Question: There is no equity in our house. We have two mortgages on the house and the total of those mortgages equals about what the house is worth or maybe more than what the house is worth. So if we were to sell for the total amount owing on the…
Question: If I declare personal bankruptcy in Ontario, will the trustee notify my employer and or garnishee my wages ? Answer: In most cases there is no requirement for your bankruptcy trustee to notify your employer. The normal exceptions would be that your trustee would contact your employer if: you…
Once you file a consumer proposal (or personal bankruptcy) there is a note that goes on your credit report saying that you have filed a proposal. So, when you apply for a loan and the lender does a credit check, they will know you are in a proposal, which makes…
Question: I saw a bankruptcy counsellor and according to him I can’t afford to go bankrupt. Could this be possible? I owe about $17,000 I’m in collections and I make approx. $23000 gross , but after rent, hydro etc… I don’t even have enough to survive. What can I do?…
Question: I am 2 payments behind and trying to make arrangements but they are threatening to repossess the vehicle and then garnishee my wages. What can I do and can they do this? Answer: If you are behind on your payments on a car loan or lease, the lender does have the…
Question: Are you required to submit bank statements and receipts for all transactions during bankruptcy? Answer: No, you are not required to submit bank statements and receipts for all transactions unless requested by your trustee. You are required to prove your income to your trustee each month, so that your…
Question: What happens if one cannot pay the Ontario bankruptcy fees charged by the trustee? $200/month for 9 months will mean we don’t eat or have heat or some other necessity. What happens then? Answer: All trustee firms in Ontario are private companies, so they require a contribution from you…
Question: My wife and I are in the second year of a consumer proposal. She has recently lost her her job and acquired further debt over 40,000. Debt is in her name can she file bankruptcy in Ontario while still in proposal? Answer: Yes. It is not uncommon to have…
Question: Can Canada Pension or Old Age Security payments be garnished? Answer: Under the Ontario Wages Act only wages can be garnisheed. The only exception would be if you owe money to the government, such as the Canada Revenue Agency, they can garnishee a CPP or OAS payment. One option…
Question: I have a judgment pending and in the meantime I am planning a consumer proposal. My question is should I proceed with the consumer proposal before the judgement or after the judgement? And what would be the difference before or after? Answer: In most cases, if you know that…
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