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 […]
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. […]
Filing for bankruptcy is not something most people want to advertise. The good news is, very few people actually need to know you declared bankruptcy or even talked to a bankruptcy trustee about your debt problems. Is bankruptcy private? Your initial debt consultation with a trustee in bankruptcy is between you and the trustee. It's […]
“Protection” is one of the words most often associated with bankruptcy. The purpose of this article is to explain some of the fundamental questions about what protection under the Bankruptcy & Insolvency Act (BIA) means. Bankruptcy protection applies equally to both personal bankruptcy and consumer proposals which means any comments we make below apply to […]