Archive for May, 2006

I’m in the accounting profession and I am considering filing either a bankruptcy or consumer proposal. Will bankruptcy or consumer proposal adversely affect my job search in the future especially if will be applying for higher level position (i.e., manager or higher)?

If I file for bankruptcy, and I am already receiving OSAP, can I continue to get OSAP if I am not going to claim the loan from them that i already have? Basically…will they still fund me to go to school if I claim bankruptcy because they ask on the application each year if you have previously claimed bankruptcy.

Can I declare personal bankruptcy after being out of school for 13 years on a old student loan if I went back to school on the 14th year for a single year only?

a friend is declaring bankruptcy, question is there are 3 of us with joint ownership to a hunt camp, if our friend declares bankruptcy is our camp in jeapordy ??

I am due to be discharged in a month, and a collection agency (for a previous landlord, where I was evicted) sent a letter to my employer, who forwarded on to me, saying if I did not pay x dollars, a summons would be issued. What I would like to know is, if you don’t realize someone is after you for money, from a previous debt before bankruptcy, can they come after you once you are discharged?

I am due to be discharged in a month, and a collection agency (for a previous landlord, where I was evicted) sent a letter to my employer, who forwarded on to me, saying if I did not pay x dollars, a summons would be issued. What I would like to know is, if you don’t realize someone is after you for money, from a previous debt before bankruptcy, can they come after you once you are discharged?

Can a collection agency come after me after 14 years for a debt that was included in a bankruptcy in Ontario?

What happens to your RRSP’s and DPSP’s if you declare personal bankruptcy?

What happens to credit cards that you have in good standing,i.e. no money is owed on them at the time bankruptcy is declared?

Question received: I borrowed money from my parents to buy a car. I pay 400.00/mth for payments. The car is not in my name, the $400 includes my contribution for insurance. Can i put it down as a payment. I don’t want to screw my parents. It’s a used vehical, not new or leased, and was purchased for 5200.00.

What is the best thing to do?
Answer: If you own the vehicle, and there are no liens registered against it, you can use it as a down payment on another vehicle. However, if you then declare bankruptcy, it could impact on your parents, depending on how much is owed on the new vehicle. I suggest you contact on Ontario bankruptcy trustee to advise you more fully.

Here’s a question we just received: Is it possible to claim bankrupcy a second time around?

The answer is yes, in Ontario it is possible to declare bankruptcy in Ontario a second time. However, a second bankruptcy in Ontario is more cumbersome than a first bankruptcy.

For example, in a first bankruptcy you may be eligible for an automatic discharge after nine months. In a second bankruptcy, you are not eligible for an automatic discharge after nine months. The trustee must apply for a discharge hearing, and the Bankruptcy Court will decide when your bankruptcy ends.

Due to this requirement, some people decide that a consumer proposal is a better option than a second bankruptcy.

For more information, please contact us.