HomeArchive by category 'Bankruptcy in Ontario' (Page 7)
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.
Question: My wife bought the house I live in 20 years ago- she has paid all the bills and mortgage etc – I am the one who may have to go bankrupt due only to tax owing – I do not have any assets -is the house at risk? Your…
Question: If I go bankrupt in Ontario, who gets the HST rebate cheque? Me, or the trustee? HST rebates are automatically forwarded to the trustee. The standard answer is that the HST rebate cheque goes to the trustee. It forms part of the proceeds in your estate, and is then…
Question: My friend declared bankruptcy in Ontario 5 months ago, with the timeline being 21 months. His payment has been $1,000/month on average for surplus income. After 6 months of payments, it is my understanding that the trustee will take those payments and average them out to a regular monthly…
Question: It is my understanding that the bankruptcy trustee works mainly for the creditors. Does that mean that I should see a lawyer before I consider discussing my debt and credit issues? A Bankruptcy Trustee can best be described as a referee in the bankruptcy process. Good question. It is…
Question: I’m from Ontario, I have $70,000 in personal debt and looking to file for personal bankruptcy. I own my own corporation that is Incorporated. How will a Personal Bankruptcy affect my Corporation? Answer: Your personal bankruptcy does not directly impact your corporation, since it’s a separate legal entity. If…
Question: What happens if you don’t show up for bankruptcy court for a discharge hearing? If the trustee has been discharged, then how long will it take for an automatic discharge for the person who filed? And if the trustee is discharged and the debtor did not comply with all the…
In 2008 the rate of personal bankruptcy and consumer proposal filing increased by 16.2%. Consumer bankruptcies increased from 31,439 in 2007 to 36,200 in 2008 for an increase of 15.1%. The number of consumer proposals filed in Ontario also had a significant increase, from 11,974 in 2007 to 14,242 in 2008, an…
Question: I have had my condo up for sale/rent for several months, with no luck. I am now living in a different city and paying double housing costs. Even if I do sell this condo for the asking price I will owe a significant shortfall on my mortgage as I did…
Question: What are the criteria that might have to be satisfied for a consumer to have the bankruptcy order annulled? If a bankruptcy is annulled then it is as if you never filed. The most common reason for annulling a bankruptcy is that all debts have been paid in full….
Question: In December of this year it will be 6 years from my discharge (first bankruptcy in Ontario). What steps should I take to ensure the bankruptcy is removed from my credit reports? A first bankruptcy will be removed from your credit report 6 years after you receive your bankruptcy…