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Duties of a Bankrupt

Duties of a Bankrupt

When considering making an assignment in bankruptcy it is important to understand the duties that you may be required to perform in accordance with Canada’s Bankruptcy and Insolvency Act. These duties include: o   Delivering all non-exempt property to the Trustee o   Delivering all credit cards to the Trustee o   Delivering pertinent books and records to the Trustee o   Submitting to examination.  (This is a very uncommonly enforced duty that is typically only required where the Trustee, Official Receiver, or ...

How Do Trustees Get Paid

How do Trustees get Paid?

How do Trustees get Paid? This is a common question that Trustees in Bankruptcy receive from friends, family, fellow professionals, and clients alike. “But Steve, if the debtor can’t afford to pay their creditors, how can they afford to pay you?” It’s a logical question with a simple answer: The debtor pays a fraction of what they owe on a monthly basis and our fee is included in those payments.  Funds received by us are placed into a trust account that ...

Consumer Proposals and the CRA

Consumer Proposals and the CRA

Consumer Proposals and the CRA You may be able to settle your tax debt with the Canada Revenue Agency (“CRA”) by filing a Consumer Proposal; However Consumer Proposals and the CRA make for some unique requirements when combined.  For your consumer proposal to be accepted by the CRA you’ll need address the following issues. File All Outstanding Returns The first thing that you’ll need to do is file any outstanding returns.  This includes personal income tax as well as HST ...

Car Loan After Bankruptcy

Car Loan After Bankruptcy

Many people considering bankruptcy wonder if they’ll be able to get a car loan after bankruptcy.  After-all, many people need a car just to get to work and earn a living. The good news is that many lenders do provide financing to bankrupts.  Financing isn’t typically provided by the big banks but by generally by smaller lenders or the dealership themselves. Rates are often high; anywhere from 10%-50%.  When considering a car loan after bankruptcy make sure that you ...

Why File Consumer Proposals

Why File Consumer Proposals

Why File Consumer Proposals? People choose to file consumer proposals for different reasons.  The most common are: To Stop Garnishments Consumer proposals stop garnishments immediately.  The moment that your Trustee files your Consumer Proposal with the Office of the Superintendent of Bankruptcy a stay of proceedings comes into effect.  This means that your creditors are stayed; in other words their collection efforts are legally paused.  They can only contact your Trustee and can only vote in favour or against your ...

RRSPs and Bankruptcy

RRSPs and Bankruptcy or Proposals

RRSPs Did you know that when declaring bankruptcy in Ontario that RRSP contributions made more than 12 months ago are exempt from seizure?  That’s right, even after declaring bankruptcy you get to keep all of your RRSPs except those contributions made in the 12 months preceding your bankruptcy.  Even then, you can opt to keep all of your RRSPs by paying your Trustee the amount that you contributed in the last 12 months. None of your assets are surrendered when ...

How to pay off debt. Get out of debt sooner.

How to Pay Off Debt

How to Pay Off Debt There isn’t usually a single best way to pay off debt quickly.  Instead, there are a number of tactics that you can employ to get out of debt sooner.  We’ve listed our best tips to pay off debt sooner below. Budget It’s a 3 step process.  Understand what you spend, set goals/budget, and stick to your budget by monitoring your spending. Save money Read our money saving tips here. Reduce interest Consider a consolidation ...

How Does Bankruptcy Work

How Bankruptcy Works

How does Bankruptcy work?  It’s a common question that we here every day.  While the legislation regulating bankruptcy is lengthy, the typical process is actually quite straightforward.  We’ve outlined the main aspects of the bankruptcy process for your reading pleasure below. The process begins when an insolvent debtor meets with a licensed Trustee in Bankruptcy who assesses their situation.  If the debtor decides to go bankrupt they sign legal documents that assign the majority of their assets for the ...

Bankruptcy Consequences. Understand the pros and cons while you consider bankruptcy.

Consequences of Bankruptcy

Bankruptcy erases nearly all of your debt in as few as 9 months, but it’s not all roses.  The Bankruptcy process has been designed to balance the rights of the Bankrupt with the rights of their creditors.  As a result, here is a list of the consequences of making an assignment in bankruptcy. Credit Rating.  Your first bankruptcy remains on your credit report for 6 years after you complete the bankruptcy process.  In addition, debts erased by the bankruptcy will show an ...

Should I go Bankrupt?

Should I go bankrupt?

Should I go bankrupt?  If only there were a simple yes or no answer.  Unfortunately, this isn’t the type of question that can be simply answered.  A definitive answer requires you to schedule a consultation with a licensed Trustee in Bankruptcy who will take the time to review your personal financial situation and understand what you owe, own, and earn.  Welker and Company’s licensed Trustees in Bankruptcy consider a number of options during every initial consultation; bankruptcy is always a last ...

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