Yearly Archives: 2012

Can CRA Garnish Personal Wages on a Business Insolvency?
By J. Douglas Hoyes, Trustee
05 Dec 2012 | Category: Debts In Bankruptcy | Leave a comment
business taxes personal bankruptcy

It is not unusual for business owners, either incorporated or not, to begin to miss tax installments, either income tax, HST or payroll taxes, as a way to manage cash flow when they are in trouble. This often results in a large tax liability to CRA. If the business is…

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Bankruptcy Statistics: Ontario Consumers Not Recovering
By Bankruptcy Ontario Trustee
02 Nov 2012 | Category: Bankruptcy in Ontario | Leave a comment
Ontario bankruptcies

The number of consumer insolvencies in Ontario in August 2012 rose 4% compared to July according to statistics released by the Office of the Superintendent of Bankruptcy Canada.   Bankruptcies were up 1% and consumer proposals were up 7%.  While insolvencies rose slightly in August, they are down overall for…

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Right to travel in case of bankruptcy
By Bankruptcy Ontario Trustee
22 Oct 2012 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy and travel

Question: I am an Ontario resident, Do I have the right to travel out of Canada if I go bankrupt? Is there any risk when I come back? I am I going to be arrested? Answer: Bankruptcy is not a criminal offense.  If you file bankruptcy in Ontario you are permitted…

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Bankruptcy Court – Representing Myself
By Bankruptcy Ontario Trustee
03 Sep 2012 | Category: Bankruptcy in Ontario | Leave a comment
do I need bankruptcy trustee to go to bankruptcy court

Question: I am currently going through a first bankruptcy, and was expecting an automatic discharge at the end of nine months. However, the Trustee has elected to oppose automatic discharge, on grounds relating to a transfer of my interest in the family home to my spouse (14 months prior to…

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Bankruptcy Aftermath: Can’t Pay for Bankruptcy
By Bankruptcy Ontario Trustee
28 Aug 2012 | Category: Bankruptcy in Ontario | Leave a comment
can't afford bankruptcy

Question: My husband declared a second bankruptcy last year. The first one, over 15 years ago, was being young and stupid and there were no assets to deal with. Now this time he decided to keep the house and car since there was no equity in either. The problem that…

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RRSP’s cashed in prior to bankruptcy
By Bankruptcy Ontario Trustee
23 Aug 2012 | Category: Bankruptcy in Ontario | Leave a comment
rrsp bankruptcy

Question:  Hello.  I cashed in about $150,000 of unsecured RRSP’s earlier this year and now it looks like I will have to declare bankruptcy? I was reading on your FAQ – that a trustee must report activity in the past 12 months prior to a bankruptcy – so am I…

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How long till you have to move out after surrendering house in a bankruptcy?
By Bankruptcy Ontario Trustee
23 Jul 2012 | Category: Bankruptcy in Ontario | Leave a comment
surrender house in bankruptcy

Question: If you surrender your house to the bank and file bankruptcy in Canada do you have to move out right away? My specific situation is that I have about $20,000 in equity in the house after realtor fees/legal fees if I were to sell. Unfortunately that would not be…

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Credit Card after bankruptcy in Ontario
By Bankruptcy Ontario Trustee
04 Jun 2012 | Category: Bankruptcy in Ontario | Leave a comment
credit card after bankruptcy

Question: I was told by a bank manager that I had to wait 3 to 5 years to get a credit card, yet my bankruptcy agent tells me to get a credit card ASAP prior to being discharged to start repairing my credit. When can I get one, and is…

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HRDC Demanding Repayment Despite Bankruptcy
By Bankruptcy Ontario Trustee
12 May 2012 | Category: Debts In Bankruptcy | Leave a comment
HRSDC EI Overpayments Bankruptcy

Question: When I filed for bankruptcy in 2009, I owed HRSDC over $20,000 in EI overpayments (including interest). This was included in my list of debtors when I filed. I had been repaying the debt with automatic payments of $200 per month. Once I filed for bankruptcy, the withdrawals stopped…

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Debt Settlement Company vs Trustee?
By Bankruptcy Ontario Trustee
23 Jan 2012 | Category: Bankruptcy Alternatives
debt settlement company vs bankruptcy trustee

Question: My Husband and I are considering going through a consumer proposal. We originally went to a Debt Settlement company. Although the rep has been very helpful, there is a fee of $900.00 for their services. He said that although they are not licensed trustees, they look for the best…

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