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Bankruptcy Ontario: Free Information about Bankruptcy in Ontario

Bankruptcy in Ontario

Welcome to Bankruptcy Ontario. This site provides free information about bankruptcy and bankruptcy alternatives to residents of Ontario Canada.

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Below are the most recent personal bankruptcy questions. Be sure to check out our Frequently Asked Questions page for answers to more common questions about personal bankruptcy in Ontario. Remember, you can always post an anonymous question, as well as arrange for a free consultation with a personal bankruptcy expert near you.

Bankruptcy Ontario

Alternatives to Bankruptcy in Ontario

list Important bankruptcy facts in Canada list Debt Consolidation
list How to Stop a Wage Garnishment list Avoid Bankruptcy with a Consumer Proposals
list Credit Repair list How to Deal With Collection Agencies
list Bankruptcy help/advice list Answers to bankruptcy questions
list What can I keep if I go bankrupt? list Credit counselling and bankruptcy in Canada
list Ontario bankruptcy alternative solutions list What happens to my student loan?
list Bankruptcy and Revenue Canada list Debt Management Plan

www.bankruptcy-ontario.org. provides personal bankruptcy and consumer proposal information to residents of Ontario. This site is an information site only. The information in this site is for information purposes only. Each person’s situation is different. If you want specific information on bankruptcy or alternatives to bankruptcy in Ontario, please contact an expert near you today to arrange for a no-charge initial consultation

Find answers to bankruptcy questions about personal bankruptcy and dealing with financial problems that might lead to bankruptcy in Ontario.

How do we deal with student loans? How do we get the best credit cards after bankruptcy? How do we approach credit counselling and bankruptcy in Canada? How do I find bankruptcy facts (Canada)? Do you need bankruptcy help/advice? Can I file for bankruptcy? For free information, please contact an Ontario bankruptcy expert near you today. Bankruptcy Ontario provides more information about bankruptcy alternative solutions for residents of Ontario.


Recent Bankruptcy Questions:

Inheritance before bankruptcy

July 28th, 2010

If I receive an inheritance about one week before going bankrupt do I have to disclose this? I used this money to pay off 2 people who I owe money too and kept the rest for living expenses for one month.

bankruptcy

July 24th, 2010

I don’t not have my name on my husbands mortgage. I came into our marriage with debt. We where married in Nov. 2009. If I claim bankruptcy will he be affected and will he lose his house?I only own a old van for work will I lose that?

Pay Day Loans

July 23rd, 2010

I sign my paperwork on May 31, 2010 to go bankcrup for the 1st time. I have debt thatequals above $75000. I have been using payday advance loans for over 2 years and on and off prior to that. Recently I have defaulted on the pay day loans that I have outstanding (2) My question is am I able to include these 2 pay day loan in my bankcrupcty even though I already sign and started the bankcrupcty process?

Corporation Bankcruptcy

July 22nd, 2010

I owe taxes to the CRA due to reassessment and they are the only creditor I have. Due to the penalties and interest it will be impossible to pay them. The corporation has no income right now. I have a house and it has a good equity on it. Can I still make application for bankruptcy? what happens to my house and my cars?

Thanks

Creditors meeting

July 22nd, 2010

I have 15,000 equity in my home and have asked my trustee to request a meeting of creditors to attempt to settle. I am a single mom with 3 children and i do not have the money to pay 15,000. I may be able to come up with $4,000.00 and can only afford approx. $100-$200/month. Do the credtors have to show up and agree to my proposal? Does this happen very often?

Is there a governing body for Trustees?

July 22nd, 2010

I am trying to file banktuptcy and after several meetings with the Trustee office I keep getting different answers and run around. I feel the person working on my file has made some errors which I now may have to pay for. Who can I contact to make a complaint and get the answers I require? I no longer trust this Trustee office and feel that they are being dishonest.

furniture, etc

July 20th, 2010

I am going to file for bankruptcy and since I have some equity in my house I assume that the trustee will take my house. My question is about the items in the house. I am moving into a much smaller place. If I don’t dispose of all of the furniture, etc, what happens if I leave it there when I move? Will the trustee charge me for disposal or will it be taken out of the amount received from the equity on the house?
thanks

daughter’s income

July 19th, 2010

I am in bankruptcy and my daughter lives with me. She is 18 and very soon she will be working. Are her wages considered part of my surplus income although she is not planning to contribute money to me.-(very unlikely)she does her own income tax and very likely will move out soon but while she is living with me what do I do about her income??

Bankruptcy in Ontario and gambling

July 16th, 2010

Question: I met with an Ontario bankruptcy trustee and need to fill out the forms to file for bankruptcy in Ontario. His questionnaire says “in your own words, what circumstances have caused your financial problem?”. Do I need to disclose the fact that I have a gambling addiction or is it okay to be vague and just say that I over-extended myself over a long period of time? I have heard that there can be additional penalties if your bankruptcy is due to gambling.
thank you.

Answer: You are not eligible to be automatically discharged from bankruptcy if gambling was the cause of your financial problems; you would be required to attend a discharge hearing before the Bankruptcy Registrar, and they would determine whether or not your bankruptcy would be extended.  Generally the Registrar would want you to confirm that you are no longer gambling (perhaps through a voluntary self-exclusion at the casino), and also providing proof that you have attended gambling counselling.

In most cases your creditors will be aware of your gambling.  They will see cash advances being taken from your credit cards, bank loans and lines of credit, and they may also have records of cash advances taken on your debt or credit cards at the casino, or through on-line gambling.  So, if you don’t disclose it, and they discover it later, you are in much more trouble than if you had simply disclosed it initially.

We therefore recommend that you be honest; that is generally the least risky alternative.

If you are concerned about a bankruptcy discharge hearing, another option is to file a consumer proposal.  Once the creditors accept your proposal, you simply make the payments; there is no discharge hearing.  Consult a consumer proposal administrator for more information, and to arrange a no charge initial consultation.

Documentation, finalization, no response from Trustee

July 15th, 2010

Question: We made an arrangement with our bankruptcy trustee to pay around $36,000 as a final payment for what was owing on the equity we had when we went bankrupt. We paid this amount 7 months ago, and have received NO documentation, final notices, or any word that our bankruptcy is dismissed, or finished, or ANYTHING.

Does this seem normal?

We are getting worried…

Should we contact someone within the government or bankruptcy offices about this??

Thanks in advance!

Answer: You should start by talking to your trustee.  The delay may be normal, or there may be other issues.  Ask your trustee to confirm the status of your discharge.

If you are not satisfied with your trustee’s answer, you could contact the Office of the Superintendent of Bankruptcy and ask them to investigate, but that is a step that should only be taken after you have discussed it with your trustee.

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