Category Articles: Bankruptcy in Ontario

The concept behind bankruptcy in Ontario is simple. It’s purpose is to give you, the debtor, a fresh start by eliminating your debt. In exchange you give up any non-exempt assets which may include making surplus income payments during your bankruptcy.

Whether you should or not depends on your circumstances. Bankruptcy-Ontario.org provides free personal bankruptcy and consumer proposal information to help you understand how bankruptcy will affect you, your family, your assets and your debts. Find more information by browsing our articles about bankruptcy in Ontario below.

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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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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Why You Should Complete Your Bankruptcy
By Ted Michalos, Bankruptcy Trustee
05 Jun 2015 | Category: Bankruptcy in Ontario | Leave a comment
bankruptcy discharge complete

I can’t stress the importance of this statement enough: It is critical that you complete the bankruptcy process once you begin it and get your discharge. There are few options for changing your mind once you have begun and they all involve paying more money back to your creditors. I…

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5 Benefits To Filing Bankruptcy: Do They Apply To You?
By Scott Schaefer, Trustee
24 Apr 2015 | Category: Bankruptcy in Ontario | (3) comments
personal-bankruptcy-debt

Money problems happen to many different people for many different reasons.  Too often, debt becomes a cycle and the pressure of paying off all of the debt becomes too much to handle alone.  If you find yourself in the same situation, here are the top five benefits to filing personal…

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How Severance Pay Might Affect Your Surplus Income
By Joel Sandwith
16 Jan 2015 | Category: Bankruptcy in Ontario | Leave a comment
severance pay bankruptcy

It’s possible that you may lose your job during bankruptcy and may become entitled to some form of severance pay. If you have been working for the company for many years, this amount can be substantial. Since severance pay is a form of income, it can affect your bankruptcy payments and…

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Who Will Know About my Bankruptcy in Ontario?
By Joel Sandwith
10 Oct 2014 | Category: Bankruptcy in Ontario | Leave a comment

While many people are more accepting of the fact that we live in an on-line world and that much of our lives are on facebook, twitter and other social media, the fact remains that most people do not want to have everyone gossiping about the fact that they needed to file…

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Dealing With A Licensed Bankruptcy Trustee
By Jason Quinney
15 Aug 2014 | Category: Bankruptcy in Ontario | Leave a comment
How To Find Bankruptcy Trustee

To file a bankruptcy in Canada under the Bankruptcy and Insolvency Act, it can only be done through a licensed Bankruptcy Trustee. If you are considering personal bankruptcy, it is important that the person you speak to is licensed to provide bankruptcy services including both personal bankruptcy and consumer proposals….

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Who Does a Bankruptcy Trustee Work For?
By Joel Sandwith
25 Jul 2014 | Category: Bankruptcy in Ontario | 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…

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