learn that they can include debt owed to CRA in their bankruptcy. Tax debt is treated just like credit card debt. Canada Revenue Agency has “tax forgiveness” rules that may be in your best interest to explore. You will need to file a formal proposal to CRA which discloses your remaining assets, etc. Once we learn more about your situation, we can advise you accordingly.
Does filing for bankruptcy in Canada affect my spouse?
No, your spouse’s credit will not be impacted if he/she is not represented “jointly” on your accounts. The bad news is if your debts are held jointly (for example, if you have a joint credit card, shared accounts for overdraft, lines of credit or mortgage), each spouse will be responsible for 100% of the debt if the other spouse files for Bankruptcy.
After declaring, bankruptcy what happens to my debts?
While this is a complex question the simple answer is: For any secured debts you remain responsible to maintain the payments unless you relinquish your assets in exchange for release of the debt. For any unsecured debts the bankruptcy will discharge them but the law makes some exceptions. Please check with your licensed insolvency trustee Toronto for details.
We Are Licensed Insolvency Trustees in Toronto, Southern Ontario and Alberta
Start your personalized debt freedom plan today!
What Are Your Different Debt Repayment Options?
Bankruptcy - Eliminate Your Debt
YA bankruptcy is a legal process that can only be filed through a Licensed Insolvency Trustee. It is another debt relief option that can help individuals deal with their financial problems. In general, if your debt load is very high, your income is limited and you have no assets or minimal assets, then the bankruptcy option is likely the best course of action to follow.
Consumer Proposal - Reduce Your Debt
This is a popular debt relief option which allows individuals to consolidate their debts into one monthly interest free payment. It is a legal binding process between you and your creditors to repay a portion of what is owed. Only a Licensed Insolvency Trustee can file a consumer proposal. We will negotiate with the creditors on your behalf to reduce the amount of debt owed. The amount of debt to be repaid is based on your income, assets and total debt load.
Debt Consolidation - Restructure Your Debts
The debt consolidation loan option allows you to combine your debts into one loan with a lower interest rate. This option is available through a bank or a financial institution. In this option you would pay off the amount owing to your creditors in full while getting a new single monthly loan payment. Debt consolidation however will only reduce your interest payment and your overall amount owing is not reduced or eliminated.
Credit Counselling - Budgeting
Corporate - Handling Business Debts
A corporation becomes insolvent when it’s unable to pay its debts; these can include suppliers, financial institutions, lease payments. The corporation can file for bankruptcy or make a proposal to its creditors. The business may continue, be sold, or sometimes would have to be closed. A Licensed Insolvency Trustee can evaluate what is the best way to take care of the business debts as often they are personally guaranteed.
Credit counselling is an option where you would be able to meet with one of our certified credit counsellors to discuss your fixed living expenses and required monthly bill payments. We would discuss strategies and techniques to help you better manage your monthly financial plan.
Over 12,000 Clients Helped
I graduated hoping that finding work would be easy, unfortunately, that wasn’t the case. I couldn’t find a job and I started receiving phone calls from my creditors harassing me day and night demanding payment. I needed a way to pay off my debt or reduce it as much as possible. I searched the net for debt solutions in Toronto and found that Sheriff Sole & Madej Inc. were near my home and decided to give them a try. I filed for a Consumer Proposal and after 2 months I can now say that I successfully reduced my debt by 65%.
When we finished our proposal, we received a letter asking us to refer clients to you if we were happy with the results we obtained. My wife and I were very satisfied and thankful. A co worker talked to me recently about financial difficulties she and her husband are having. I suggested they look into a consumer proposal. They have had no luck in Pembroke. Another couple also had no luck in Pembroke and were very pleased with the results when we referred them to you. I have given Anne and her husband your contact information as I am almost certain they will get the results they need from you. She said she will contact you or Todd by phone this coming week. I hope you can help them.
Mr Sheriff helped me get out of debt with dignity. He was professional, efficient and quick.
The first two Trustees that I spoke to each told me not to declare bankruptcy. Each of them told me that I would not get an automatic discharge. They said that my $175,000 credit card debt was too high and if I waited, my bankruptcy application would “look better” and maybe then I would be discharged. Mr. Sheriff and his team said nothing of this kind. They took me on as a client. Nine months later I have my automatic discharge. I am debt free.
We were overwhelmed with the amount of outstanding debt, as my husband lost his job and we couldn’t afford to pay our bills and cover our mortgage, we knew we needed help. Sheriff Sole & Madej Inc. helped us reduce our debt load by filing a consumer proposal. Now we can afford our monthly payments as our debt was consolidated into one manageable monthly payment.
Do You Have Questions About Bankruptcy or Insolvency?
Paving the road to debt freedom has been our commitment for over 20 years. We take pride in finding the best debt relief solutions for each individual client, while considering their personal and financial circumstances. Our goal is to help each client find the most efficient and cost effective option to reduce or eliminate their debts. When you require a trusted licensed insolvency trustee in Toronto or throughout southern Ontario… we’re here to help.
Todd Sheriff - Licensed Insolvency Trustee
Todd is the founding partner and president of Sheriff Sole & Madej Inc. He is a Licensed Insolvency Trustee and also a Chartered Professional Accountant. Todd has over 20 years of experience in all aspects of insolvency matters, including bankruptcy, receivership, proposal, financial restructuring, and debtor/creditor relations
Maggie Madej - Licensed Insolvency Trustee
Maggie has been involved in the insolvency industry since 1997. Maggie joined Sheriff Sole & Madej Inc. over 15 years ago and has been a Licensed Insolvency Trustee since 2004 and practices in Ontario and Alberta. She has hands-on experience and practices in corporate and consumer insolvency.
Martin Sole - Licensed Insolvency Trustee
Martin began his career as a Chartered Accountant at a large national firm and transitioned to the field of insolvency. For the first 15 years of his career, Martin’s practice focused on corporate insolvency and restructurings, consulting advisory services, and private and Court appointed receiverships. Martin currently practices primarily consumer insolvency.
Alexandra Morataya - Licensed Insolvency Trustee
Alexandra joined our team in 2013 in personal bankruptcy and consumer proposal services and has worked in the insolvency industry for over ten years. Alexandra enjoys helping people overcome their debt problems and stress. She is fluent in both English and Spanish.
About Sheriff Sole & Madej Inc.
We have helped over 12,000 individuals eliminate or reduce their debt. In over 20 years of practice our Licensed Insolvency Trustees and debt professional team have been committed to helping each client find the best solution that fits their needs. We believe in providing our clients with a clear picture of all of the available options along with the pros and cons of each option to make an informed decision.
We have 12 locations throughout the GTA with staff members that speak over 8 different languages.
Contact one of our Licensed Insolvency Trustees or debt professional staff members for a:
Complimentary in person consultation;
A comprehensive assessment of your current financial position;
Discuss the options available to you to eliminate or reduce your debt problems