Friday, 30th July, 2010
Toronto Directory
SPECIAL SECTIONS
Federal Bankruptcy Exemptions 2010
Bankruptcy exemptions vary by province in Canada. Here is a complete list of Federal Government exemptions a bankrupt individual can keep in Ontario: Click here
Bankruptcy and Insolvency Act 2010
Knowing your rights is imperative to ensuring creditors preserve as many of their assets as possible. This link takes you to the Government of Canada's website containing a copy of the Bankruptcy and Insolvency Act (R.S., 1985, c. B-3). Click here
Bankruptcy in Canada 2010
Here's a comprehensive overview of procedures and legal consequences of consumer bankruptcy in Canada. This article discusses Bankruptcy reform, discharge rules, the Wage Earner Protection Program Act, reduction of the student loan discharge period from ten to seven years, protection of all registered retirement savings plans and more. Click here
Cons And Pros Of Declaring Bankruptcy
There may be cons and pros of declaring bankruptcy; but, there seems to be no abating the rise of bankruptcy filings despite the 2005 changes in the federal bankruptcy code which was supposed to put a damper on them. Filings for bankruptcy rose by almost a third in 2009 from 2008 according to the compilation [...]
How To Declare Personal Bankruptcy In Canada
Personal debt and bankruptcy is on the rise in Canada. Here’s a brief overview of the personal bankruptcy process.
Between 1990 and 2006 business bankruptcies declined by 42 per cent – but consumer, or personal, bankruptcies increased by 85 per cent, according to Industry Canada statistics. And with Canadian household debt loads continuing to rise, it’s [...]
Why You Should Avoid Bankruptcy
At first glance, this may seem a pointless topic for an article. Who would want, after all, to declare bankruptcy? Most Americans are well aware of the far-reaching financial consequences of bankruptcy protection. Bankruptcy can immediately and significantly lower FICO scores, darken credit reports for up to a decade and, depending upon the situation, forever [...]
RRSP’s: What Happens To Them When You Go Bankrupt?
I came across this fantastic news today in the Toronto Sun newspaper that will give investors some peace of mind:
If you find yourself in financial trouble and have to declare bankruptcy, your registered retirement savings are now safe from your creditors.
Recent amendments to Canada’s Bankruptcy and Insolvency Act now rule that for bankruptcies occurring after [...]
The Facts about Bankruptcy
Bankruptcy often has a huge stigma attached to it but if you are struggling under a huge pile of unmanageable debts then it is something you may want to seriously consider.
It is not something that you should enter into lightly but can also free you from your debts and help you start again. It will [...]
What happens to my house if I file for Bankruptcy in Toronto?
Most people are very concerned about their home and what happens to it if they file bankruptcy. There are only two options: you keep it or you lose it.
To keep your home you need to answer YES to the following questions:
Do you want to keep the house? (Not everyone wants to keep their house. If [...]
Managing Your Debt and Credit
Avoiding credit card overload increases your opportunities to save and invest for important goals.
1 Managing Debt and Credit
Credit was once defined as “Man’s Confidence in Man.” But in fact, the definition of credit today is more like “Man’s Confidence in Himself.” Using credit today means you have confidence in your future ability to pay that [...]
Cost of Bankruptcy
The cost of bankruptcy in Toronto, Ontario is largely dependent on your personal situation – although not completely since there are some common expenses that you should certainly take into the account when trying to determine the cost of filing bankruptcy in your case.
Below we provide a summary of some of the costs [...]
Toronto Bankruptcy Trustees
Personal financial difficulties can happen to anyone at anytime . When creditors begin to call and the pressure mounts, there can be relief by calling a Greater Toronto Area (G.T.A.) Bankruptcy Trustee. A common misconception is that you only have one option and that is to declare Bankruptcy. A good trustee can help [...]
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