Almost every person that I consult with about a personal bankruptcy or proposal has unique circumstances or a personal story as to how they ended up unable to pay their debt. Accordingly, I don’t like to compare one person’s situation to another. I listen, accumulate information, and provide debt relief solutions. For the debtor, it sometimes makes it easier for them to be able to [...]
One of the more popular searches reaching our website is for the term “undischarged bankrupt” so I thought I would explain what it means to remain undischarged. The Bankruptcy and Insolvency Act provides a debtor with protection from collection proceedings from unsecured creditors upon filing an assignment in bankruptcy. This “stay of proceedings” stops garnishments of income (other than spousal or child support) and collection [...]
Back in 2018, I wrote a series of blogs on “Who goes to see a Licensed Insolvency Trustee” to share the stories of people who had reached out to Taylor Leibow Inc. for help with their overwhelming debt. Reading about other people who may have similar circumstances as you will hopefully provide you with the comfort to reach out to a professional to discuss your [...]
People can be hard on themselves when they are unable to pay their debt obligations. They often feel a sense of failure and embarrassment that they borrowed money with good intentions, but are unable to repay it. After struggling through a pandemic and its effect on employment, businesses and the cost of everyday items, we all understand a little better that sometimes life changes can [...]
April can be a very stressful time if you know you will owe taxes when you file your personal income tax return but do not have the funds available to pay the debt. Personal tax returns are due on May 2nd this year, and you should always file on time to avoid penalties, even if you can’t pay the amount owing in full. Canada Revenue [...]
Making the decision to consult a Licensed Insolvency Trustee to file an assignment in bankruptcy is a difficult first step. Understanding that the Trustee is an Officer of the Court and technically acts in the best interest of your creditors even though you pay their fees may be difficult to comprehend. So, how do you select a Trustee? And why should you choose Taylor Leibow [...]
Filing a personal assignment in bankruptcy or consumer proposal will immediately provide you relief from most creditor’s collections proceedings and ultimately eliminate your unsecured debt. A formal stay of proceedings under the Bankruptcy and Insolvency Act stops a garnishment of your wages and collection calls. Unfortunately, this protection does not extend to an individual who co-signed any of your debt. When a person co-signs or [...]
The majority of personal bankruptcies are voluntarily filed by a debtor (the person who owes money) to provide them relief from overwhelming debt. The debtor contacts a Licensed Insolvency Trustee (found through an internet search, radio advertisement, or a direct referral from a friend or trusted professional) to discuss their financial situation and explore debt relief solutions. The following explains the basics of what happens [...]
The Bankruptcy and Insolvency Act requires that an insolvency proceeding be filed in the “locality of the debtor.” The locality of the debtor means the principal place where the debtor has carried on business or resided during the year immediately preceding the bankruptcy filings. Thus, if you live in Hamilton, your personal bankruptcy will be filed with the Office of the Superintendent of Bankruptcy (“OSB”) [...]
When you are struggling with the payment of your debt, the thought that you will have to pay a Licensed Insolvency Trustee to file a bankruptcy may feel overwhelming. The fact that you will no longer be paying your unsecured debt and your creditors will cease collection efforts typically outweighs the burden of the monthly fee. The cost to file a bankruptcy depends on several [...]
