Category: Bankruptcy

What are the consequences of filing bankruptcy a second time?

If you’ve already filed personal bankruptcy once in Ontario, it’s important to consider all your options before filing a second time. Going bankrupt for a second time damages your credit for much longer than a first bankruptcy. Anyone who files personal bankruptcy receives a R9 credit rating, which is the worst, regardless of whether it is their first or second time filing. The difference…
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If I make a consumer proposal or file personal bankruptcy will I be able to rent?

Making a consumer proposal or filing personal bankruptcy has a negative impact on your credit rating that may affect a landlord’s decision to accept your rental application. However, the majority of people that we deal with are renters and many of them move during the course of their consumer proposal or personal bankruptcy. Landlords, like any other creditor, are primarily…
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Ontario Students With OSAP Debt Often Seek Our Advice

Post-secondary debt blues in Ontario? You’re not alone and we can help. Just last week, we talked to two young adults in exactly this same position. Why did they call a Licensed Trustee? Pretty simple – they got student loans to help fund their education and with limited income, they were struggling to make the required payments. This…
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A member of the Better Business Bureau with an A+ rating!

We value the trust of our clients and partners, which made it even more important to be a member of the BBB. The Better Business Bureau is an unbiased organization that sets and upholds high standards for fair and honest business behavior. Businesses that earn BBB accredited business status contractually agree and adhere to the…
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Is bankruptcy the only option after making a consumer proposal in the past?

The basic rule is that you can only make one consumer proposal to any one group of creditors. Therefore, if you made a consumer proposal in the past to a group of creditors, and you completed the proposal (it was fully performed), then you could make another consumer proposal to deal with any new creditors that you are struggling with today….
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Divorce And Debt In Ontario

When divorce occurs, household expenses essentially double, which alters your current financial situation. Separation causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Support payments when facing financial difficulty The financial responsibility of the child(ren) falls on both parents. If you do not…
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Self-employed (sole proprietorship or partnership) and considering bankruptcy?

We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent you from continuing to be self-employed or starting a…
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Surrendering A Secured Asset: Your Home

Some people who own their own home can’t or don’t want to keep it. Common reasons why someone might not want to keep their home are: Can’t afford the payments The house value is far less than the mortgage balance owed Marital/relationship breakdown The biggest challenge facing a homeowner who wants to surrender their home is…
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Surrendering A Secured Asset: Your Vehicle

Some people who own a leased or financed vehicle can’t or don’t want to keep their vehicle. Common reasons why someone might not want to keep a vehicle are: Can’t afford the payments The vehicle is worth far less than the total amount owed Lifestyle change When someone doesn’t want to keep their vehicle they…
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