Tag Archives: cost of bankruptcy

Do You Declare Your Spouse’s Income in Bankruptcy?
By Joel Sandwith
26 Mar 2024 | Category: Surplus Income | (10) comments
spouses income in bankruptcy

Most families today have two income earners. When one spouse files for bankruptcy the question often asked is whether or not their significant other will have to report income to the trustee. The simple answer is YES you must declare your spouses income in bankruptcy. The reason for that is…

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Can I Sell My Stuff Before Filing Bankruptcy?
By Billy Martell, Bankruptcy Trustee
15 Jul 2019 | Category: What You Keep or Lose | (2) comments
Assets sale bankruptcy

When you file a bankruptcy many things that you normally would not think twice about, become important subjects. One of the things that your trustee is required to do when you file a bankruptcy, is to “investigate your affairs”. Mostly, this means the trustee will ask you a lot of…

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I’ve Returned To Work. Is Now The Time To File Bankruptcy?
By Rebecca Martyn, Trustee
12 Sep 2018 | Category: Bankruptcy in Ontario | (8) comments
bankruptcy timing

Larry (not his real name) first came to see me about 5 months ago.  He had accumulated about $50,000 in debt when he and his wife divorced.  He doesn’t own a house and has a car that is worth a few thousand dollars. He had been making the payments, however,…

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Understanding Bankruptcy Fees
By Rebecca Martyn, Trustee
12 Feb 2016 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy fees

Bankruptcy is a legal process designed to help the honest, but unfortunate debtor find debt relief. By filing for bankruptcy and completing all of your duties, you can eliminate most of your debts and get the fresh start you need to move forward. Many people are surprised to learn that…

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Can I Sell My Home During A Personal Bankruptcy?
By Rebecca Martyn, Trustee
17 Jul 2015 | Category: What You Keep or Lose | Leave a comment
house mortgage bankruptcy

When deciding whether to keep your house when you file for bankruptcy, you need to consider several factors.  Ask yourself these questions and make sure to answer honestly: Do I want to keep it? Can I afford to keep it? For some people, they see filing  bankruptcy as a chance to get a…

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Why You Should Complete Your Bankruptcy
By Ted Michalos, Bankruptcy Trustee
05 Jun 2015 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy discharge complete

I can’t stress the importance of this statement enough: It is critical that you complete the bankruptcy process once you begin it and get your discharge. There are few options for changing your mind once you have begun and they all involve paying more money back to your creditors. I…

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Ontario Bankruptcy Exemptions: Tools Of The Trade
By Brian McIlmoyle, Trustee
08 May 2015 | Category: What You Keep or Lose | (2) comments
tools of the trade bankruptcy exemption

Bankruptcy can be the beginning of a fresh start and an opportunity to rebuild. If you are in a trade or profession that requires you to provide your own tools or equipment you may wonder how these assets are affected in a bankruptcy. In general, bankruptcy law tries to balance the…

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How Severance Pay Might Affect Your Surplus Income
By Joel Sandwith
16 Jan 2015 | Category: Bankruptcy in Ontario | Leave a comment
severance pay bankruptcy

It’s possible that you may lose your job during bankruptcy and may become entitled to some form of severance pay. If you have been working for the company for many years, this amount can be substantial. Since severance pay is a form of income, it can affect your bankruptcy payments and…

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When Do They Calculate Surplus Income Payments?
By Rebecca Martyn, Trustee
02 May 2014 | Category: Surplus Income | Leave a comment
calculate surplus income in bankruptcy

One of the most confusing things about bankruptcy is the concept of surplus income.  You might think, I make $2,500 and spend $2,500 so I don’t have surplus income, or I make $2,500 and spend $2,000 so I have $500 surplus income.  Both examples are incorrect. Surplus income is a…

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How Do You Calculate Payments in a Bankruptcy?
By Angela Marquis
21 Feb 2014 | Category: Bankruptcy in Ontario | Leave a comment

Many are surprised to hear that there is a cost to go bankrupt and that that is different for each person. Your trustee must consider your monthly household income, expenses, family size and assets when explaining to you what the financial implications of filing bankruptcy will be. There are three different…

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