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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In debt? Feeling helpless? We are here to help!
Being in debt can cause people to feel helpless and ashamed, and those feeling are visible on the faces of many of the clients that walk into our office for the first time. In our initial meetings with clients, our goal is to eliminate the feeling of helplessness and replace it with relief. In that…
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Tax Deadline Will Be Here Before You Know It
It’s that time of year again. Tax time can be a welcome time for some, but for many Ontario residents who do not receive a refund, it can be a time of great stress and anxiety. For those people, even if they have tax deducted from their place of work, the government can require that they hand…
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Can I “redo” my mortgage if I file for personal bankruptcy?
Can I redo my mortgage if I file for personal bankruptcy? This is a question I get asked on a regular basis, so it’s one that I like to revisit every once in a while. The answer to this question depends on what is meant by “redo”. Obviously filing personal bankruptcy damages your credit rating. Filing personal bankruptcy results in a…
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When To Consider Bankruptcy
Financial troubles can happen to anyone at any time. Even the most financially conscientious individuals can be struck by an unexpected circumstance like an illness or job loss. If you are struggling with debt and are unable to keep up with your bills, you may be wondering if bankruptcy is the answer. Here are a…
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Should you switch banks if you file bankruptcy or make a consumer proposal?
We often times recommend that if you file bankruptcy or make a consumer proposal that you get a new bank account at a new bank. Why do we suggest that? If you owe money where you bank, we recommend that you open a new bank account at a new bank. When you file bankruptcy or…
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When should you consider a consumer proposal instead of a bankruptcy?
When you make a consumer proposal, you compromise your total debt. That means that you pay a portion of your debt that you and your creditors agree upon. Therefore your payments are higher than a bankruptcy. In terms of time, consumer proposals last 60 months, while bankruptcies last nine months (if you don’t have surplus…
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