Monthly Archives: July 2014

Who Does a Bankruptcy Trustee Work For?
By Joel Sandwith
25 Jul 2014 | Category: Bankruptcy in Ontario | Leave a comment

You choose the trustee you want to work with but who do they work for?  You? Your creditors? Depending on what you read on the internet or who you talk to, this can cause quite a debate. In very few words, the trustee in bankruptcy is an officer of the…

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Can I Get a Mortgage After Declaring Bankruptcy
By Ian Martin, CA, Trustee
18 Jul 2014 | Category: Bankruptcy FAQ | Leave a comment
can you qualify for mortgage after bankruptcy

There are no guarantees after bankruptcy – no guarantees about what kind of credit you will qualify for. The answer is that it depends on you. It’s All About Risk Management Bankruptcy or not, a mortgage lender is assesses the risk of somebody not being able to pay the mortgage. Lenders…

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Consumer Proposal or a Second Mortgage – Which Is Better?
By Ted Michalos, Bankruptcy Trustee
11 Jul 2014 | Category: Consumer Proposal in Ontario | (4) comments
consumer proposal or second mortgage

In my opinion, there are very few instances when a second mortgage makes sense. The problem with a second mortgage is the interest. As I write this article, first mortgages rates are between 2 ½ to 4%, while second mortgages usually run from 12 to 18%. By comparison, a secured…

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What is a Division 1 Proposal and Who Can File One
By Billy Martell, Bankruptcy Trustee
04 Jul 2014 | Category: Consumer Proposal in Ontario | Leave a comment
what is a division 1 proposal

We talk a lot about consumer proposals however the Bankruptcy and Insolvency Act offers two discreet options for insolvent individuals who decide that a proposal is the best solution for addressing financial woes but want to avoid declaring bankruptcy. They are: Consumer proposal Division 1 proposal Consumer Proposal Has Debt Limit The first…

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