Monthly Archives: January 2014

Ontario Bankruptcy Rate Continues to Decline
By J. Douglas Hoyes, Trustee
31 Jan 2014 | Category: Bankruptcy in Ontario | Leave a comment
Ontario Consumer Insolvencies Nov 2013

The Office of the Superintendent of Bankruptcy announced today that the number of personal bankruptcy filings in Ontario in November 2013 declined 8.6% compared to the previous month, and are down 7.7% over the last twelve months. Consumer proposal filings declined by 7.9% compared to the previous month, and are…

Tags:
Read More

Will I Have To Appear In Bankruptcy Court?
By Ted Michalos, Bankruptcy Trustee
31 Jan 2014 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (2) comments
appear bankruptcy court

The vast majority of people that file for personal bankruptcy never have to appear in Bankruptcy Court. The system is designed specifically to keep you out of Court – it is only in unusual cases or when people fail to complete the process properly that they are required to appear…

Tags: ,
Read More

Who Can See My Bankruptcy Records?
By Billy Martell, Bankruptcy Trustee
24 Jan 2014 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (3) comments
bankruptcy records

Filing for bankruptcy might feel like you’ve donned a bright red sandwich board trumpeting the news of this unfortunate turn your life has taken to the world. Rest assured: that is far from the truth. The news of your bankruptcy does not need to be shared with more than just…

Tags:
Read More

What if you Forget A Creditor on your Bankruptcy Application?
By Rebecca Martyn, Trustee
17 Jan 2014 | Category: Bankruptcy in Ontario | Leave a comment
forgot creditor in bankruptcy

When you file for bankruptcy, you need to tell your Trustee who your creditors are and how much you owe. Your Trustee then informs all of your creditors about your bankruptcy.  Filing for bankruptcy can be a stressful time, but it’s important to try and remember everyone you owe money…

Tags: , ,
Read More

Will My Surplus Income Payments Change Every Month?
By Angela Marquis
10 Jan 2014 | Category: Surplus Income | Leave a comment
surplus income payments bankruptcy

When you file for bankruptcy, at the initial filing, your financial situation is evaluated by your Bankruptcy Trustee to determine the cost of your bankruptcy.  In addition to the administrative costs there is a surplus income guideline that is set by the Superintendent of Bankruptcy.  If you’re household income is…

Tags:
Read More

Does Vacation Pay Affect Surplus Income Calculation?
By Joel Sandwith
03 Jan 2014 | Category: Surplus Income | Leave a comment
vacation pay surplus income in bankruptcy

When someone is bankrupt they are required to complete monthly statements of their income and expenses.  Proof is required of the income for all members of the household and any of what is called non-discretionary expenses, such as medical, support (child and spousal), employment, fines or tickets. All household income…

Tags:
Read More