Will I lose my motorcycle, ATV and snowmobile if I go bankrupt?
Many people that come into my office are struggling with debt, but have a hard time with the idea of letting go of their belongings. I get it. You’ve worked hard for your possessions and now that you’ve come onto some difficult times, it’s hard to see those possessions get taken away. This conversation comes…
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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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Paying Student Loans During Your Bankruptcy or Consumer Proposal
Some people have extraordinary large student loans and often time fidn it very hard to pay off, even over a long period of time. As you get older it seems like more and more debt is inevitable, and if you haven’t delat with debts from the past (student loans for example) it’s very easy to…
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What’s it like to file bankruptcy in Ontario?
When a person files for personal bankruptcy it is typically a final course of action for an individual in financial difficulty. Your Licensed Insolvency Trustee will review your situation and recommend a course of action. If your debt cannot be resolved through other options like a consumer proposal, we may recommend Bankruptcy. It is a legal…
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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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