Bankruptcy Canada Trustee Blog

Tips For Dealing With Collection Agencies

 15 May 2013
dealing with collection calls

Harrassing collection calls from creditors can be both embarrassing and stressful. Clients tell us they receive calls all day, at home and at work and they are at their wits end. How can you stop calls from collection agencies? Here are some tips for dealing with collections agents. Find out…

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How Often Can You File Bankruptcy?

 13 May 2013
Bankruptcy information

For most people, filing for bankruptcy is a “once in a lifetime” event. Unfortunately, sometimes things happen and you may be finding yourself once again facing financial hardship and looking at the possibility of filing bankruptcy a second time. If so, you are not alone. Approximately 10% of bankruptcies are…

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Meet our Ontario Bankruptcy Trustee – Local Debt Advice

 10 May 2013
ontario bankruptcy trustee

Today we meet with Hoyes, Michalos & Associates Inc., our local trustee in bankruptcy providing debt management advice for individuals who may need to file for bankruptcy or a consumer proposal in Southwestern Ontario. Douglas Hoyes and Ted Michalos founded Hoyes, Michalos & Associates Inc. in 1999 for one simple…

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The Bankruptcy Gap In Canada

 08 May 2013
causes bankruptcy

Who’s More Likely To Declare Bankruptcy? Filing bankruptcy in Canada is more common than you think and it affects Canadians from all walks of life. In 2012, more than 118,000 Canadians filed for insolvency in Canada. But who is at risk of filing bankruptcy or a consumer proposal? Too Much…

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Should I Consolidate My Student Loan and Credit Card Debt?

 06 May 2013
student-loans-bankruptcy

Question: I have a pretty hefty student loan of $55,000, which I’ve recently started paying. I also owe about $12,000 in credit card debt. I’m wondering if I should apply for a consolidated debt loan of $67,000. My monthly payments would be roughly $700, half of which are monthly interest…

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Notifying Creditors You Are Declaring Bankruptcy

 02 May 2013
notifying creditors of bankruptcy

Creditors are calling trying to collect the money you owe and you can’t pay, so you decide to file for bankruptcy.  What’s the process for notifying creditors you are declaring bankruptcy and stopping the collection calls? As soon as your bankruptcy paperwork is signed, your trustee will electronically file it…

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Consumer Bankruptcies Continue Decline

 30 Apr 2013
Bankruptcy and Consumer Proposal volumes - Canada - February 2013

Canadian consumer bankruptcies in February 2013 were 14% lower than they were a year earlier, continuing their downward trend. Consumer proposals also declined, down 7% year over year. The decline is likely more a reflection of higher personal earnings and low interest rates than it is recent, and small, improvements…

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Filing a Consumer Proposal While Bankrupt

 29 Apr 2013
consumer proposal during bankruptcy

What happens if you declare bankruptcy in Canada, and then decide you want to file a consumer proposal instead?  Is that possible? Yes, it is, but first let’s consider why you might want to convert a bankruptcy into a consumer proposal in the first place. Bankruptcy is often the logical…

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Separation, Divorce and Bankruptcy in Canada. What you should know.

 25 Apr 2013
bankruptcy bank account

In a recent study one out of every seven people who declared bankruptcy in Canada listed separation, divorce or marital breakdown as a contributing factor to their financial problems. The cost of divorce goes beyond the emotional toll and legal bills. When you are together you have two incomes, but only…

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Will I Need To Go To Bankruptcy Court?

 22 Apr 2013

Bankruptcy in Canada is a legal process for eliminating your debts but in most cases you will not need to go to bankruptcy court. There are two ways for you to be discharged from bankruptcy: an automatic discharge, or a court ordered discharge. If you are eligible for an automatic discharge…

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