{"id":866,"date":"2026-03-05T19:18:14","date_gmt":"2026-03-05T19:18:14","guid":{"rendered":"http:\/\/86d.056.mytemp.website\/?page_id=866"},"modified":"2026-07-28T14:32:24","modified_gmt":"2026-07-28T18:32:24","slug":"faqs","status":"publish","type":"page","link":"https:\/\/morataya.ca\/es\/faqs\/","title":{"rendered":"Preguntas Frecuentes"},"content":{"rendered":"\t\t
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\n\t\t\t\t\t\t\t\t\t\t\n\t\t\t\t\t\t\n\t\t\t\t\t\t\t\t\tFAQs<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t
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Your Trusted Partner in Debt Relief<\/span><\/h1>\t\t\t\t<\/div>\n\t\t\t\t
\n\t\t\t\t\t\t\t\t\tMORATAYA Corp. is a Licensed Insolvency Trustee firm dedicated to helping Canadian residents regain their financial freedom.<\/strong><\/span>\n \t\t\t\t\t\t\t\t<\/div>\n\t\t
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    \n\t\t\t\t\t\t\t\t\tInsolvency Trustee\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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        \n\t\t\t\t\t\t\t\t\tSuccess Rate\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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        Solutions Tailored to \n Your Needs<\/span><\/h2>\t\t\t\t<\/div>\n\t\t\t\t
        \n\t\t\t\t\t\t\t\t\tAs Licensed Insolvency Trustees, we offer a full range of debt relief options. We’ll help you understand your choices and find the best solution for your situation.\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t
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        \n\nWhat is a Consumer Proposal?<\/span>\n<\/summary>\n
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        \nA Consumer Proposal is a legally binding agreement arranged by a Licensed Insolvency Trustee that allows you to repay a portion of your unsecured debts over up to five years. Once filed, there is an immediate protection against your creditors, which stops wage garnishments, collection calls, interest and penalties. Once completed, the unsecured debt is legally eliminated.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow is a Consumer Proposal different from bankruptcy?<\/span>\n<\/summary>\n
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        \nA Consumer Proposal allows you to repay part of your debt through structured monthly payments while keeping your assets. Bankruptcy eliminates most unsecured debts but may require surrendering certain assets depending on provincial exemption laws.\n\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow much does it cost to meet with a Licensed Insolvency Trustee?<\/span>\n<\/summary>\n
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        \nInitial consultations with MORATAYA Corp. are confidential and free. During the consultation, a professional will review your financial situation and explain available debt relief options.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWhat types of debt can be included in a Consumer Proposal or Bankruptcy?<\/span>\n<\/summary>\n
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        \nMost unsecured debts can be included, such as credit cards, bank loans, lines of credit, payday loans, tax debt, certain student loans and outstanding bills or accounts in collections.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWho qualifies for a Consumer Proposal in Canada?<\/span>\n<\/summary>\n
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        \nYou may qualify if you owe less than $250,000 (excluding mortgages on your principal residence) and are unable to repay your debts as they become due.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow long does a Consumer Proposal last?<\/span>\n<\/summary>\n
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        \nA Consumer Proposal can last up to 60 months (5 years), although many people pay it off earlier if their financial situation improves.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nDoes a Consumer Proposal stop collection calls?<\/span>\n<\/summary>\n
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        \nYes. Once the proposal is filed, creditors must stop collection calls, lawsuits, and wage garnishments. \n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWill interest stop in a Consumer Proposal?<\/span>\n<\/summary>\n
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        \nYes. Interest on unsecured debts stops accumulating once the Consumer Proposal is filed.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nCan I keep my house or car in a Consumer Proposal?<\/span>\n<\/summary>\n
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        \nYou can keep your assets while making structured payments under a Consumer Proposal.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nCan a Consumer Proposal be paid off early?<\/span>\n<\/summary>\n
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        \nYes. You may pay off your proposal early without penalties.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWhat is Personal Bankruptcy?<\/span>\n<\/summary>\n
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        \nPersonal Bankruptcy is a legal process that eliminates most unsecured debts for individuals who cannot repay what they owe. In Canada, it is administered by a Licensed Insolvency Trustee and provides legal protection from creditor actions such as wage garnishments and collection calls. It is designed to give individuals a fresh financial start when other debt solutions are not suitable.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow long does bankruptcy last in Canada?<\/span>\n<\/summary>\n
