Blog2023-09-11T16:21:02-04:00

Do I have to include all debts in a personal bankruptcy?

There are many different reasons why a debtor who needs to file a personal bankruptcy asks if certain debts can be excluded from their filing.  A couple of reasons I hear often are: The loan is co-signed by another party and I don’t want the co-signor to be pursued for payments; The debt is owed to a personal friend or family, and I feel a [...]

July 8th, 2019|

How long does it take to file for bankruptcy?

It wasn’t an easy decision, but you finally realize that an assignment in bankruptcy is the only solution to deal with your debt. Now that you have made this decision, you want to start the process as quickly as possible to stop the telephone calls from collection agencies and garnishment of your wages. Step 1 The first step is to make an appointment with a [...]

June 25th, 2019|

What happens with an inheritance in an insolvency filing?

Most debtors expect that when they file for bankruptcy they will lose the majority of their assets.  Other than exempt or secured assets, any investments, recreational vehicles or excess equity in a house must be realized by the Licensed Insolvency Trustee for the general benefit of creditors. What many debtors don’t realize is that the Trustee also has an obligation to pursue “after-acquired assets” meaning [...]

June 13th, 2019|

Filing for Bankruptcy When You Own a Business

Many business owners who walk into my office wish that a course had been provided on operating a business before they started their own business.   They had a dream to be their own boss and provide a quality service or product to their customers but they didn’t have a clue on how to keep proper books and records, monitor accounts receivable and cash flow nor [...]

June 6th, 2019|

Can Amounts Owing to Canada Revenue Agency be Included in a Personal Bankruptcy?

Many entrepreneurs who are very good at their trade (roofing, drywalling, etc.) struggle with increasing tax debts to Canada Revenue Agency (“CRA”).  Due to the quality of their workmanship, they receive many referrals from prior clients and are working endless hours to service their clients.  This, unfortunately, takes time away from managing the business and record keeping and tax filings often become delinquent.  It may [...]

May 15th, 2019|

When to File Personal Bankruptcy?

I have personally been helping debtors with unmanageable debt levels for over twenty years.  The decision to file an assignment in bankruptcy is very personal.  Many are very hesitant to file bankruptcy due to the perceived negative perception and others are quickly ready to take control of their lives and be free of harassing collection calls.  Technically, to file for bankruptcy, you must: Owe at [...]

April 30th, 2019|
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