We Are Getting A New Name: Licensed Insolvency Trustees
These days, more and more people are choosing to make consumer proposals in order to avoid filing personal bankruptcy. Therefore, the Office of the Superintendent of Bankruptcy (OSB) announced this month that there will be a formal change in our professional designations as of April 1, 2016. “Licensed Bankruptcy Trustees” will be known as “Licensed Insolvency Trustees”. We will…
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407 ETR Debts Can Be Included In Bankruptcy
You heard right! In November, the Supreme Court of Canada issued a decision stating that any 407 ETR customers that have completed the bankruptcy process and remain in plate denial for pre-bankruptcy amounts. Anyone who had debts discharged through a bankruptcy proceeding can now get their Highway 407 toll debt rolled into it, and no longer be…
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When choosing a bankruptcy trustee…
When someone files bankruptcy, whether of your own choosing or not, it isn’t an ideal nor an overly pleasant situation. Even if it is the best option for you and can actually improve your day-to-day life, the social stigma of bankruptcy is felt very keenly by many people. It is desirable, then, for the process…
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Debt and Divorce
When people get divorced, there are many unforeseen expenses that may lead you into financial difficulty. Household expenses essentially double, which alters your current financial situation and causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Not only that, but you will still…
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Who will know about my bankruptcy?
Filing a bankruptcy means that certain documents can become public, but in your personal life, the only people who will know about your bankruptcy are those who you choose to inform. The amount of information that is public is very limited, and in fact is not very front and center. The Office of the Superintendent of Bankruptcy will…
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RRSPs And Creditors
With the February 29th RRSP deadline looming, people who are struggling with debt may be curious about how their RRSP contributions may be affected if they were to file bankruptcy. Certain RRSP and RRIF holdings are protected from creditors under a provision of the Bankruptcy and Insolvency Act. RRSP and registered retirement income fund (RRIF) proceeds held under any…
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RRSP Contributions And Filing Your Income Tax
You can make RRSP contributions during the first sixty days of 2016 and claim these contributions on your 2015 income tax return. Most years the RRSP contribution deadline is March 1, however because 2016 is a leap year the RRSP contribution deadline is February 29, 2016. The main benefits of contributing to RRSPs are; you can build an asset for retirement…
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Will I lose my house if I go bankrupt?
People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home. The answer depends on whether or not there is any net equity available if your property…
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Can’t fulfill your duty as a bankrupt? Here is what you can expect.
Once you file personal bankruptcy, you have certain duties that you must complete in order to keep your bankruptcy on schedule and your discharge date in tact. Therefore, it’s important to understand your duties before filing bankruptcy. Some of the most important duties of a bankrupt are: Disclose all assets in your possession and deliver…
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Stages of Bankruptcy in Canada
In Canada, any individual who owes at least $1,000 and is insolvent can file bankruptcy. Some people be feel a bit overwhelmed before the process even begins, so allow me break down the steps you will take when filing bankruptcy. Consult with a Licensed Insolvency Trustee Your initial consultation with a trustee at Welker and…
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