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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Still receiving statements form creditors after filing bankruptcy?
A common question I receive from debtors is “Why do I keep receiving statements from creditors when they know I have filed a consumer proposal or a bankruptcy”. Usually it’s a frantic phone call or email that says, “I finished my proposal or bankruptcy and am still receiving statements! They are still coming after me for…
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When in debt, where should you turn?
If you are like most people and turn to the internet for help, you will have noticed that when you do a Google search looking for help for your financial woes – you are inundated with information and different types of organizations offering solutions. So, which is the best route for you to go? A very daunting…
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Who will know about your bankruptcy?
Many people are concerned about who will know about the financial trouble that they are experiencing. Some people are embarrassed, while others simply aren’t comfortable sharing such information because, let’s face it, it’s really no one’s business but your own. Bankruptcy is nothing to be ashamed of. It means you are taking control of your…
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What are the differences between a bankruptcy and a consumer proposal?
Although both options relieve a debtor of financial stress and allows debtors the chance to get a financial fresh start, there are many differences between bankruptcies and consumer proposals in Ontario. That’s why we review all options with debtors when they meet with us because filing bankruptcy might be the best option for one person,…
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Is Corporate Bankruptcy the Best Choice for Your Ontario Business?
Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy Different than Personal Bankruptcy? If your business is incorporated, then legally the business is a separate entity and its assets are…
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Filing Bankruptcy Without Your Spouse
I have many married couples ask me if one spouse can file bankruptcy without it affecting the other. The answer always depends on their personal situation. Many people have the mistaken impression that because they are married, their spouse is automatically responsible for their debts. This is not the case. The good news is, in…
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Bankruptcy and Your Business
If you have concerns about your business’ finances, you should consult a Licensed Insolvency Trustee as early as possible. If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In this case the incorporated company can go bankrupt if it cannot meet its financial…
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Are you in financial trouble?
Many people have debt, but that doesn’t mean they are in financial trouble. Some people can manage their debt and are able to pay their bills and put money away for savings. But there are also many people who are in debt, but also have several other warning signs that may mean they are in…
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