Our knowledgeable team of Licensed Insolvency Trustees provide information and expert advice to help you on your way to becoming debt free. Our blog includes podcasts, videos, articles, case studies and Industry Insights about consumer proposals and bankruptcy in Ontario as well as personal finance, credit rebuilding and other money management tips for anyone looking to get out of, or stay out of, debt.
When talking with clients, I often get asked, “Do I have to meet with my creditors?”; coupled with a look of stress or fear. In most cases the answer is no, but the possibility is... Read more »
A bankruptcy or consumer proposal provides an automatic stay of proceeding that can stop an eviction order from your landlord for rent arrears. Unpaid rent, up to the date of filing, is included as a... Read more »
A common concern is how cosigned debts are treated when one person files a consumer proposal. When someone files a consumer proposal, they make a deal with their unsecured creditors to repay a percentage of... Read more »
In a personal bankruptcy in Canada, a creditor’s meeting is rare, happening in less than 1 in 1000 bankruptcies. A meeting of creditors’ is required: In a summary bankruptcy or consumer proposal, if at least... Read more »
The Bankruptcy & Insolvency Act defines the legal options where an individual, or company, can be relieved of their obligation to repay debt. In Canada, there are 4 common bankruptcy options: Personal bankruptcy for individuals... Read more »
Many more seniors are carrying substantial consumer debt into retirement. What happens when you can’t pay back that debt? What options do seniors have for debt relief? There are many reasons why people carry debt... Read more »
Consumer insolvencies in Canada are going up. Rapidly. Naturally, this is puzzling a lot of financial analysts and the media. Why would more Canadians be filing for bankruptcy when we have low interest rates, low... Read more »
A proposal to creditors is a deal you negotiate with your creditors to repay a portion of what you owe. In legal terms, a proposal is an arrangement to settle your debts for less than their full... Read more »
If you are a mortgage broker or mortgage agent in Ontario, you will not necessarily lose your license if you need to file for bankruptcy. Your bankruptcy filing also does not necessarily prevent you from... Read more »
If you’re struggling to repay debts, you can ask creditors to reduce the amount you have to repay on your debt by offering a consumer proposal. A consumer proposal is a legally binding deal between... Read more »
If your current debt carries a high-interest rate, one way to reduce your borrowing costs is to consider a debt consolidation loan. Every day I talk with someone about whether or not a debt consolidation... Read more »
In a bankruptcy the amount of money you are required to pay is based on your income. Under the surplus income guidelines, the government of Canada has set net monthly income thresholds for a person... Read more »
If your small business has run into financial trouble and you are not incorporated, bankruptcy can eliminate both personal and business debts. Personal vs Business Bankruptcy If you operate a small business as a self-employed... Read more »
A common concern for couples is what happens to their joint property when one spouse needs to declare bankruptcy. In general, bankruptcy affects a spouse financially only if there is joint debt or jointly owned... Read more »
Consumer proposals carry many potential advantages over bankruptcy, not the least of which is the ability to hold positions of trust while dealing with your debts. In Canada, a bankrupt cannot be a director of... Read more »
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