How fast can a bankruptcy be filed?
We deal with people in all types of debt situations ranging from people slightly concerned about the balance owing on credit cards to people who have delayed filing bankruptcy and have been threatened with legal action by creditors (requesting information from a court to garnishee your wages). At this point, it is very important that…
Read More
Tips That Will Help Improve Your Credit Score
Your credit rating is like a report card. Having money problems, filing personal bankruptcy or making a consumer proposal will result in a bad mark on your credit report card. Therefore to rebuild your credit rating you have to get as many good marks as possible. The only way to get a good mark is to…
Read More
Assets That Can Be Kept In A Bankruptcy
You are permitted to keep some assets in a bankruptcy. These exemptions are set by various federal and provincial laws. For personal bankruptcy in Ontario, the following assets are exempt: $5,650 worth of personal possessions (clothing, jewelry, sports equipment, etc.); One motor vehicle worth up to $5,650; $11,300 worth of home furnishings; $11,300 worth of…
Read More
Why A Surplus Income Form Requires Your Spouses Income
As I stated in my blog post, 2015 Surplus Income Limits in Canada, during the bankruptcy period, you will be required to send your trustee a copy of your income and expense statements (i.e. medical expenses, child care, etc.) each month so the trustee can calculate your net income and determine if any surplus income payments…
Read More
2015 Surplus Income Limits in Canada
When you file for bankruptcy in Canada, you’re allowed to keep a portion of your income each month. If you make more than that portion, you have to contribute half of that surplus income into your bankruptcy estate. That money is distributed to your creditors. These limits have recently been increased due to inflation (as they…
Read More
Will you really “lose everything” if you file personal bankruptcy?
Contrary to popular belief, you will not “lose everything” by filing for bankruptcy. The Bankruptcy and Insolvency Act works with provincial legislation to protect many personal assets, including your car, furniture and RRSPs, which are often exempt from seizure by the Trustee. If you have a lot of assets, chances are you will lose most of them. After…
Read More
Will people know that I filed bankruptcy?
This is a common concern among clients who are considering bankruptcy. Many people are embarrassed that they have let their debt get out of hand and want to deal with it as quietly as possible. One of people’s greatest fears of bankruptcy is that their friends and family will find out and somehow think less…
Read More
Signs of Financial Danger
At some point in their lives, everyone experiences problems with money. Financial problems aren’t necessarily the result of poor money management. Sometimes situations beyond our control, such as divorce, death of a spouse, health problems or a change in household income can lead to financial hardship and further danger like bankruptcy. While every case is…
Read More
What are my options?
Whether you are barely holding on or the debt collectors have already come knocking, the best strategy is to take stock of the situation and come up with a plan as soon as possible. Everyone has the same basic options when it comes to dealing with your debt. 1. Deal with creditors directly Check your…
Read More
It May Surprise You To Know Who Files Bankruptcy In Ontario
Filing for personal bankruptcy still carries a powerful stigma in Ontario. When people hear the word “bankruptcy” images of irresponsible, lazy consumers are usually conjured up. The truth is that there are plenty of people who find themselves in desperate financial situations despite having initially had every intention of paying their creditors. Marital breakdown, reduced…
Read More
