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 […]
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 […]
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 […]
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 […]
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 […]
If you are wondering if declaring bankruptcy is the right solution to eliminate your debts, read through our handy infographic to answer some key questions: Do you qualify? What does bankruptcy do for you? Is bankruptcy the right solution? What are the alternatives to bankruptcy?
Whenever I meet with someone to discuss filing bankruptcy or consumer proposal one of the questions I ask is, “do you bank where you owe money?”. If the answer is yes, I strongly advise that they open a new bank account before going bankrupt or filing a consumer proposal, at a bank where they have never done […]
Before you file for bankruptcy in Canada, you are required to meet with a licensed bankruptcy trustee who will assess your financial situation. This assessment serves two purposes: It allows the trustee to fully review your situation and provide you with personalized advice regarding your options, and it gives you the opportunity to ask questions and to […]
Bankruptcy is a legal process that provides protection from your creditors and eliminates your debts. Our easy to understand infographic explains: What you need to file; What happens when you go bankrupt How long you will be bankrupt What you need to do during bankruptcy and What to expect after bankruptcy.
Most people know the role of a bankruptcy trustee, but have you ever wondered what a trustee really does during the work day? Some days are busier than others, but the thing I like about doing what I do, is that no two days are the same. Here is what I did yesterday. 8:30-9:00 am - […]