Is it true that if you just ignore an old debt it will go away? Not exactly. There are a few misconceptions about the Ontario Limitations Act. Let's separate fact from fiction.
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 […]
In our first technical tidbit podcast, Doug Hoyes explores the tax and legal implications of withdrawing money from your RRSP to pay off debt. He explains how RRSP savings are protected from seizure in a bankruptcy in Canada.
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 […]
We explore a short history of bankruptcy in Canada while Ted Michalos talks about how the Office of the Superintendent of Bankruptcy licenses and regulates trustees to administer bankruptcy and insolvency services.
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 […]
On this episode of Debt Free in 30, we talk about updates to Ontario bankruptcy law and discuss the Supreme Court of Canada's 407 ETR ruling.
I strongly believe that the bankruptcy process should be fair for all parties. So, when I observe what I believe to be unfair treatment, I speak up. On December 1, 2015, new laws came into effect in Ontario that increased the protection for debtors filing bankruptcy. You can read my full report in my post on […]
The market is currently flooded with debt advice businesses offering to help consumers with excessive debt. The vast majority are unlicensed and unregulated 'debt consultants' not licensed insolvency trustees. Many simply charge a substantial fee and then simply refer debtors to a licensed insolvency trustee to deal with their debts. A bankruptcy trustee is now called […]
I read with interest an article recently where a judge in Texas ruled that a debtor was required to turn over passwords to a Facebook and Twitter account as part of his business’ bankruptcy. The creditors viewed the accounts as an asset of the bankruptcy; the debtor viewed it as his personal social media accounts. […]