Tag Archives: debt

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 ...

Bankruptcy and your Partner

Bankruptcy And Your Partner

Whether you have a husband, wife, partner, spouse, girlfriend, or boyfriend, we always recommend sharing your financial situation and facing it together.  This doesn’t mean that your partner has to be directly involved in whatever course of action that you choose to pursue, but it should mean that they are aware of it and supportive of your desire to be debt free.  Deciding to address your individual financial situation is for the betterment of your shared financial future. Bankruptcy ...

Bankruptcy With Your Spouse

Bankruptcy with your spouse

We often meet with husbands and wives together and always take the time to understand the  financial situation of the family unit before providing professional advice.  When bankruptcy or a consumer proposal is the best course of action for both of you we consider your ability to make a single filing together, or jointly, instead of two separate filings individually. The Bankruptcy and Insolvency Act allows debtors (people who owe money) to declare bankruptcy or make a consumer proposal ...

Bankruptcy vs. Consumer Proposal

Bankruptcy vs. Consumer Proposal

It’s a common question received by Trustees: “Bankruptcy vs. Consumer Proposal – What’s the difference?”  While we’ve highlighted the most significant differences in detail below, the short answer is that a proposal is always preferred but not always feasible. Consumer proposals must always offer your creditors more than they would receive if you declared bankruptcy.  For this reason, they are more expensive than bankruptcy.  If you can afford to make a consumer proposal and choose to declare bankruptcy, the ...

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