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        \nA first bankruptcy typically lasts 9 months if surplus income does not apply, or 21 months if surplus income payments are required. A second bankruptcy typically lasts 24 months if there is no surplus income, or 36 months if surplus income payments are required.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWhat debts are eliminated through bankruptcy?<\/span>\n<\/summary>\n
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        \nMost unsecured debts such as credit cards, payday loans, bank loans, lines of credit, tax debts, some student loans, and personal loans may be eliminated.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWhat debts cannot be eliminated in bankruptcy?<\/span>\n<\/summary>\n
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        \nDebts such as child support, court fines and speeding tickets, debts that arose from fraud, and certain student loans may not be discharged under Canadian law.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWill bankruptcy stop wage garnishment?<\/span>\n<\/summary>\n
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        \nYes. Filing bankruptcy provides legal protection from creditors and stops wage garnishments, with limited exceptions.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow much does bankruptcy cost in Canada?<\/span>\n<\/summary>\n
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        \nThe cost of bankruptcy is regulated under federal law and is administered by a Licensed Insolvency Trustee. The total cost can vary depending on your income and assets. In most cases, payments are made monthly throughout the bankruptcy period, and the amount may increase if surplus income applies.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWhat is a Licensed Insolvency Trustee?<\/span>\n<\/summary>\n
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        \nA Licensed Insolvency Trustee is a federally licensed and regulated professional authorized under the Bankruptcy and Insolvency Act to administer bankruptcies and Consumer Proposals in Canada.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nDo I need a Licensed Insolvency Trustee to file bankruptcy?<\/span>\n<\/summary>\n
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        \nYes. In Canada, only a Licensed Insolvency Trustee can legally file a bankruptcy or Consumer Proposal.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow do I know if I need debt relief?<\/span>\n<\/summary>\n
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        \nIf you are experiencing difficulty in keeping up with debt payments or are receiving collection calls, it would be helpful to speak with a Licensed Insolvency Trustee such as MORATAYA Corp.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nIs bankruptcy better than a Consumer Proposal?<\/span>\n<\/summary>\n
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        \nThe best option depends on your income, assets, and total debt. At MORATAYA Corp. we will review your situation, explain all available options, and help determine whether a bankruptcy, a Consumer Proposal, or another debt relief solution is the best fit for your circumstances.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nWill my employer know if I file bankruptcy?<\/span>\n<\/summary>\n
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        \nIn most cases your employer will not be notified unless wage garnishment arrangements were previously in place or if your employer is also a creditor.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nCan I rebuild my credit after bankruptcy?<\/span>\n<\/summary>\n
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        \nDefinitely. You can rebuild credit through secured credit cards, RRSP loans and responsible financial habits.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow long does bankruptcy stay on a credit report?<\/span>\n<\/summary>\n
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        \nA first time bankruptcy typically remains on your credit report for six to seven years after discharge. A second time bankruptcy typically remains on your credit report for fourteen years after discharge. There are alternatives to filing bankruptcy which is why it\u2019s important to meet with a Licensed Insolvency Trustee to review your debt relief options.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow long does a Consumer Proposal stay on a credit report?<\/span>\n<\/summary>\n
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        \nA Consumer Proposal generally remains on a credit report for three years after completion or six years after filing, whichever comes first.\n<\/p>\n<\/div>\n<\/details>\n\n\n

        \n\nHow do I get started with MORATAYA Corp.?<\/span>\n<\/summary>\n
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        \nThe first step is to request a free and confidential consultation. At MORATAYA Corp. we will review your financial situation and explain your options.\n<\/p>\n<\/div>\n<\/details>\n\n<\/div>\n<\/section>\n\n