Posts in Bankruptcy Trustee
2017 Surplus Income Standards

When an individual files for personal bankruptcy the trustee will calculate whether or not he will be required to make surplus income payments based on his net household income.

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December 2016 Personal Bankruptcy & Consumer Proposal Statistics

Bankruptcies were down 0.1% and consumer proposal filings were up 7.4% as compared to the 12-months ended December 31, 2015. Provincial breakdown...

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What Are the Different Types of Bankruptcy Administrations?

Summary administration bankruptcy, there is no notice in the newspaper and no automatic meeting of creditors. Ordinary administration bankruptcy, there is a mandatory meeting of creditors and there is also a requirement for the Trustee to publish a notice of the bankruptcy in the newspaper.

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Announcement - New Designation for Insolvency Professionals

On December 2, 2015, the Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion, and communications related to their services.  All trustees holding a valid license will now adopt the professional designation “Licensed Insolvency Trustee”, which replaces the previous designation of “Licensed Trustee in Bankruptcy”.

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My Bank Account Is Always In Overdraft

The interest charged by banks to those carrying an overdraft can range as high as 20% so it can be a very expensive form of credit. If you find that you are carrying an overdraft balance and running out of money between pay periods this can be an early warning sign of future financial difficulties.

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Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Even though both parties may have agreed to assume responsibility for certain debts, it does not absolve the parties should one of them default on credit that was granted jointly such as joint credit cards or lines of credit.  

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Does My Bankruptcy/Proposal Trustee Work For Me or My Creditors?

The Trustee’s job is to administer the BIA in relation to your bankruptcy or proposal filing.  In this role, the Trustee works for the Court, the creditors and for the bankrupt or proposal debtor and the Trustee is accountable to all parties for its administration.  The Trustee should administer your bankruptcy or proposal in a fair and even-handed manner so that your rights and those of the creditors are respected.

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Do I Qualify For Bankruptcy?

So basically, if you owe at least $1,000, are unable to keep up with your monthly debts payments and do not have assets such as vehicles, house, or investments that you can cash in to pay your debts in full, then you can choose to file for bankruptcy protection.  It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.

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