RDSPs Exempt From Seizure in Bankruptcy in Canada

Posted in Personal Bankruptcy
Posted by Ted Michalos, BA, CPA - LIT

Unlike RRSPs, there is no provision in the Bankruptcy and Insolvency Act to specifically deal with funds in a Registered Disability Savings Plan (RDSP) in the event the beneficiary files for bankruptcy. This matter was dealt with in a recent BC Supreme Court ruling that held funds in a RDSP can not be seized by […]

Gender Bias in Financial Preparedness

Podcasts
Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

What's the correlation between women and insolvency? A study found that women are less knowledgeable than men about financial products. High-risk categories of women struggle to not only become, but to maintain a moderate level of financial preparedness.

Why Delaying Your Bankruptcy Can Cost You More

Posted in Personal Bankruptcy

Your debts are high and the struggle is keeping you up at night so much so that you know you need to do something. Yet you've been delaying filing for bankruptcy because you're nervous about the process or are afraid about how filing bankruptcy will affect you or your family. But should you be? For many people, the […]

How To Deal With Divorce And Bankruptcy

Podcasts
Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

It’s often hard to know what came first: financial problems or the breakdown of the relationship. Generally, the two go hand in hand. To help me delve deeper into divorce and bankruptcy, my partner of Hoyes, Michalos, & Associates Inc., Ted Michalos joins me on today’s episode of Debt Free in 30.

Consumer Proposal vs Bankruptcy – Which One is Right for You?

Podcasts
Posted in Personal Bankruptcy | Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Consumer proposals and bankruptcies offer similar benefits, but differ in length and cost. How do you know which one is right for you? It will depend on your financial situation. Listen to this week's podcast as Ted Michalos compares consumer proposals vs bankruptcies.

10 Bankruptcy Definitions You Need To Know

Posted in Personal Bankruptcy

As licensed insolvency trustees, we will explain how bankruptcy works and what it will mean for you and your family. To help you understand the bankruptcy process here are 10 bankruptcy definitions you may want to know before your first meeting. View the infographic or scroll to the bottom for a text version and links to […]

Insolvency Basics: How and When to File Bankruptcy or a Consumer Proposal in Canada

Posted in Personal Bankruptcy | Consumer Proposals
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

Choosing to file bankruptcy or make a proposal to your creditors is not an easy decision. Complicating matters are the many myths and misconceptions surrounding the process, the cost and the impact of both insolvency proceedings available to Canadian debtors. Some quick facts about bankruptcy in Canada: More than 120,000 Canadians file insolvency every year; Files […]

5 Stages of a Bankruptcy in Canada

Posted in Personal Bankruptcy

Bankruptcy in Canada can be filed by any individual who owes at least $1,000 and is insolvent. The process of filing personal bankruptcy in Canada is completed in five steps as outlined in our easy to understand infographic. Consultation with a Licensed Insolvency Trustee Preparation of documentation Filing and achievement of the stay of proceedings Completion of […]

New Surplus Income Limits for 2016

Posted in Personal Bankruptcy
Posted by J. Douglas Hoyes, CA, CPA, LIT, CIRP, CBV

The Office of the Superintendent of Bankruptcy has announced the new surplus income limits for 2015 bankruptcy filings. Find out what the new limits mean for your potential bankruptcy payments.

Divorce and Bankruptcy Law in Canada

Posted in Personal Bankruptcy

Family law and bankruptcy law frequently overlap and the effect can be quite complicated. Our bankruptcy fact sheet on divorce and bankruptcy will answer some key questions you may have however it is always important that you talk to your bankruptcy trustee about your specific situation. Click on the image below for a printable PDF […]