Author Archives: Bankruptcy Ontario Trustee

Good Intentions: The Honest But Unfortunate Debtor
By Bankruptcy Ontario Trustee
09 Jun 2017 | Category: Bankruptcy in Ontario | Leave a comment
honest-but-unfortunate-debtor

Every two years Licensed Insolvency firm Hoyes, Michalos & Associates Inc. publishes a study on the average insolvent person in Ontario. Their study highlights vulnerable groups who are more prone to becoming insolvent, and identifies potential causes of insolvency. Who’s More Likely to File Insolvency? The study states that millennials,…

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Bankruptcy and New Credit
By Bankruptcy Ontario Trustee
12 May 2017 | Category: Bankruptcy FAQ | Leave a comment
bankrutpcy-and-new-credit-2

There are two common misconceptions about filing bankruptcy: If you file bankruptcy, you will never get credit again. If you file bankruptcy, you have to wait seven years before applying for new credit. Both of these statements are not true. It is possible to qualify for new credit following a…

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7 Canadian Bankruptcy Terms You Should Be Familiar With
By Bankruptcy Ontario Trustee
14 Aug 2015 | Category: Bankruptcy FAQ | Leave a comment
bankruptcy definitions

There are many new terms you will be introduced to when you start exploring the Canadian bankruptcy process. If you’re considering filing bankruptcy in Canada the following are the most common terms your trustee might mention during your initial consultation and what they mean: 1. Bankruptcy Trustee First of all, let’s…

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Can I Redeem An RRSP Before Going Bankrupt in Ontario?
By Bankruptcy Ontario Trustee
20 Dec 2013 | Category: What You Keep or Lose
rrsp withdrawal and bankruptcy

When you file for bankruptcy in Ontario, you are required to disclose to your bankruptcy trustee all assets you have disposed of or redeemed in the previous twelve months (or up to five years in certain cases). Thus if you cashed in your RRSP today, and went bankrupt tomorrow, you…

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Ontario Bankruptcies Decline For Fourth Month
By Bankruptcy Ontario Trustee
31 Oct 2013 | Category: Bankruptcy in Ontario | Leave a comment
ontario bankruptcy statistics august 2013

Total consumer insolvencies, both bankruptcy and consumer proposals, declined in August 2013 in Ontario. Files were down 8.4% compared to August 2012 and down the same amount over the 12 month period ending August 2013. This was the fourth consecutive month that Ontario bankruptcies and proposals have declined on a…

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10 Reasons Why a Consumer Proposal May Be Better Than Bankruptcy
By Bankruptcy Ontario Trustee
18 Oct 2013 | Category: Bankruptcy FAQ | Bankruptcy Alternatives | (3) comments

Both a consumer proposal and a bankruptcy in Ontario provide immediate relief from creditors and provide a legal method to eliminate your debts. For a creditor to accept a consumer proposal however, they will have to be offered more than they would receive in a bankruptcy. This is generally true…

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Can You Pay Off A Consumer Proposal Early?
By Bankruptcy Ontario Trustee
07 Oct 2013 | Category: Bankruptcy FAQ | Consumer Proposal in Ontario | Leave a comment
pay off bankruptcy early

It is possible to pay off a consumer proposal early, either with a lump sum payment or by accelerating your existing monthly payments. When you negotiate a settlement of your debts through a consumer proposal in Ontario, your creditors agree to how much they will receive in full settlement of…

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Can Personal Bankruptcy in Ontario Be Denied?
By Bankruptcy Ontario Trustee
06 Oct 2013 | Category: Bankruptcy in Ontario
who is eligible to file bankruptcy

If you are struggling with debt and you think filing for bankruptcy is your best option, no-one can prevent you from filing. Personal bankruptcy in Ontario is a legal process that provides you protection from your unsecured creditors. While there is a framework to define your duties, your payments and…

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How Do I Get Discharged from Bankruptcy in Ontario?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | (52) comments
bankruptcy discharge

Your discharge is important because it is your discharge that eliminates your debts, except those debts not discharged by a bankruptcy. Automatic Discharge You will receive an automatic discharge from a first or second bankruptcy if you: complete all of your duties and your trustee and your creditors do not…

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When Will Creditors Stop Calling After Filing Bankruptcy?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | Leave a comment
stop collection calls

Your creditors cannot continue to harass you when you go bankrupt in Ontario. Once you are bankrupt, your creditors are required to contact your trustee, not you. When you file for bankruptcy in Ontario, your trustee will notify all of your creditors that you have filed for bankruptcy. Within five days…

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