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BANKRUPTCY IN ONTARIO CANADA SECRETS REVEALED



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bankruptcy in Ontario Canada Secrets

Revealed most people are afraid of

filing for bankruptcy in Ontario Canada

and rightly so bankruptcy should be a

last resort there are many options

available to people in financial trouble

all of them should be canvassed before

deciding to declare bankruptcy in my

professional practice during the initial

free consultation appointment we look at

all options with a person to avoid

bankruptcy we naturally have a

discussion about what bankruptcy is and

how it will affect the person that way

the potential client is aware of all the

options and can make an educated

decision the answers which really aren't

secrets that we will reveal are where do

I begin

should I declare bankruptcy and what

happens immediately if I do if I go

bankrupt will I lose everything if I go

bankrupt what happens to the money I owe

what takes place to my salary or wages

throughout bankruptcy will my bankruptcy

get rid of my student loans will I still

owe money after I file bankruptcy what

length of time will I be in bankruptcy

who will find out that I have filed for

bankruptcy exactly how will bankruptcy

impact my credit score how is my partner

or spouse affected by my bankruptcy how

will my bankruptcy impact my ongoing

divorce case how do I choose the right

trustee for me where do I begin

the first step is recognizing that you

have financial problems if you are

having difficulty meeting all of your

financial responsibilities or have

actually quit paying all of your bills

on time you have a financial problem if

you are having financial problems you

must contact a trustee as soon as

possible

during your free consultation you will

learn that bankruptcy may not be your

only alternative to leave your debt

behind there are a number of choices

that include however are not restricted

to budgeting

counseling debt consolidation consumer

proposal

I declare bankruptcy and what happens

immediately if I do declaring bankruptcy

is obviously a very serious step and a

difficult personal choice if the trustee

has properly explained all of the

realistic options available to you it

will make your choice much less scary

the first question is do you even

qualify to file for bankruptcy

you must be insolvent owe more than

$1000 in unsecured debt to qualify for

personal bankruptcy in Canada note that

the first test is that you were actually

insolvent insolvent or insolvency is a

financial condition it means that you

are unable to meet your obligations

generally as they become due you have

ceased paying your current debts as they

come due the fair value of all of your

assets is less than the total amount of

your debts bankruptcy is a legal state

insolvency is a financial condition if I

go bankrupt

will I lose everything if you declare

bankruptcy no you will certainly not

lose everything there is a listing of

things that are excluded from seizure in

Ontario a trustee can itemize the list

for you if you go bankrupt because of

certain exemptions you won't lose

everything however if your share of the

equity in your home is significant

bankruptcy very likely is not for you if

I go bankrupt what happens to the money

I owe once you go bankrupt all of your

unsecured debts are frozen creditors

cannot begin or continue any legal

action against you including a garnish

of your bank account and/or wages or

salary once you are bankrupt the trustee

sends a bankruptcy notice to all of your

creditors along with a proof of claim

form and instructions with certain

limited exceptions the only remedy your

unsecured creditors have is to file a

proof of claim with the trustee this

does not apply to any of your debts owed

to lenders who hold valid security

against a specific assets such as a bank

holding a mortgage against your home or

a lender who has security against your

car for an auto loan what takes place to

my salary or wages throughout bankruptcy

your income is not impacted by your

bankruptcy you will continue to receive

your normal salary or wages as you

always have

you will need to complete income and

also expense forms throughout detailing

you're on your spouse's earnings and

expenses this is part of your budgeting

procedure to meet one of the aims of the

bankruptcy process

rehabilitation if your family income

goes beyond specific requirements

developed by the superintendent of

bankruptcy you will need to pay a

portion to the trustee this is called a

surplus income payment requirement if

your date of bankruptcy is within seven

years of when you stopped being a

full-time or part-time student your

student loan debt will not be released

by your bankruptcy will as still owe

money after I file bankruptcy only for a

limited amount of debts a bankruptcy

discharge does not cover secured loans

home mortgage or vehicle loan certain

student loans remember the seven year

rule I just mentioned penalties or fines

enforced by the court spousal support an

alimony you have to make in your

separation agreement or divorce

proceedings and any debts from a fraud

what length of time will I be in

bankruptcy the length of time you will

be in bankruptcy depends on whether this

is a first or second bankruptcy and

whether or not you have surplus income

the minimum length of time in bankruptcy

is nine months if it is your first

bankruptcy none of your creditors oppose

your discharge and you do have surplus

income then the nine months increases to

twenty-one months if it will not be your

first time in bankruptcy the length of

time before you can get a bankruptcy

discharge will depend on many factors

we certainly discuss it during your

initial free consultation who will find

out that I have filed for bankruptcy as

soon as you declare bankruptcy your

trustee will inform your creditors the

CRA the credit bureaus and the OSB

the bankruptcy filing is public

information then it will show up in your

credit history for a personal bankruptcy

where your non-exempt assets given to

the trustee are worth more than $15,000

there must be a legal notice of your

bankruptcy in the local paper exactly

how will bankruptcy impact my credit

score drops to a person these favorable

credit rating are nine immediately after

you declare bankruptcy you must start to

work on improving your credit score once

you are discharged from bankruptcy you

will have more options to improve on

your credit score and rebuild your

credit notice of the bankruptcy will

stay on your credit record for seven

years after you get your bankruptcy

discharge how is my partner or spouse

affected by my bankruptcy your spouse or

partner is not directly impacted by your

bankruptcy your spouse or partner will

have to disclose his or her income as

part of your surplus income calculation

the partner or spouse will be liable to

repay any loan they have co-signed or

guaranteed for you they will also have

to repay any credit card balance on your

account for which they haven't used a

supplementary card to make purchases how

will my bankruptcy impact my ongoing

divorce case in Canada bankruptcy

procedures do not conflict with most of

the family law system and process there

are generally only two parts of your

divorce proceedings your trustee will

certainly get involved in one is when it

pertains to the bankrupt person's legal

rights to entitlement to an equalization

payment second is when the bankrupt

person owns property either jointly with

the spouse or alone and such property

has not already been dealt with in the

family law proceedings how do I choose

the right trustee for me

schedule a cost free no commitment

initial consultation with a trustee that

either you have been referred to or you

found from an online search ask any kind

of questions you might have concerned in

your particular situation and the

options you may have if after that

appointment you feel comfortable with

the knowledge and demeanor of the

trustee and you felt confident that you

received proper answers to your

questions then great if not make an

appointment for a free initial

consultation with a different trustee

use that experience to compare both to

see who you would like to put your trust

in at the end of the day you have to

know who you will be dealing with and

feel comfortable with them you have to

be assured that your trustee gets you do

you have too much debt are you having a

problem making your month-to-month bill

payments is your company dealing with

financial obstacles that you just can't

figure the way out of if so call the IRS

myth team today we have years and

generations of experienced ating

individuals and businesses looking for

financial restructuring or a debt

settlement plan

I hope you enjoyed the video the IRA

Smith team is available to help you at

any time we offer a sound advice and a

solid plan for starting over starting

now so that it'll be well on your way to

a debt-free life in no time for more

information on a no cost basis please

visit our website or call us our website

and telephone details are coming right

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