Yearly Archives: 2013

Is There A Debt Minimum For A Consumer Proposal?

 13 Nov 2013
minimum debt consumer proposal

We are often asked, “Is there a minimum amount I can file a proposal for?”  The answer depends on how you interpret the question. We’ll answer that question by looking at: Is there a minimum debt amount to be eligible to file a consumer proposal? Is there a minimum amount…

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Questions To Ask A Bankruptcy Trustee At Your Initial Interview

 11 Nov 2013
bankruptcy questions trustee

If you are like most people, you never thought there might come a time when you needed to speak to someone about your debts.  Something has happened that has made what used to be a manageable debt load into something overwhelming. You are not alone in this crisis. In excess…

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Does Bankruptcy Discharge Payday Loans?

 06 Nov 2013
bankruptcy payday loans discharged

The process of personal bankruptcy in Canada discharges most unsecured debt, including payday loans. If you have payday loans and you are considering claiming bankruptcy, here are the issues to consider: Do you have other debts?  The average payday loan is usually $1,000 or less, so if your only debts…

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Your House Or Your Debt, Or Both?

 04 Nov 2013
keep house in bankruptcy

Question: My husband owes about $12,000 in outstanding income tax debts after having to close our business. We had to live on credit card debt for a while and we owe another $40,000 in credit card debt. I work now and my husband is looking for work.  We own a…

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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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