2014 - Page 2 of 5 - Bankruptcy Ontario

Is There A Creditors’ Meeting When You File Personal Bankruptcy?

01 Aug 2014 | Leave a comment

will there be a bankruptcy creditors meeting?

If you are considering filing for bankruptcy, you may have heard about bankruptcy resulting in a creditors’ meeting and now you’re wondering, will I have to attend one of these sessions? If you’re realizable assets in a bankruptcy are less than $15,000, your bankruptcy is considered to be a summary…

Tags: court, duties during bankruptcy

Who Does a Bankruptcy Trustee Work For?

By Joel Sandwith

25 Jul 2014 | 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…

Can I Get a Mortgage After Declaring Bankruptcy

By Ian Martin, CA, Trustee

18 Jul 2014 | 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…

Consumer Proposal or a Second Mortgage – Which Is Better?

By Ted Michalos, Bankruptcy Trustee

11 Jul 2014 | (4) comments

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…

What is a Division 1 Proposal and Who Can File One

By Billy Martell, Bankruptcy Trustee

04 Jul 2014 | Leave a comment

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…

What are the Duties of a Trustee in Bankruptcy?

By Brian McIlmoyle, Trustee

27 Jun 2014 | Leave a comment

Last week we posted about the duties of a bankrupt when declaring bankruptcy in Ontario. However it’s also important to understand the role and responsibilities of a bankruptcy trustee. You might even wonder why do I need to meet with a bankruptcy trustee to file a bankruptcy or a consumer proposal? The…

Tags: bankruptcy trustee

What Are my Duties in an Ontario Bankruptcy?

By Wendy Young

20 Jun 2014 | (4) comments

What are my duties in an Ontario bankruptcy

When an individual files an Ontario bankruptcy he is making a move that will relieve him of a considerable mental burden that has no doubt dragged at his spirit for an uncomfortable stretch. But he’s also signing himself up to honour certain obligations that constitute his side of the bargain. Personal…

Can A Consumer Proposal Be Better For My Credit Rating?

By Joel Sandwith

13 Jun 2014 | (8) comments

does a Consumer Proposal affect my credit rating?

One of the more pressing concerns that many of the people I meet with have is how their choices will affect their credit rating. Specifically, how does a Consumer Proposal affect a credit rating? What is a Credit Rating? First, let’s talk about what a credit rating is. Each ‘trade line’ (place…

How Co-signed Debt is Treated When Claiming Bankruptcy

By Scott Schaefer, Trustee

06 Jun 2014 | (24) comments

What happens if someone co-signed my loan

This is a very common question and causes significant concern when people have co-signed debts and are considering claiming bankruptcy in Ontario. Normally, the co-signer is a family member or a close friend. The potential impact of the borrower deciding to file personal bankruptcy can put an added strain on…

What Happens to my Tax Returns and Tax Refunds in Bankruptcy?

By Ted Michalos, Bankruptcy Trustee

30 May 2014 | (2) comments

tax returns and tax refunds in bankruptcy

When you declare bankruptcy in Ontario the trustee is obligated to file your tax return for the year that you file. Actually, the trustee will file two tax returns that year for you. The first will be for the Pre-Bankruptcy period or January 1st until the day before the date…

Yearly Archives: 2014

Is There A Creditors’ Meeting When You File Personal Bankruptcy?

Who Does a Bankruptcy Trustee Work For?

Can I Get a Mortgage After Declaring Bankruptcy

Consumer Proposal or a Second Mortgage – Which Is Better?

What is a Division 1 Proposal and Who Can File One

What are the Duties of a Trustee in Bankruptcy?

What Are my Duties in an Ontario Bankruptcy?

Can A Consumer Proposal Be Better For My Credit Rating?

How Co-signed Debt is Treated When Claiming Bankruptcy

What Happens to my Tax Returns and Tax Refunds in Bankruptcy?

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