When is the best time to file a personal bankruptcy?
The short answer to this question is that you should file a personal assignment in bankruptcy when you feel it is the best solution for you for a financial fresh start. It is a very difficult step for many to take, and you should be ready to complete all of your statutory duties and be ready to rehabilitate yourself financially. A Licensed Insolvency Trustee will [...]
Understanding the Process of a Consumer Proposal
A consumer proposal is a formal proceeding under the Bankruptcy and Insolvency Act wherein you offer a compromise to your creditors to settle your debts. A consumer proposal can only be filed with a Licensed Insolvency Trustee (“LIT”) who acts as the administrator of your proposal. A free initial appointment can be scheduled with a LIT who will review your financial situation and explain the [...]
What are “Surplus Income Payments” in a Bankruptcy?
You may be struggling to pay your living expenses and debts and sought the professional advice of a Licensed Insolvency Trustee for solutions. The trustee reviewed your financial situation and advised that based on your income, non-discretionary expenses (child support, medical expenses, etc.) and family size, you would be required to make a monthly surplus income payment to the trustee. If your actual cash flow [...]
Choosing a Trustee to File a Personal Bankruptcy
You have finally decided that filing a voluntary assignment into bankruptcy is the only solution for you to eliminate your debts and move forward with a financial fresh start. The next important step is choosing a Licensed Insolvency Trustee (LIT). LITs, who are licensed by the Office of the Superintendent of Bankruptcy, are the only ones who can file a bankruptcy for you. We are [...]
Mistakes to Avoid When Consolidating Your Debt
Creditors’ collection remedies are currently hindered due to the COVID-19 pandemic and the closure of courts except for urgent matters. If you are carrying significant debt to many different creditors, take this time to investigate if a consolidation loan (borrowing one amount to pay off your various debts and thus consolidating into one monthly payment) can provide you a plan to pay off your debt. [...]
Budgeting in COVID-19 Days
We are now in week 5 of living/working in a pandemic world. The Ontario government has currently extended the Declaration of Emergency until May 12th, which means many people continue to be unable to earn their regular income. The government has provided income relief through several programs such as the Canada Emergency Response Benefit, increased Canada Child Benefit and a special GST/HST credit payment. To [...]