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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
Does a bankruptcy cover Canada Revenue Agency debts?
If you owe Canada Revenue Agency (CRA) for income taxes, GST, or employee remittances, these debts can be included in a bankruptcy and can be discharged under certain conditions. Generally speaking, a discharge of the debt is granted if you have completed your duties under the Bankruptcy and Insolvency Act and you have complied with…
Read More
Canadian Seniors and Debt
It is becoming clear that more and more Canadian seniors are succumbing to the combined challenges of a fixed income, higher living costs and, in many cases, increasing levels of assistance to dependent children. A past CTV news article about Seniors Struggling with Debt and Bankruptcy outlines some of the issues and causes of seniors getting into financial…
Read More
