Facts & Information Page:
Burlingham Associates Inc. - Canada

Canadian Money Advisor Rank

Product Names

Product Name


Personal Bankruptcy

Personal Proposals

Commercial Bankruptcy

COMPANY CONTACT INFORMATION:

Burlingham Associates Inc.
#400 410 E 22nd St
Saskatoon , SK S7K 5T6
Website:http://www.burlingham.ca/

Customer Service Phone: 1-306-668-5599
Customer Service Fax:
Contact's Phone:1 (306) 668-5599
COMPANY INFORMATION AND BIOGRAPHY:

Product Name Product Description
Personal Bankruptcy In several cases, it is likely to file a Joint Consumer Proposal. To be eligible in filing a Consumer proposal, you can not be indebted of more than $75,000, not including a mortgage on your principal residence.

Generally, nearly all proposals will provide between 20 cents to 50 cents on the dollar to Unsecured Creditors. The term of few proposals would be over a period of 36 to 60 months. While every Consumer Proposals are funded by monthly payments out of surplus income, they can also be financed from sources that would not be available to creditors in a bankruptcy or can be done in one lump sum payment.
When you file a proposal you keep in control over all of your assets or property. The effect on your credit rating may be slightly better than a bankruptcy. The proposal payments to the Trustee include all costs including trustee fees, G.S.T., counseling fees, and the proposed Dividend to creditors. There is one monthly payment to the trustee and there are no other hidden charges. As soon as the proposal is filed, you will have the protection of the Bankruptcy and Insolvency Act. In nearly all cases, this will give protection from wage garnishment or seizure of assets.

The creditors have 45 days in which to vote on your proposal. The proposal will be approved or rejected by a simple majority. If it is approved, the proposal will be binding on all unsecured creditors. If your payments turn out to be more than three months in amount overdue, the proposal will be deemed to be invalid. The deemed annulment of a proposal does not automatically result in a bankruptcy.
Personal Proposals In several cases, it is likely to file a Joint Consumer Proposal. To be eligible in filing a Consumer proposal, you can not be indebted of more than $75,000, not including a mortgage on your principal residence.

Generally, nearly all proposals will provide between 20 cents to 50 cents on the dollar to Unsecured Creditors. The term of few proposals would be over a period of 36 to 60 months. While every Consumer Proposals are funded by monthly payments out of surplus income, they can also be financed from sources that would not be available to creditors in a bankruptcy or can be done in one lump sum payment.
When you file a proposal you keep in control over all of your assets or property. The effect on your credit rating may be slightly better than a bankruptcy. The proposal payments to the Trustee include all costs including trustee fees, G.S.T., counseling fees, and the proposed Dividend to creditors. There is one monthly payment to the trustee and there are no other hidden charges. As soon as the proposal is filed, you will have the protection of the Bankruptcy and Insolvency Act. In nearly all cases, this will give protection from wage garnishment or seizure of assets.

The creditors have 45 days in which to vote on your proposal. The proposal will be approved or rejected by a simple majority. If it is approved, the proposal will be binding on all unsecured creditors. If your payments turn out to be more than three months in amount overdue, the proposal will be deemed to be invalid. The deemed annulment of a proposal does not automatically result in a bankruptcy.
Commercial Bankruptcy A commercial bankruptcy will be filed for an insolvent business when the business has stopped operations or will cease in operating and there are several assets or monies obtainable to be dispersed to the Unsecured Creditors. A bankruptcy will let the proceeds from the sale of assets or other accessible funds to be disseminated to the creditors in a fair and planned manner.

Every commercial bankruptcy is classified as Ordinary Administration in spite of the value of the attainable assets. A meeting of creditors will be scheduled within 21 days of the filing of the bankruptcy and a Notice of Bankruptcy will be placed in the local newspaper. A corporation does not obtain a discharge from the bankruptcy except when all debts are paid off in full. Once the administration of the bankruptcy is accomplished and each asset have been realized on the Trustee will plan a final Statement of Receipts and Disbursements, allocate any funds existing to the creditors, and submit an application for a discharge of the Trustee.