Financial Solutions in Thornhill
Thornhill has been subjected to lengthy lockdowns over the past year due to COVID-19. The lockdowns may have been necessary to protect our health and healthcare system, but they have also resulted in business closures and unemployment. Government benefits like the Canada Emergency Response Benefit and Canada Recovery Benefit have helped to supplement the loss of income, but many Thornhill residents are still struggling with [...]
Debt Help in Hamilton
Many people are willing to talk freely about their health and family issues but can be quiet when it comes to their finances. This may leave you feeling alone in struggling with overwhelming debt with no idea where to turn for debt help in Hamilton. There is an abundance of information and services available on the internet but consulting with a Licensed Insolvency Trustee is [...]
What Happens to My Car in a Bankruptcy?
Many people hold off considering a bankruptcy because they are afraid of losing their car. When you are struggling to pay down debt, it is understandable that you don’t want to jeopardize your ability to drive to work to earn an income. A trustee is only concerned with assets that have a realizable value. The below summarizes what can happen to your vehicle if you [...]
Filing an Estate into Bankruptcy
The passing of a loved one is devastating enough without having to receive collection calls from their creditors. Whether you are the spouse or executor of the deceased’s estate, if there are insufficient assets of the deceased to pay their creditors in full, you should contact a Licensed Insolvency Trustee to discuss a bankruptcy. Is an executor responsible for paying debt? The family of the [...]
How long do I have to wait to file a second bankruptcy?
Quick answer – there is no mandatory waiting period. In order to file a second bankruptcy, you must be discharged from your first bankruptcy, owe more than $1,000 and be insolvent. A second bankruptcy will differ from your first bankruptcy in the following ways: You will be eligible for an automatic discharge in 24 months if you are not required to make surplus income payments [...]
The “Fresh Start” of a Personal Insolvency Filing
The Bankruptcy and Insolvency Act provides for an insolvent individual to file a personal assignment in bankruptcy or consumer proposal. Upon filing, unsecured creditors are stayed from taking any further collection proceedings. Garnishments (except for spousal or child support), court proceedings and collection calls cease and the debtor is protected from their creditors. The filing provides relief from creditors but the “fresh start” doesn’t occur [...]