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…
Read More
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…
Read More
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,…
Read More
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…
Read More
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…
Read More
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…
Read More
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…
Read More
How should I handle telephone calls and harassment?
Calls from debt collectors can be overwhelming and intimidating. But learning some dos and don’ts about handling debt collector calls and understanding your rights when it comes to debt collection agencies can ease your anxiety. More importantly, by knowing what to do and say when a debt collector calls, you can avoid making a mistake…
Read More
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…
Read More
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…
Read More
