Author Archives: Scott Schaefer, Trustee

About Scott Schaefer, Trustee

Scott Schaefer, BA, CA, Licensed Insolvency Trustee with Hoyes, Michalos & Associates Inc. managing offices in Kitchener and Stratford, Ontario.

Getting Into Debt Is Easy, Getting Out Of Debt Doesn’t Have To Be Hard
By Scott Schaefer, Trustee
03 Aug 2018 | Category: Bankruptcy in Ontario | (2) comments
make-getting-out-debt-easy

Today’s society offers us many opportunities to get “credit”. We have credit cards, lines of credit, overdrafts, tax debts, and payday loans. I placed credit in quotes, because a lot of people mistakenly interchange the meaning of what’s credit, and what’s debt. When you’re using this newfound and easily obtainable credit, over…

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Should I File? Senior, Pension Income & Credit Card Debt
By Scott Schaefer, Trustee
14 Jul 2017 | Category: Bankruptcy in Ontario | Leave a comment
seniors-credit-cards-pension-debt

The number of retired people earning a pension income, carrying credit cards, and line of credit debts is growing significantly. Unfortunately a fixed pension income can only go so far.  When you pile debt payments (including interest) on top of other life costs, it is easy to see how seniors find themselves…

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Your Spouse is Filing For Bankruptcy. Should You File Too?
By Scott Schaefer, Trustee
12 Aug 2016 | Category: Bankruptcy in Ontario | Leave a comment

It’s a major concern for couples with debt. Your spouse is exploring bankruptcy as a debt relief option. You’re considering what the impact will be on yourself, and wonder: should I file too? Couples often ask me this and my answer is always: It depends on their debts and their…

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How To Deal With Joint Debts: Together, or Separately
By Scott Schaefer, Trustee
09 Oct 2015 | Category: Debts In Bankruptcy | (2) comments
joint debts

There are many reasons why someone would have joint, cosigned or guaranteed debts. Both parties are responsible for the debt if they have both signed for it.  That means that if one of the joint debtors does not pay, the other joint debtor is still responsible to pay off the debt. …

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5 Benefits To Filing Bankruptcy: Do They Apply To You?
By Scott Schaefer, Trustee
24 Apr 2015 | Category: Bankruptcy in Ontario | (3) comments
personal-bankruptcy-debt

Money problems happen to many different people for many different reasons.  Too often, debt becomes a cycle and the pressure of paying off all of the debt becomes too much to handle alone.  If you find yourself in the same situation, here are the top five benefits to filing personal…

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How Is Student Debt Affected During Bankruptcy?
By Scott Schaefer, Trustee
27 Feb 2015 | Category: Debts In Bankruptcy | Leave a comment
Student-loans-bankruptcy

You accumulated significant debt while attending college or university with the full expectation that you would be able to repay that debt. Now you are struggling to keep up with your payments. Filing bankruptcy or a consumer proposal may be an option, however, there are some things you need to know…

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Will My Bankruptcy Trustee Garnish My Wages?
By Scott Schaefer, Trustee
21 Nov 2014 | Category: Bankruptcy FAQ | Leave a comment

Bankruptcy does require than you make monthly payments which are part of the cost of declaring bankruptcy in Ontario. You will make arrangements with your bankruptcy trustee about how often you will make these payments (monthly, bi-weekly etc.) so that it fits in your budget. In a consumer proposal your…

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How Co-signed Debt is Treated When Claiming Bankruptcy
By Scott Schaefer, Trustee
06 Jun 2014 | Category: Debts In Bankruptcy | (24) comments
What happens if someone co-signed my loan

This is a very common question and causes significant concern when people have co-signed debts and are considering claiming bankruptcy in Ontario.  Normally, the co-signer is a family member or a close friend. The potential impact of the borrower deciding to file personal bankruptcy can put an added strain on…

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What Happens to My Mortgage Debt After Filing Bankruptcy?
By Scott Schaefer, Trustee
21 Mar 2014 | Category: Debts In Bankruptcy | (2) comments
mortgage debt after filing bankruptcy

A mortgage is a debt secured against the value of your house. Secured debts, including a mortgage, are not debts covered by filing a personal bankruptcy. If you own a home and are experiencing financial difficulty, how your mortgage debt is affected by filing bankruptcy depends on whether you decide to keep your…

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