How much does it cost to file bankruptcy?
When you are struggling with the payment of your debt, the thought that you will have to pay a Licensed Insolvency Trustee to file a bankruptcy may feel overwhelming. The fact that you will no longer be paying your unsecured debt and your creditors will cease collection efforts typically outweighs the burden of the monthly fee. The cost to file a bankruptcy depends on several [...]
Does Bankruptcy Clear Student Loans?
Student loans can be discharged in a bankruptcy IF you ceased being a full or part-time student more than 7 years prior to filing an assignment in bankruptcy. The filing of a bankruptcy stops your creditors from pursuing you for collection of their debt, and your discharge will eliminate your responsibility to repay the student loan if you are past the seven-year threshold. Some other factors to [...]
Be Cautious of Scams
Unfortunately, it seems there are more and more predators attempting to take advantage of honest people. Just last week, a colleague at my office received an email that appeared to come from me requesting they do me a big favour and purchase gift cards as a thank you for our staff. Luckily my colleague was alert and recognized the email address was suspicious. Some common [...]
Assets in Joint Names in a Bankruptcy
There are many reasons why assets are registered in the names of two or more parties. Title to a personal residence is typically registered in both spouse’s names as joint tenants so the property automatically transfers to the surviving joint tenant on the passing of the other owner. Title to property may be registered as tenants in common with several parties with differing ownership percentages [...]
When to Consider Bankruptcy
Bankruptcy may be considered the “easy way out” by anyone who doesn’t work in the debt relief industry or has never had to file a personal bankruptcy. For Licensed Insolvency Trustees and debtors who have filed a personal assignment in bankruptcy, we understand the decision isn’t taken lightly. Many debtors struggle for far too long to avoid the perceived embarrassment of bankruptcy. If you answer [...]
Debt Relief Solutions in Burlington
The stress of carrying too much debt has no geographical boundaries. Many Canadians have fared well during the pandemic with decreased travel and daycare costs while working from home. Unfortunately, others have suffered financially due to loss of income, caring for family, closure of businesses, and increased food and living costs. Ontario will be entering Step 2 of the re-opening plan next week which gives [...]