Myth Vs. Fact: Collection Agencies
Myth: If you file a consumer proposal your creditors will continue collection action. Fact: When you file a consumer proposal all creditor collection action is stopped immediately. Myth: Filing personal bankruptcy or a consumer proposal will not stop collection agencies from calling. Fact: Filing personal bankruptcy or a consumer proposal immediately stops all collection agency calls. Myth:…
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Bankruptcy: Keep Your Home And Other Assets
You will not lose your home as a result of the bankruptcy process provided that you can maintain your mortgage payments and there is not a significant amount of equity in your property. Your creditors do not want your house, and they do not want to force you to sell your house. They are only interested in…
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Your Duties When Filing Bankruptcy
Here is a list of duties you must follow if filing bankruptcy: Report Income – You’re required to submit an income and expense report to the trustee each month during the time you are bankrupt. You will also be obligated to provide proof of your income. This can be done by submitting pay stubs or bank…
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Myth Vs. Fact: Filing Bankruptcy
Myth: By filing personal bankruptcy I will lose everything. Fact: The Office of the Superintendent of Bankruptcy Canada’s process is not designed to take away all your assets or make it impossible for you to live. Many assets are exempt from seizure by your creditors. Myth: By filing personal bankruptcy I will lose my car….
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How does filing personal bankruptcy in Ontario work?
Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed trustee in bankruptcy. As part of the bankruptcy process, your licensed trustee in bankruptcy will help you prepare a budget and provide credit counselling to improve your money management skills. Filing personal bankruptcy in Ontario ends your legal obligation…
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Vehicle Loans And Bankruptcy
If you file personal bankruptcy the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by filing personal bankruptcy, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected. The reality is secured creditors don’t want to repossess your vehicle. They know if…
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Myth Vs. Fact: Credit And Rebuilding
Myth: By filing personal bankruptcy, I will destroy my credit forever. Fact: Filing .personal bankruptcy results in a R9 credit rating which, for a first time bankrupt, will remain on your credit report for 6 years after discharge. You do not have to wait 6 years to rebuild your credit rating. Myth: By filing a…
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What Happens When You Go Bankrupt
Once you file for bankruptcy, all creditor action stops. This means that your creditors cannot continue any further legal or collection activity against you, including wage garnishments, harassing letters or telephone calls. The bankruptcy process is designed to help an honest but unfortunate debtor to get a fresh start plus you’re are able to keep assets….
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When one spouse files for bankruptcy – what happens to the family budget?
ADAM ASKED: I am married but I am declaring bankruptcy by myself. My wife pays the rent and I pay everything else. Do I still have to declare rent? ANSWER: You are required to prepare a monthly budget detailing all of your family income and expenses when you file personal bankruptcy or make a consumer proposal. Even…
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My relationship break-up has put me into debt – what can I do?
BONNIE ASKED: I am getting out of an abusive relationship. I don’t have money to pay any of the collection notices I have gotten. What should I do? ANSWER: I have no doubt that getting out of an abusive relationship is difficult enough without having to struggle with personal debt issues. Receiving collection notices and knowing that you…
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