Our clients often have numerous questions about bankruptcy and consumer proposals. To help clarify any uncertainties, we've compiled answers to common inquiries. If you don't find the answer you're looking for here, don't hesitate to contact us directly. We're here to assist you every step of the way.

Can MORATAYA Corp. help with different types of debt?

Absolutely. MORATAYA Corp. can help with various types of debt, including credit card debt, payday loans, CRA tax debt, student loans*, bank loans, and small business debt.

Is there a fee for the initial consultation with MORATAYA Corp?

No, the initial consultation with Morataya Corp is completely free of charge. We believe in providing accessible financial assistance, and this consultation allows us to assess your situation and discuss potential solutions without any financial obligation on your part.

Is filing for bankruptcy the only option for dealing with overwhelming debt?

No. Bankruptcy is not the only option. MORATAYA Corp. offers alternatives like consumer proposals, which provide a structured repayment plan to settle debts with creditors while safeguarding assets.

What sets apart a consumer proposal from bankruptcy?

A consumer proposal is a formal agreement with your unsecured creditors, facilitated by a Licensed Insolvency Trustee, to repay a portion of your debt based on your financial situation. It provides a structured way to manage debt while shielding you from creditor actions.

Bankruptcy, on the other hand, eliminates most of your debts and halts legal proceedings by creditors. Although some assets may be subject to settlement with the Licensed Insolvency Trustee, you can retain ownership of most assets once they are settled.

Our knowledgeable team can navigate you through consumer proposals and bankruptcy, ensuring you grasp the specifics and advantages of each approach. Let us assist you in selecting the best path toward regaining financial stability and starting anew.

Will I lose my assets, such as RRSPs and RESPs, if I file for bankruptcy or a consumer proposal?

If you file for a consumer proposal, your secured assets, such as your home and vehicle, will be protected as long as you continue to make payments to your creditors. 

In bankruptcy, most people usually keep ownership of their home, vehicle, RRSPs, and RESPs. However, there may be some cases where certain assets need to be settled. Every situation is different, so if you have any concerns about your assets, we are here to help you address them.

How can I determine the right solution for my financial situation?

Our team conducts a thorough evaluation of your finances, considering your debts, income, assets, and personal circumstances to tailor the best strategy for you. We recognize that every financial scenario is different, and our experts provide personalized guidance based on your specific goals and needs.

What happens if my debts are co-signed?

Filing a consumer proposal or bankruptcy does not release co-signers from their responsibilities. Co-signers remain liable for the debt they guaranteed or co-signed.

It's crucial to carefully consider the implications of co-signing a loan or debt. If the primary borrower is unable to repay and opts for bankruptcy or a consumer proposal, co-signers are still accountable for the remaining balance.

This can significantly affect their credit score and financial stability. Co-signing should be approached cautiously, with a thorough understanding of the potential risks involved.

Do I need to be facing imminent bankruptcy to seek assistance from MORATAYA Corp?

No. You do not need to be on the brink of bankruptcy to seek assistance from MORATAYA Corp. We can provide guidance and support to individuals at various stages of financial distress, helping them explore options and find solutions tailored to their needs.

What is a Licensed Insolvency Trustee?

A Licensed Insolvency Trustee is a professional authorized to oversee government-regulated insolvency proceedings, including consumer proposals and bankruptcies.

When you partner with MORATAYA Corp., you're working with experts who have demonstrated their expertise and competence. In Canada, a licensed insolvency trustee is required to file for bankruptcy.

A consultation with MORATAYA Corp. is confidential?

Consultations with MORATAYA Corp are entirely confidential. We understand the sensitive nature of financial matters and prioritize client privacy and discretion.