Tag Archives: proposal

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 ...

Consumer-Proposal-How-Much-do-I-need-to-Offer

Consumer Proposals: How Much Do I Need To Offer?

“How much?”.  It’s one of the most important questions that people want answered when considering a consumer proposal. Unfortunately, there is no “one size fits all” answer.  While a number of factors can affect the amount that you need to offer your creditors through a consumer proposal, the most important factor is: What would they receive if you declared bankruptcy?  Federal law requires that every proposal is better for the creditors then a bankruptcy. That’s why Trustees always consider ...

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