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 […]

Opposing A Discharge From All Points of View: National Insolvency Review

Posted in Personal Bankruptcy

Ted Michalos, co-founder of Hoyes Michalos & Associates, was part of a three-person panel with Calvin J. Ho of Gowling Lawfleur Henderson and Sheldon Title, MNP Ltd. presenting material about personal bankruptcy discharge to the Ontario Bar Association.  Their presentation was summarized in an article in the National Insolvency Review "Personal Bankruptcy Discharges: Preparing For And Arguing An […]

10 Tips For Getting Your Life Back After Bankruptcy

Posted in Personal Bankruptcy
Posted by Howard Hayes, Btec, CIRP - LIT

One big fear surrounding the prospect of filing for bankruptcy is the uncertainty of how a bankruptcy will affect your future. I’ve met with people in my office in the past who have said they don’t want to go bankrupt because they’ve heard that it stays with you for the rest of your life and […]

Debts Discharged in Bankruptcy: Infographic

Posted in Personal Bankruptcy

The goal of claiming bankruptcy is to receive your bankruptcy discharge. This is the step that legally releases you from the obligation to repay debts included in your bankruptcy. But what debts are covered by bankruptcy? Our infographic provides a handy guide to which debts will actually be eliminated by filing personal bankruptcy and which […]

Why Creditors Might Challenge Your Bankruptcy Discharge

Posted in Personal Bankruptcy
Posted by Wendy Young, CERTIFIED CREDIT COUNSELLOR

Generally speaking, a bankruptcy takes root, grows and is snipped at the stem come discharge time without incident. However, there can be complications that need to be dealt with before this natural progression can unfold.  While a creditor cannot stop you from filing for bankruptcy, they can certainly do their part to create challenges that […]

Bankruptcy Protection in Canada: An Automatic Stay of Proceedings

Posted in Personal Bankruptcy
Posted by Billy Martell, BA - LIT

Once a bankruptcy or a consumer proposal is filed in Canada, a “stay of proceedings” kicks in. What a bankruptcy "stay" means is that unsecured creditors are prohibited from launching or continuing lawsuits, and from performing wage garnishments, against the bankrupt individual in question. Indeed, this automatic feature of bankruptcy law even forbids these folks […]

Types Of Debts Discharged in an Ontario Bankruptcy

Posted in Personal Bankruptcy
Posted by Billy Martell, BA - LIT

Many people suffer under the crushing weight of debt for far too long. They find their sleep disturbed by worry and they spend their waking hours performing endless mental calculations trying to figure out how they are going to meet all their payments. Deciding to file for bankruptcy is deciding you want a fresh start. […]

Declaring Bankruptcy in Ontario: What Do You Have To Do If You Go Bankrupt?

Posted in Personal Bankruptcy
Posted by Howard Hayes, Btec, CIRP - LIT

When you declare bankruptcy in Ontario (or anywhere in Canada for that matter), in exchange for the elimination of your debts, you are agreeing to undertake certain responsibilities and duties.  Without performing these duties, your discharge from bankruptcy can be delayed or even refused. Information Needed When Declaring Bankruptcy At the start of you bankruptcy, […]

A Step by Step Guide to the Bankruptcy Process

Posted in Personal Bankruptcy

Personal bankruptcy is a legal process which allows you to be discharged from most of your debts. Once filed, the property of the debtor is given to a trustee in bankruptcy who then sells it and distributes the money among the debtor’s creditors in settlement of the debt. How Bankruptcy Works Step 1: Contact a […]