Toronto bankruptcy trustees believe that 1 in 5 Ontario residents may be insolvent (unable to pay their debts when they are due), as astonishing as this seems. Sadly it seems that many Ontarians who have been living paycheque to paycheque and on the edge of a financial crisis, have now fallen off the edge. According […]
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As a Vaughan bankruptcy trustee, we always warn our clients that this time of year can be dangerous. In our last blog we warned you about tax season scams. This week your Vaughan bankruptcy trustee is warning you about the dangers of taking free tax advice. There are many places to get free tax advice, and […]
Personal bankruptcy is rarely spoken of in a positive light, yet for some, it can be a great beginning. Here’s a truly inspirational story of a new beginning from the files of Ira Smith Trustee & Receiver Inc. Molly (not her real name) was a 41-year-old woman who was married with one child. She was […]
Bankruptcy trustees advise people in financial distress to think of bankruptcy as just another financial tool. Bankruptcy still carries a stigma with it for many people, but if you have too much debt, cannot repay your debts and are afraid to open the mail or answer the phone because of all the collection letters and […]
Consumer Proposal Ontario. Information for you on a Consumer Proposal and how it can help you clear your debts and AVOID bankruptcy. Watch this 4-minute video explaining the bankruptcy alternative of consumer proposals. In addition to the video about consumer proposal Ontario, you can also check out two other blogs we have written on consumer […]
Scared to declare personal bankruptcy? Don’t be. Bankruptcy is a legal process that can provide relief to honest but unfortunate individuals who are unable to pay their debts. According to the Office of the Superintendent of Bankruptcy Canada: A total of 118,678 Canadians either filed for personal bankruptcy or filed a consumer proposal in 2013, an […]
For those looking at insolvency, you may have heard the phrase –receivership in bankruptcy – and wondered what it meant. This phrase is both inaccurate, and in the area of the Canadian insolvency process, yet still possible. Are you confused yet? What is the source of the confusion? Most likely, people confuse the job of […]
Negotiating debt vs bankruptcy. Of course you would not pick bankruptcy as your first choice. If you are considering the options of negotiating debt vs bankruptcy, you must be mired in serious financial difficulty and have few options available to you. You need the help of a professional, licensed trustee now! Don’t be seduced by the […]
A bankruptcy trustee Toronto understands that insolvency and filing for bankruptcy can be a very distressing time in someone’s life. Many people feel like failures at this time and need to have someone to whom they can turn to help them understand their options. People filing for bankruptcy can choose a federally regulated bankruptcy trustee […]
Just like the old conundrum, “which came first; the chicken or the egg” how would one answer, marital breakdown and bankruptcy: which comes first? It has no definitive answer because excellent arguments can be made for both sides. The same holds true for “divorce and bankruptcy; which comes first”? Each case has to be decided […]