Bankruptcy Advice Blog

What if you Forget A Creditor on your Bankruptcy Application?
By Rebecca Martyn, Trustee
17 Jan 2014 | Category: Bankruptcy in Ontario | Leave a comment
forgot creditor in bankruptcy

When you file for bankruptcy, you need to tell your Trustee who your creditors are and how much you owe. Your Trustee then informs all of your creditors about your bankruptcy.  Filing for bankruptcy can be a stressful time, but it’s important to try and remember everyone you owe money…

Tags: , ,
Read More

Will My Surplus Income Payments Change Every Month?
By Angela Marquis
10 Jan 2014 | Category: Surplus Income | Leave a comment
surplus income payments bankruptcy

When you file for bankruptcy, at the initial filing, your financial situation is evaluated by your Bankruptcy Trustee to determine the cost of your bankruptcy.  In addition to the administrative costs there is a surplus income guideline that is set by the Superintendent of Bankruptcy.  If you’re household income is…

Tags:
Read More

Does Vacation Pay Affect Surplus Income Calculation?
By Joel Sandwith
03 Jan 2014 | Category: Surplus Income | Leave a comment
vacation pay surplus income in bankruptcy

When someone is bankrupt they are required to complete monthly statements of their income and expenses.  Proof is required of the income for all members of the household and any of what is called non-discretionary expenses, such as medical, support (child and spousal), employment, fines or tickets. All household income…

Tags:
Read More

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…

Read More

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…

Read More

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…

Tags:
Read More

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…

Read More

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…

Read More

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…

Read More

What Happens To My House In A Bankruptcy?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy FAQ | What You Keep or Lose | (18) comments
house and bankruptcy

If you own a house when you file for bankruptcy in Ontario, your bankruptcy trustee will help you evaluate your situation to see if you can, and should, keep your home in a bankruptcy. They will talk with your about: Whether or not there is any equity in your home; Whether…

Read More