Yearly Archives: 2014

Can I make a Lump Sum Proposal Offer to my Creditors?
By Ted Michalos, Bankruptcy Trustee
14 Mar 2014 | Category: Consumer Proposal in Ontario | (2) comments
lump sum proposal

Consumer proposals come in all shapes and sizes, including the not too common “lump sum payment” variety. Most consumer proposals in Ontario are based on a simple monthly payment format. The person filing the proposal will make monthly payments into their proposal for the benefit of their unsecured creditors. The…

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What is the Voting Period in a Consumer Proposal?
By Ian Martin, CA, Trustee
07 Mar 2014 | Category: Consumer Proposal in Ontario | Leave a comment
Voting process consumer proposal ontario

A consumer proposal is an intriguing and increasingly popular way for consumers to deal with their debts. This is a formal legal process governed by the Canadian Bankruptcy & Insolvency Act and administered by Consumer Proposal Administrator who is also a licensed trustee in bankruptcy. Essentially, the concept of a…

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How Much Will Your Creditors Accept in a Consumer Proposal?
By Howard Hayes, Bankruptcy Trustee
28 Feb 2014 | Category: Consumer Proposal in Ontario | Leave a comment
creditors accept in a consumer proposal

The concept of filing a consumer proposal is that you’re asking your creditors to reduce the size of the debt you have with them and allow you time to pay back what you can reasonably afford to pay back. How much will your consumer proposal payments be? As a general…

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How Do You Calculate Payments in a Bankruptcy?
By Angela Marquis
21 Feb 2014 | Category: Bankruptcy in Ontario | Leave a comment

Many are surprised to hear that there is a cost to go bankrupt and that that is different for each person. Your trustee must consider your monthly household income, expenses, family size and assets when explaining to you what the financial implications of filing bankruptcy will be. There are three different…

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Can Both Spouses File a Joint Bankruptcy?
By Joel Sandwith
14 Feb 2014 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (2) comments
joint bankruptcy spouse

Debts in a marriage can be incurred separately or they can be considered joint debts. Depending on the unique family circumstances it may be necessary for one, or both spouses, to file for bankruptcy in order to eliminate their individual obligations to repay these debts. A joint bankruptcy happens when…

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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…

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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…

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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…

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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…

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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…

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