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.
Cars – coupes, sedans, sport utility vehicles, trucks. Roughly two-thirds of the people who file insolvency with us own a vehicle. The vast majority want to keep their car when they file a consumer proposal... Read more »
If you are behind on your car payments, the finance company may repossess your vehicle as a way to recover the money they are owed. Having the vehicle towed, however, is just the start of... Read more »
Bankruptcy in Canada is very regulated. Bankruptcy law is governed by federal legislation known as the Bankruptcy & Insolvency Act. All Licensed Insolvency Trustees are registered and monitored by the Office of the Superintendent of... Read more »
Before the economic impact of the shutdown and social distancing, Ontario was already feeling the financial effects of too much debt. In the six months before March 2020, when businesses began to close and employees... Read more »
Update October 2020: The government has transitioned to an enhanced EI and Canada Recovery Benefit (CRB). The prohibition against garnishment remains for all regular creditors. If you have an EI overpayment from before, the government... Read more »
Last week I wrote about how you can manage your bills during the COVID-19 crisis. The response was overwhelming. A lot of people are understandably worried about the uncertainty of their household finances right now.... Read more »
The impact of the Coronavirus is upon us. Our best collective response is to do what we can to flatten the curve and ensure the impact on our healthcare system is as small as it... Read more »
Will Canada Revenue Agency (CRA, formerly Revenue Canada) accept a consumer proposal? Yes, they will, but only if certain conditions are met. Today I’ll explain the most important “tricks” or tests that you must meet... Read more »
Money in 24 hours. Simple online application. Low payments. 36 month payment terms. That all sounds great when you need a quick unsecured loan to help consolidate some unsecured bills or pay for an emergency... Read more »
Consumer proposals are rarely rejected; however, if your creditors do reject your consumer proposal, all hope is not lost. When you file a consumer proposal, your creditors have 45 days to submit votes on your... Read more »
A consumer proposal is a stable debt repayment program because the payments are locked in for the length of the proposal. Creditors cannot change the terms once they agree to your plan. However, as the... Read more »
Bankruptcy law provides for the possibility of a bankrupt to be examined under oath by the Official Receiver (a representative of the Superintendent of Bankruptcy), the Licensed Insolvency Trustee and under certain circumstances by creditors.... Read more »
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. Specifically, subsection 84.2(1) of the Bankruptcy & Insolvency Act says you can’t... 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 »
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