Tag Archives: Consumer Proposal

Can a lawyer practice law while bankrupt?

Can A Bankrupt Lawyer Practice Law?

Yes, even lawyers can struggle with debt, and when they do their first question is often: How will a consumer proposal or assignment in bankruptcy affect my license with the Law Society of Upper Canada (the “LSUC”)? The short answer, is that the LSUC imposes no restrictions on debtors who file consumer proposals, while they impose a number of restrictions on debtors who make an assignment in bankruptcy. A member must notify the LSUC immediately upon making an assignment ...

407 Debts Are Now Dischargeable by Bankruptcy and Consumer Proposals

Great News: The 407 can no longer prevent you from renewing your plates if your 407 debt was discharged by a consumer proposal or bankruptcy. Both bankruptcy and a consumer proposal are intended to provide a fresh start.  If you can’t renew your license plate after erasing your debt with a consumer proposal or bankruptcy, then your past debts would continue to affect your future; not much of a fresh start in our opinion. While we at Welker and ...

Collection Agency Rules

Nearly everyone struggling with debt suffers from daily calls from bill collectors.  While our services are a great way to stop these calls once and for all, it’s important to understand some of the rules that collection agencies must follow regardless of whether or not you file a consumer proposal or assignment in bankruptcy. Rule #1 Before a collection agency can contact you they need to send you a written notice by regular mail (email doesn’t count). The notice must ...

Can you pay off your debt on your own?

Why continue to pay off your debt when there’s no end in sight?  Too many people continue to make debt payments without reducing their debt; something that I refer to as “Treading Water“. If what you own and what you earn isn’t enough to pay off your debts in a reasonable time frame, then it’s important to consider your options. A lot of folks that I meet with have been doing their best to pay their debt without getting results.  They ...

Can I lose my job for filing a consumer proposal?

No, absolutely not!  You cannot lose your job for filing a consumer proposal.  Section 66.36 of the Bankruptcy and Insolvency Act states that “No employer shall dismiss, suspend, lay off or otherwise discipline a consumer debtor on the sole ground that a consumer proposal has been filed in respect of that consumer debtor.” Therefore, your employer would be in contravention of federal legislation if they terminated or disciplined you as a result of filing a Consumer Proposal. Debt problems ...

Pay Off Debt

Paying Off Debt

There is no magic pill, despite what the internet may tell you.  Paying off debt is no different then losing weight in that it takes perseverance and time.  In our experience, if a debt solution sounds to good to be true, then it probably is. If you want to lose 10 or 20 pounds then a minor change in your diet or exercising a few times per week may do the trick.  Similarly, If you have a manageable debt problem, which ...

Treading Water - Debt's Vicious Cycle

Treading Water: Debt’s Vicious Cycle

“Treading Water” = Simply keeping your head above water, struggling without progress, or fruitless efforts. For many, making debt payments and then re-borrowing, or “Treading Water”, is a vicious cycle that perpetuates stress and anxiety.  When you aren’t consistently reducing your debt on a monthly basis despite paying what you can afford, then you are “Treading Water” and need to reassess your situation before you drown. It’s important to consider: Is your total debt load decreasing every month? Can you afford ...

Bankruptcy-is-Not-Contagious

Bankruptcy Isn’t Contagious…

Bankruptcy isn’t contagious While I’m not a medical doctor there’s one thing I’m sure of: You can’t become bankrupt simply by calling a Trustee. While an overwhelming majority of debtors express their feeling of relief after leaving my office, so many delay asking for help.  So why do so many people delay reaching out for help?  In my experience, there are a number of reasons. Reason #1 – People don’t understand the bankruptcy process Common misconceptions are numerous.  Few people ...

407-Debt

407 Debt

The Short Story: As of January 27, 2015, people who have completed their bankruptcy or consumer proposal still can’t renew their license plates or obtain new ones until their 407 debt has been paid in full. The Long Story: When the 407 was built, provincial legislation called the “407 Act” was passed by Ontario’s legislature.  This allowed the 407 to report non-payment of tolls to Ontario’s Registrar of Motor Vehicles.  Once reported to the Registrar, individuals with unpaid tolls ...

Information For Creditors On Bankruptcy and Consumer Proposals

Information For Creditors On Bankruptcy and Consumer Proposals

Information For Creditors On Bankruptcy and Consumer Proposals Insolvency involves a lot of paperwork.  All of these forms and documents can become quite confusing at times, so we thought we’d write a blog post with information for creditors out there who have received a creditor’s package; perhaps for the first time. There are generally two types of creditors who Trustees in Bankruptcy send notices to.  The first are the usual suspects: major banks, collection companies, and claims processing centres.  These ...

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