What is required of you and me in bankruptcy?
When people come into my office, they have an idea of what bankruptcy is but they don’t know what it entails or what is needed from them in order to file bankruptcy. It’s actually fairly simple. There are tasks that you will need to do, and tasks that I will do as well. If there…
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More Seniors Are Filing Bankruptcy
Would you be surprised if I told you that the fastest growing demographic group of bankruptcy filers is those over 65? It’s sad, but true. The reasons for this are diverse: fewer traditional pensions; increases in the cost of medical care; availability of easy credit before the Great Recession; and efforts to help younger family…
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Bankruptcy and Gambling Debt
There are a variety of reasons why consumers get into financial trouble, none of which will exclude them from filing a bankruptcy and subsequently obtaining a discharge. So, if you’re in debt because of gambling, you are still able to file bankruptcy. For a first-time bankrupt with no surplus income, they will automatically receive a…
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Preserve Your Rebuilt Credit
After being discharged from bankruptcy, most people work very hard to rebuild their credit. It’s awesome hearing stories of people who have learned from their past mistakes. It’s important to be vigilant when trying to rebuild your credit. Just one NSF (non-sufficient funds) cheque or automated withdrawal or a late/missed payment could be disastrous to…
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Bankruptcy: Will I lose my home?
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 if they file bankruptcy. The answer depends on whether or not there is any net equity…
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Should I use my RRSP savings to pay off debt?
We understand that most people who are in debt want to deal with their obligations, and don’t want to see a trustee in bankruptcy, make a consumer proposal or file personal bankruptcy. As a result they do what they can to attempt to deal with their debts on their own. Often this includes cashing-in retirement savings. Unfortunately, in…
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If my ex-spouse files bankruptcy, will it affect our joint mortgage?
If you file for bankruptcy your ex-spouse may be affected if you have a joint mortgage. Your bankruptcy will remove you from your responsibility to pay that debt, however, it does not: a) require your mortgage lender to take your name off of the mortgage; or b) take your name off of the deed/title. When you file for bankruptcy, all of your non-exempt…
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Income Tax and Personal Bankruptcy
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. Because April 30 falls on a Sunday, your return will be considered filed on time if it is received or postmarked on or before May 1, 2017. If you file your return past the deadline you will…
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Can I keep my home in bankruptcy?
When people are in debt, they don’t want to think about what they may have to give up in order to get out of debt. People like their possessions. They are their possessions for a reason! People work hard for those possessions, especially their homes. Your home is where your kids grew up (or they’re…
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Who can you trust to help you get out of debt?
When debt becomes overwhelming, sometimes the best thing you can do is turn to a professional for debt management help. This is often easier said than done. There are many companies that are nothing more than scams, charging huge fees without actually helping you deal with debt. Finding help for your debts that is both…
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