Posts Tagged ‘lease’
2017 Surplus Income Standards
The Government of Canada has set net monthly income thresholds for a person or family to maintain a minimal standard of living in Canada. Every dollar that a bankrupt family makes above this level is subject to a surplus income payment of 50% while a person remains bankrupt.
Read MoreBudgeting 101 – Part 2 of 5
Monthly expenses should be the most predictable of the expense categories. They happen every month. Some are fixed and some are variable. With your household income, you should be able to comfortably cover these expenses including covering seasonal variations.
Read MoreAnnouncement – New Designation for Insolvency Professionals
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 will now adopt the professional designation “Licensed Insolvency Trustee”.
Read More2016 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.
Read MoreUnderstanding Consumer Proposals
A consumer proposal is a settlement arrangement with your unsecured creditors to pay a portion of your debt in monthly payment over a period of up to 5 years. These payments are the full and final settlement of your debts with these creditors.
Read MoreDo I Have To Continue Paying Student Loans During My Bankruptcy or Consumer Proposal?
Even though your student loan debt may not be discharged as part of your personal bankruptcy or consumer proposal, the creditor is still prohibited from normal collection activities during your personal bankruptcy or consumer proposal. We recommend paying the interest portion of the payment during your personal bankruptcy or consumer proposal.
Read MoreCan Creditors Collect Debts After Bankruptcy?
When you receive a discharge after completing your bankruptcy, it releases you from the debts you owed before your date of bankruptcy. Once you file personal bankruptcy, your creditors cannot legally collect on those debts.
Read MoreAm I Responsible For the Debt of My Business?
If your business is incorporated, you may still have personal obligations for certain debts; debt that you personally guaranteed, director liabilities, unpaid wages. If you operate your business as a sole proprietor, you are personally responsible for all the debts of that business. If you are a partner in a partnership, you and your business partner are jointly liable for all the debts of the partnership, not just your own portion.
Read MoreWill Bankruptcy Ruin My Credit?
People often try to avoid bankruptcy at all costs because they are worried about ruining their credit rating. They pride themselves on paying their bills on time, have always maintained a strong credit score and they thought of doing anything to jeopardize that is unthinkable.
Read MoreAnnual Consumer Insolvency Rates – Canada vs. Maritime Provinces
Annual Consumer Insolvency Rates – Canada vs. Maritime Provinces On September 30, 2014, the Office of the Superintendent of Bankruptcy released its most recent statistics on annual insolvency rates for Canada and the Provinces. These figures include both consumer bankruptcy and consumer proposal filings for the years 1987 through 2013 and show the significant trend…
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