Category: Bankruptcy

Will you lose your leased vehicle if you claim bankruptcy?

JILL ASKED: I have a lease-to-own vehicle and I’m a year+ into a 5-year lease. I need my car for work. If I claim bankruptcy, can I keep the car? ANSWER: The simple answer to your question is, yes. You can keep your leased vehicle after filing personal bankruptcy as long as you continue to make…
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Divorce And Debt In Ontario

When divorce occurs, household expenses essentially double, which alters your current financial situation. Separation causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Support payments when facing financial difficulty The financial responsibility of the child(ren) falls on both parents. If you do not…
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Self-employed (sole proprietorship or partnership) and considering bankruptcy?

We recognize that every business is unique with its own issues and complexities. Therefore we recommend that you review your situation with one of our licensed trustees in bankruptcy. Deciding whether or not to continue being self-employed Filing a consumer proposal or personal bankruptcy does not prevent you from continuing to be self-employed or starting a…
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Surrendering A Secured Asset: Your Home

Some people who own their own home can’t or don’t want to keep it. Common reasons why someone might not want to keep their home are: Can’t afford the payments The house value is far less than the mortgage balance owed Marital/relationship breakdown The biggest challenge facing a homeowner who wants to surrender their home is…
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Surrendering A Secured Asset: Your Vehicle

Some people who own a leased or financed vehicle can’t or don’t want to keep their vehicle. Common reasons why someone might not want to keep a vehicle are: Can’t afford the payments The vehicle is worth far less than the total amount owed Lifestyle change When someone doesn’t want to keep their vehicle they…
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Employed And Dealing With Personal Debt

In most cases making a consumer proposal or filing personal bankruptcy will have no impact on your current or future employment. However, as an employee, there are a few things to consider before deciding which option is best for you. Threat of wage garnishment: All employees are vulnerable to creditors garnisheeing their wages. More information about protecting your…
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Cashing In Retirement Savings Is A Poor Debt Settlement Strategy

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,…
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Is a spouse liable for my debt?

Your debts do not affect your spouse’s credit rating! Regardless of your relationship status, whether you are married or common law, you and your spouse are two separate legal entities. Your spouse is not automatically responsible for your debts simply because they are your spouse or may have a spousal card on one of your…
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Don’t Wait To Get Help

The biggest mistake most people that have personal debt problems make is that they wait too long to get the help they need. Many people will struggle for years with these issues, exhaust their savings, attempt to get a consolidation loan, refinance their property, and sell assets all in an attempt to avoid filing personal…
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