Gambling debt bankruptcy: Introduction Since there are various provincial run casinos, horse racing and lotteries, we are often asked if you can have a gambling debt bankruptcy. More importantly, what clients really want to know is, can gambling debt be discharged in bankruptcy? Gambling debt bankruptcy: What is gambling debt in bankruptcy? We first must […]
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Declaring personal bankruptcy in Ontario Canada: Introduction Facing serious financial difficulties is devastating, especially if you believe that declaring personal bankruptcy in Ontario Canada is your only option. In fact, many people mistakenly believe that dire financial problems automatically mean personal bankruptcy. If you are having problems meeting your financial obligations or have stopped meeting […]
The bankruptcy trustee in Vaughan: Why did we transform into a licensed insolvency trustee? Similar to caterpillars turning into butterflies, this bankruptcy trustee in Vaughan went through a metamorphosis. The Office of the Superintendent of Bankruptcy officially changed the name “bankruptcy trustee” to “licensed insolvency trustee” (LIT). As of April 1, 2017, all licensed trustees must have […]
Consumer proposal vs bankruptcy: Introduction The holiday shopping season is upon us and the first sign that you are in financial trouble is if you truly need to learn about consumer proposal vs bankruptcy BEFORE you begin your holiday shopping! If you have already recognized that you need to know your options in dealing […]
12 hours made Who would have believed that a mere 12 hours could cost a family over $1.9M and put them on the verge of bankruptcy? Sadly this is exactly what happened to a family because of the auto insurance in Ontario rule change that came into force 12 hours on the same day before […]
Consumer proposal FAQs: What is a consumer proposal? Last week we discussed Consumer Proposal Vs Debt Settlement. Consumer proposals remain a hot topic and today we’d like to share with you some of our consumer proposal faqs. A Consumer Proposal (Plan or CP) is a formal way governed by the Bankruptcy and Insolvency Act (BIA) […]
Introduction As a licensed insolvency trustee Toronto, when I first came across this study, frankly I was quite surprised. After all, how could my neighbour’s good luck have such an adverse effect on me? Nevertheless, according to a study co-authored by University of Alberta professor, Barry Scholnick for the Federal Reserve Bank of Philadelphia, if […]
A bankruptcy trustee is now called a licensed insolvency trustee A bankruptcy trustee is now called a licensed insolvency trustee (LIT). Last week we discussed why you need a licensed insolvency trustee if you or your company has too much debt, even if you do not wish to file for bankruptcy. You should first see […]
Filing bankruptcy is tough – but not as tough as you have already experienced It has been a tough time for David and Julie and now they are seriously contemplating filing bankruptcy. He has been laid off and the bills are piling up. They have been thinking about bankruptcy. David begins an online search to […]
This is one of the most popular questions about bankruptcy we are always asked. The concept of surplus income in bankruptcy doesn’t seem to make much sense. After all, if you are bankrupt, how can you have surplus income? So let’s start at the beginning and clear up all the confusion. That way we can […]