Monthly Archives: October 2013

Regional Differences In Bankruptcy Rates Continue

 31 Oct 2013
Canadian insolvencies Aug 2013

While total insolvency filings in Canada declined 1.1% in August 2013 compared to August 2012 and are down 2.7% over the past 12 months, significant regional differences continue. Ontario and Quebec together account for more than 70% of all bankruptcy and consumer proposal filings in Canada. Yet the difference between…

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Severe Debt Is A Financial Disability. Find a Good Debt Doctor.

 30 Oct 2013
debt doctor bankruptcy

Obviously debt is not a medical condition, but as a bankruptcy trustee I can say from experience that severe debt can be a financial disability, with significant negative consequences.  If you are sick you see a doctor.  If you have excessive debt, you need to see a debt doctor, such…

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Is an RRSP Withdrawal Surplus Income in a Bankruptcy?

 28 Oct 2013
rrsp bankruptcy and surplus income

In 2008 the Parliament of Canada amended the Bankruptcy and Insolvency Act to protect your registered retirement savings plan (RRSP) from seizure except for contributions you have made in the last year. This new law was in addition to the protections provided under the Insurance Act of Ontario that protects…

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When Does A Debt Management Plan Work?

 23 Oct 2013
debt management plan benefits

We’ll start with a brief definition of what a Debt Management Plan (or DMP) is: “A DMP is a voluntary program whereby some of your unsecured debts are pooled together so that you can make a single monthly payment to a credit counselling agency who will forward your payments to your…

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What To Expect At Your Bankruptcy Consultation

 16 Oct 2013
bankruptcy consultation with trustee

If you are considering filing for bankruptcy in Canada you may be wondering what you can expect when you meet with a Bankruptcy Canada Trustee for the first time? What will they ask? Will you need to bring anything with you? Your Bankruptcy Debt Assessment The purpose of your initial…

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5 Things To Do During Your Bankruptcy

 14 Oct 2013
during bankruptcy

In a previous post we talked about the top 5 things you should do to prepare for your bankruptcy. Once you have filed for bankruptcy, there are also activities you should do to ensure that your bankruptcy goes smoothly. Complete your duties. After you have declared bankruptcy you have a…

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How Does Bankruptcy Affect My Credit Rating?

 09 Oct 2013
credit report and bankruptcy

Your credit report is maintained by one of two major credit rating agencies in Canada: Equifax and Trans Union. When you apply for a loan, whether a credit card or a mortgage, your lender will review your credit report. This report contains information about whether or not you have unpaid…

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Tell Your Bankruptcy Trustee Everything

 07 Oct 2013
canada bankruptcy law

Bankruptcy is your chance to start over. In exchange for your debts being ‘discharged’ you give up your assets and make a monthly payment during your bankruptcy. This is the cost to you of eliminating your debts once and for all so you can begin to rebuild your credit and…

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Creditors Meeting: What Questions Will They Ask Me?

 02 Oct 2013
creditors meeting and bankruptcy in Canada

Question: A creditors’ meeting has been called and I wonder what questions they can and cannot ask. Can they only ask about the past and where the money was spent before bankruptcy? Can they ask about personal expenses such as medical expenses and what drugs I am paying for? Do…

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