Author Archives: Bankruptcy Ontario Trustee

Question: My ex wife and I are doing everything we can to avoid bankruptcy in Ontario. While our finances are bad we are paying as much as we can. We took back a leased vehicle because we can’t afford the payments. We cashed an RESP in for $8,000 to buy…

Question: I am no longer able to keep up with costs of maintaining my home. I am one month behind on a mortgage payment. Can I surrender my home to the mortgage company without claiming bankruptcy in Ontario and/or damaging (further) my credit rating that the mortgage arrears have already done?…

Question: We are a numbered company. We have been struggling to keep our trucking business afloat, but going further behind each month. If our corporation files bankruptcy do we lose our personal assets, like our house and car? Answer: If a corporation goes bankrupt, the owners of the corporation do…

Question: What happens after a second bankruptcy in Ontario and how common are they? Can you ever get credit after a second bankruptcy? Answer: Exact statistics are not available, but experts estimated that over 10% of all people who declare bankruptcy will do so more than once. In a first bankruptcy…