Yearly Archives: 2016

Are There Different Types Of Bankruptcy In Ontario?
By Howard Hayes, Bankruptcy Trustee
11 Nov 2016 | Category: Bankruptcy FAQ | (2) comments

If you are suffering financial hardship, you could voluntarily seek the services of a licensed insolvency trustee in Ontario and voluntarily assign yourself into personal bankruptcy. Having said that, it might surprise you to learn that there are actually two types of bankruptcy in Ontario: ordinary and summary administrations. Over 90%…

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Can I Start a Small Business while Bankrupt or in a Proposal?
By Brian McIlmoyle, Trustee
09 Sep 2016 | Category: Bankruptcy FAQ | (10) comments

There are a lot of misconceptions surrounding bankruptcy, consumer proposals, and being self-employed. Informed by rumours, sources for this misinformation are usually third hand accounts: ‘a friend of a friend’. Yet, this information is not reliable: half of it is wrong and the other half is half-truths and out-of-context statements….

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Your Spouse is Filing For Bankruptcy. Should You File Too?
By Scott Schaefer, Trustee
12 Aug 2016 | Category: Bankruptcy in Ontario | Leave a comment

It’s a major concern for couples with debt. Your spouse is exploring bankruptcy as a debt relief option. You’re considering what the impact will be on yourself, and wonder: should I file too? Couples often ask me this and my answer is always: It depends on their debts and their…

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Credit Counselling Provides Budgeting Tips
By Joel Sandwith
10 Jun 2016 | Category: Bankruptcy in Ontario | Leave a comment
budgeting credit counselling

Most people who have financial issues do not have a budget and this is a common theme that comes up during the credit counselling sessions every bankrupt has to attend during their bankruptcy. Making a budget is perceived as a difficult and time consuming task.  Initially it can be but…

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Appearing At A Creditors Meeting in A Bankruptcy
By Howard Hayes, Bankruptcy Trustee
13 May 2016 | Category: Bankruptcy in Ontario | Leave a comment
credits meeting bankruptcy

One duty of a bankruptcy is to attend a meeting with your creditors if one is required. The statement gives the instant impression that you’d have to go to a board room somewhere and sit in a room with a representative from each of the places you owe money to. …

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Since bankruptcy in Ontario is a legal process, do I need a bankruptcy Lawyer?
By Joel Sandwith
08 Apr 2016 | Category: Bankruptcy FAQ | Leave a comment

The bankruptcy process is guided, outlined and governed by the Bankruptcy and Insolvency Act which is federal legislation.  This means that most of the process is not something your trustee will dream up – it is passed by the Government of Canada. There are some provincial laws that also govern…

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Can My Bankruptcy Application Be Denied?
By Rebecca Martyn, Trustee
11 Mar 2016 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy application

The bankruptcy process is not as complicated as many think. In fact, there are only four main qualifications to apply for personal bankruptcy in Ontario: You need to owe at least $1,000; Be unable to pay your debts; Have stopped paying your debt; and Have debts greater than what you…

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Understanding Bankruptcy Fees
By Rebecca Martyn, Trustee
12 Feb 2016 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy fees

Bankruptcy is a legal process designed to help the honest, but unfortunate debtor find debt relief. By filing for bankruptcy and completing all of your duties, you can eliminate most of your debts and get the fresh start you need to move forward. Many people are surprised to learn that…

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What Is CRA Looking For In A Consumer Proposal?
By Howard Hayes, Bankruptcy Trustee
08 Jan 2016 | Category: Consumer Proposal in Ontario | (2) comments
canada revenue agency consumer proposal

Like most creditors, the Canada Revenue Agency (CRA) is willing to consider the acceptance of a consumer proposal. A consumer proposal is the only government legislated program in Canada that allows consumers to put forth a legally binding debt settlement offer and tax debts owing to the CRA can be included…

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