Tag Archives: Trustee in Bankruptcy

Bankruptcy-Discharge

Bankruptcy Discharge

After making an assignment in bankruptcy with a licensed Trustee, you must complete a number of duties, including, but not limited to: 1) Attending two credit counselling sessions; 2) Reporting your income on a monthly basis; and 3) Making all required payments. If you are a first or second time bankrupt, and fulfill all of your duties prior to your scheduled discharge then you will receive what is called an Automatic Discharge.  It is at this time that your ...

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 ...

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 ...

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 ...

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 ...

What is a Trustee in Bankruptcy?

From time to time, and for a variety of reasons, people often become unable to pay their debts.  This has been a long standing issue that the Canadian Government addressed by passing certain laws. Since the laws are complicated, the Government began to train and license specialists in debt management; they call these specialists Trustees in Bankruptcy.  (Not Trustees of Bankruptcy or Trustees and Bankruptcy). A Trustee in Bankruptcy is an officer of the court licensed by the Superintendent ...

Know Your Options

A Trustee in Bankruptcy is a licensed professional specializing in debt just like a medical doctor is a licensed professional specializing in your health. After a doctor performs an examination they’re able to provide you with your options and recommend a course of action to solve your health problems. A Trustee in Bankruptcy does the same thing during your free initial consultation. He takes the time to understand the specifics of your financial situation while focusing on what you ...

Pay Cheque Planner

A pay cheque planning tool can help you plan your pay cheques so that all of your bills are paid on time. By listing all of your regular or fixed monthly bills first like rent, utilities, insurance, car payments, and child care, you can see what you have left for variable expenses like entertainment, clothing, and dining out. By using this tool you have a better chance of paying your bills on time, avoiding late fees and penalties, and ...

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