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Bankruptcy is highly regulated. In addition to the multitude of provisions contained within the Bankruptcy & Insolvency Act, there are numerous complementary pieces of legislation and decades of court cases. At its core, though, bankruptcy is very simple with a few key principles. For example, the honest but unfortunate debtor...

The post How Are Funds Distributed To Creditors In Bankruptcy? appeared first on Bankruptcy Ontario.

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You are broke. No money. Way too much debt. You don’t feel you have any way out of your current situation. A friend suggests you file for bankruptcy, but you don’t know. Bankruptcy sounds so bad, besides, do you even qualify to file for bankruptcy? None of this is easy....

The post Do I Qualify for Personal Bankruptcy? appeared first on Bankruptcy Ontario.

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Many people fear the word ‘bankruptcy’ and one reason in particular for this fear is the possible effect a bankruptcy may have on your job. The good news is that the bankruptcy rules were designed in such a way to give some a chance of a fresh start, protection from...

The post Can I Get Fired For Filing Bankruptcy? appeared first on Bankruptcy Ontario.

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Bankruptcy. It’s a scary word. I don’t think I have ever met anyone who likes the word ‘bankruptcy’. A lot of that fear and dislike comes from a lack of understanding of what bankruptcy is and how it works. My offices are in Mississauga and Toronto, and a lot of...

The post Can I Travel Or Move If I Filed Bankruptcy In Ontario? appeared first on Bankruptcy Ontario.

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While personal bankruptcy information is publicly recorded, it’s not broadcasted like corporate bankruptcies.  There are several places where bankruptcy information can be found. 1. In your Licensed Insolvency Trustee’s files. What is included: The trustee’s client file will include notes about meetings, phone calls, copies of documents related to the filing,...

The post What’s Included in My Bankruptcy Record & Who Can See It? appeared first on Bankruptcy Ontario.

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I have been meeting with people for many years – reviewing their situation, discussing the issues that have caused them to fall into a debt crisis, and looking at the options that will best suit their situation. Sometimes people come in wanting to file a bankruptcy only to find out that...

The post I Want to Declare Bankruptcy But… appeared first on Bankruptcy Ontario.

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The number of retired people earning a pension income, carrying credit cards, and line of credit debts is growing significantly. Unfortunately a fixed pension income can only go so far.  When you pile debt payments (including interest) on top of other life costs, it is easy to see how seniors find themselves...

The post Should I File? Senior, Pension Income & Credit Card Debt appeared first on Bankruptcy Ontario.

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Every two years Licensed Insolvency firm Hoyes, Michalos & Associates Inc. publishes a study on the average insolvent person in Ontario. Their study highlights vulnerable groups who are more prone to becoming insolvent, and identifies potential causes of insolvency. Who’s More Likely to File Insolvency? The study states that millennials,...

The post Good Intentions: The Honest But Unfortunate Debtor appeared first on Bankruptcy Ontario.

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There are two common misconceptions about filing bankruptcy: If you file bankruptcy, you will never get credit again. If you file bankruptcy, you have to wait seven years before applying for new credit. Both of these statements are not true. It is possible to qualify for new credit following a...

The post Bankruptcy and New Credit appeared first on Bankruptcy Ontario.

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It’s 9:00am, you’re just settling into your work day and your cellphone rings. It’s “them” – one of a few collection companies looking for your next payment. It doesn’t really matter how you got here, the reality is that right now, the collection companies are calling. They call throughout the...

The post Kick Collection Calls To The Curb and Take Control Of Your Debts appeared first on Bankruptcy Ontario.

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