Monthly Archives: October 2013

Ontario Bankruptcies Decline For Fourth Month
By Bankruptcy Ontario Trustee
31 Oct 2013 | Category: Bankruptcy in Ontario | Leave a comment
ontario bankruptcy statistics august 2013

Total consumer insolvencies, both bankruptcy and consumer proposals, declined in August 2013 in Ontario. Files were down 8.4% compared to August 2012 and down the same amount over the 12 month period ending August 2013. This was the fourth consecutive month that Ontario bankruptcies and proposals have declined on a…

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10 Reasons Why a Consumer Proposal May Be Better Than Bankruptcy
By Bankruptcy Ontario Trustee
18 Oct 2013 | Category: Bankruptcy FAQ | Bankruptcy Alternatives | (3) comments

Both a consumer proposal and a bankruptcy in Ontario provide immediate relief from creditors and provide a legal method to eliminate your debts. For a creditor to accept a consumer proposal however, they will have to be offered more than they would receive in a bankruptcy. This is generally true…

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Can You Pay Off A Consumer Proposal Early?
By Bankruptcy Ontario Trustee
07 Oct 2013 | Category: Bankruptcy FAQ | Consumer Proposal in Ontario | Leave a comment
pay off bankruptcy early

It is possible to pay off a consumer proposal early, either with a lump sum payment or by accelerating your existing monthly payments. When you negotiate a settlement of your debts through a consumer proposal in Ontario, your creditors agree to how much they will receive in full settlement of…

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Can Personal Bankruptcy in Ontario Be Denied?
By Bankruptcy Ontario Trustee
06 Oct 2013 | Category: Bankruptcy in Ontario
who is eligible to file bankruptcy

If you are struggling with debt and you think filing for bankruptcy is your best option, no-one can prevent you from filing. Personal bankruptcy in Ontario is a legal process that provides you protection from your unsecured creditors. While there is a framework to define your duties, your payments and…

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How Do I Get Discharged from Bankruptcy in Ontario?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (52) comments
bankruptcy discharge

Your discharge is important because it is your discharge that eliminates your debts, except those debts not discharged by a bankruptcy. Automatic Discharge You will receive an automatic discharge from a first or second bankruptcy if you: complete all of your duties and your trustee and your creditors do not…

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What Happens To My House In A Bankruptcy?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy FAQ | What You Keep or Lose | (18) comments
house and bankruptcy

If you own a house when you file for bankruptcy in Ontario, your bankruptcy trustee will help you evaluate your situation to see if you can, and should, keep your home in a bankruptcy. They will talk with your about: Whether or not there is any equity in your home; Whether…

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What Happens To My Car If I File For Bankruptcy?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy FAQ | What You Keep or Lose | (54) comments
car in bankruptcy

Unless you live in a city with access to public transit, a car or truck may be essential for you to get to work. So what happens to your car if you go bankrupt in Ontario? Exemption Limits For Your Car In Ontario (the rules are different in every province),…

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How Long Does Bankruptcy Last In Ontario?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (4) comments
how long bankruptcy last

Several factors affect how long you will be bankrupt for in Ontario. The top four considerations: How many times you have been bankrupt. Whether or not  you have surplus income. Whehter or not you completed your duties? If your trustee or any creditor objects to your discharge. The soonest you…

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What Happens To My RRSP In A Bankruptcy in Ontario?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy FAQ | What You Keep or Lose | (10) comments

Your Registered Retirement Savings Plans (RRSPs) and Registered Retirement Income Funds (RRIFs) are yours to keep in a bankruptcy, with the exception of contributions you have made during the last 12 months. Changes were made to the Bankruptcy and Insolvency Act in 2009 that exempt these assets from seizure by your trustee. What…

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Can I Open A New Bank Account While Bankrupt in Ontario?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (4) comments
bank account in bankruptcy

Yes. In fact, we strongly recommended that you open a new bank account with a new bank before going bankrupt in Ontario. Why? Because you want all payments to your unsecured creditors to stop. You do not want to risk having one of your creditors attempt to take an unauthorized payment out of…

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