Debt Relief Experts
What Happens to a Financed or Leased Car in Bankruptcy?
Your car is perhaps one of the first things that come to mind when you decide to file a bankruptcy. If you depend on your vehicle to get to work, you may wonder if you... Read more »
Assets & Property
What Happens to Joint Property in a Bankruptcy?
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 »
Will I Lose My Inheritance in a Bankruptcy?
Whether your inheritance is included in a bankruptcy depends entirely on when you become entitled to receive the proceeds. As this is a complex issue, I talk with Ted Michalos and we take a detailed look... Read more »
Ontario Bankruptcy Exemptions: Assets You Can Keep
No, you do not lose everything when you file for bankruptcy in Canada. There are assets you can keep even if you go bankrupt. These are known as bankruptcy exemptions. Some exceptions to what you... Read more »
Does a Consumer Proposal Affect my House and Mortgage?
You might be considering a consumer proposal to pay off your debt but are unsure of its impact on your house and mortgage. The good news is a consumer proposal lets you achieve debt relief... Read more »
How Do I Get Out Of Debt Without Losing My Home?
For people experiencing debt problems, finding a way to get out of debt and keep their home is usually their top concern. Ontario introduced exemption laws around home equity in 2015 that mean that you will not... Read more »
Keep Your Assets with a Consumer Proposal
One of the main benefits of a consumer proposal is that your assets are protected while you achieve debt relief. This advantage is especially important if you have equity in your house, own a newer... Read more »
RRSP, Registered Savings Accounts and Bankruptcy Laws
Do I lose my RRSP or pension if I file bankruptcy in Canada? Many people are worried that if they file personal bankruptcy they will lose their RRSP and other pension savings. In Canada, most... Read more »
Why a House Does Not Guarantee Financial Security
Everyone thinks that a house provides both stability and financial security, but on today’s show, I’ll explain why that is not always the case. I’ve meet with thousands of homeowners over the last 20+ years... Read more »
Will Bankruptcy Affect Shared Ownership in a Cottage?
Joint or shared ownership in a family cottage is not uncommon. When one co-owner faces significant debts, enough to consider filing for bankruptcy, this raises substantial concerns with other owners about keeping the cottage “in... Read more »
Personal Bankruptcy and Registered Education Saving Plans (RESP)
Are RESP’s lost in a bankruptcy in Ontario? One of the consequences of filing bankruptcy is that unless an asset is exempt in a bankruptcy, you are required to surrender your assets to the trustee... Read more »
Do I Lose My RDSP If I File Bankruptcy in Canada?
Unlike RRSPs, there is no provision in the Canadian Bankruptcy and Insolvency Act to specifically deal with funds in a Registered Disability Savings Plan (RDSP) in the event the beneficiary files for bankruptcy. We discuss a recent... Read more »
How to Avoid Being House Poor
Are you familiar with the expression of being “house rich and cash poor?” You might be wondering how that’s even possible. Or, you might be wondering what it even means. I see it more often... Read more »
How the Housing Bubble Affects Consumer Bankruptcies
How do real estate prices impact the number of people who file bankruptcy? To answer that question, we are pleased to release the Hoyes Michalos Homeowner’s Bankruptcy Index (“HBI”). The HBI shows the percentage of... Read more »
How Car Loans and Car Loan Rollovers Lead to Insolvency
There are two major purchases we make in our life that we typically use debt to purchase. The first (no surprise here) is our home, and the second is our car. But can car loans... Read more »