Leamington
Bank Accounts in Bankruptcy When you file for bankruptcy, your trustee will seize your assets and pass them on to your creditors to settle a portion of the debt, but does a bankruptcy trustee seize your bank account? Many people worry about losing control over their bank account during the bankruptcy process, but that will … Read more
Bankruptcy in Quebec Differs From Other Provinces If you live in Quebec and you are exploring different debt relief options, you may be wondering, how does bankruptcy in Quebec differ? We all know that Quebec is different from the rest of the Canadian Federation and there are different laws in place, but most people don’t … Read more
Most of us rely heavily on our cars and use them on a daily basis to get to work or run errands. That’s why many people often ask, what happens to my car if I file for bankruptcy? If you are exploring your different debt relief options and considering bankruptcy, this article will give you … Read more
We are often asked, how are tax refunds affected in a bankruptcy, as people are unsure whether income tax refunds are considered an asset or part of your income. The short answer is, income tax refunds are considered an asset and will be recovered during a bankruptcy. The CRA (Canada Revenue Agency) is required by … Read more
When you file for bankruptcy, you have to hand over your assets and in return, your outstanding debts will be eliminated. However, there are certain exemptions to protect you, so you don’t lose everything. For example, your home and your furniture cannot be reclaimed, and neither can personal items such as clothing. If you own … Read more
Why You Shouldn’t Miss Payments in Your Bankruptcy or Consumer Proposal Household debts can easily spiral out of control. As interest rates rise and we need to take on more debts to help us stay afloat while paying off our existing debts, Canadian households can find themselves insolvent. Fortunately, if they are no longer to … Read more
How to Deal With Gambling Debt When you hit the casino or the racetrack, you do so with only positive outcomes in mind. You play to win, and when you’re winning it’s easy to feel untouchable. But there’s one rule of gambling that nobody can escape… the house always wins in the end! And if … Read more
How to Stop Drowning In Debt The average Canadian household knows debt all-too-well. Many of us have tens of thousands of dollars in loan and credit card debt, on top of hundreds of thousands of dollars more in mortgage debt. Even excluding mortgages, the average Canadian household is an eye-watering $20,759 according to the bank … Read more
When your debts have mounted to the point where you are no longer able to repay them, this is known as insolvency. When you are insolvent, however, you still have a number of options available to you such as making a Consumer Proposal or filing for Personal Bankruptcy. To do either of these, however, you … Read more
Are Debt Consolidation Services the Right Solution? Household debt has become just another part of daily life for many of us. Since the ‘90s, we’ve had low interest rates and easy access to cheap credit. As such, we’ve become accustomed to leveraging credit to pay for everything from unforeseen expenses like auto repairs to luxuries … Read more
Is My RDSP an Exempt Asset? When our debts spiral out of control, filing for Personal Bankruptcy can give you the fresh start you need and deserve. However, there are many who are reluctant to take this step even though it could benefit them greatly. Many mistakenly believe that filing for Bankruptcy means that they … Read more
When you find yourself struggling to make a mortgage payment, or finding that you’ve missed a payment on your car loan, it can be an overwhelming feeling when creditors start hounding your phone. A Licensed Insolvency Trustee can help mitigate these phone calls, clear up any questions you have, and counsel you through your financial … Read more
Cosigned Debt in a Consumer Proposal Falling behind on loan payments is never something taken lightly, but at times, it may be necessary to establish a consumer proposal to allow you to make adjusted payments and continue owning the asset, such as a house or car. If possible, you may want to consider establishing a … Read more
Debt Level Eligibility – Requirements For A Consumer Proposal A consumer proposal can be a less drastic option than bankruptcy, but you do have to be eligible to make this agreement with your creditor. As stated in Section 2 of the Bankruptcy and Insolvency Act, you first need to be considered as an ‘insolvent person.’ … Read more
How Much Do I Have to Offer My Creditors in a Consumer Proposal? When weighing up the various debt relief solutions before you, a consumer proposal might be the logical choice. Provided you don’t have debts in excess of $25,000, one of our licensed trustees will help you come up with a settlement figure that … Read more
Joint Bank Accounts & Bankruptcy: What You Need To Know Banks will usually freeze your account after bankruptcy, be it a joint account or not, so our first piece of advice is this: Open a second bank account before filing for bankruptcy. You will then be able to transfer your wages and other deposits in … Read more
If you do decide to hire the services of one of our Licensed Insolvency Trustees, we will discuss the various debt relief options that are open to you. In some cases, it might be that filing for bankruptcy is your best course of action, especially if you are overwhelmed by your debts, and with little … Read more
How to Calculate Payments in a Consumer Proposal The consumer proposal drawn up to meet the demands of your creditors will be unique to you, and payments will be calculated after factoring in your income, assets, and the size of your debts. Typically, you will be asked to settle your debts for around 30-40% on … Read more
While bankruptcy can be one of the most efficient ways to clear your debts, we suggest aiming to avoid getting into this situation in the first place. This is often done by aiming for financial freedom, understanding how to manage your debts and being more mindful about your spending. So to help you out, here … Read more
If your credit rating has been ruined by financial mistakes and mishaps, then you might have noticed that it’s difficult to access important financial options such as mortgages and loans. Even if you’re currently not in debt, having a poor credit rating means that you won’t be able to access certain financial services, thus limiting … Read more
