Only a Licensed Insolvency Trustee can file a voluntary assignment in bankruptcy for you. You do not need a referral to a trustee; you can contact a bankruptcy trustee directly. To provide you with some comfort, I have laid out the following steps to filing bankruptcy: Contact a local Licensed Insolvency Trustee to arrange an initial consultation. Most trustees have websites that you can review [...]
When a person considers filing an assignment in bankruptcy, they are typically concerned with what assets they will lose. They need a fresh start from their debt, but they also may need their vehicle to be able to earn a living and provide for their family. In order for a debtor to retain the basic necessities of life, there are certain assets that are exempt [...]
The minimum fee Taylor Leibow typically charges for a first-time bankruptcy is $1,800 payable in 9 monthly payments of $200.00 each. In addition, your income tax refunds and quarterly GST credits will be forwarded directly to the trustee by Canada Revenue Agency for a specified time period. The actual amount that a trustee can draw as fees for a summary administration is set by tariff [...]
An insolvent debtor can file an assignment in bankruptcy to obtain relief from their debt. Many debtors that I consult with at a free, initial assessment are concerned about how their bankruptcy will affect their spouse. The act of you filing a personal assignment in bankruptcy will affect your spouse in the following circumstances: Filing a bankruptcy will only provide relief to you. If your [...]
Once an individual files an assignment in bankruptcy, they must receive their discharge in order to be relieved of the obligation to pay their creditors. In usual circumstances, between the bankruptcy filing and the discharge, a bankrupt may want to annul (cancel) the bankruptcy. The desire to annul a bankruptcy may arise if the bankrupt becomes entitled to an inheritance or a settlement in a [...]
The short answer to this question is that you should file a personal assignment in bankruptcy when you feel it is the best solution for you for a financial fresh start. It is a very difficult step for many to take, and you should be ready to complete all of your statutory duties and be ready to rehabilitate yourself financially. A Licensed Insolvency Trustee will [...]
You may be struggling to pay your living expenses and debts and sought the professional advice of a Licensed Insolvency Trustee for solutions. The trustee reviewed your financial situation and advised that based on your income, non-discretionary expenses (child support, medical expenses, etc.) and family size, you would be required to make a monthly surplus income payment to the trustee. If your actual cash flow [...]
You have finally decided that filing a voluntary assignment into bankruptcy is the only solution for you to eliminate your debts and move forward with a financial fresh start. The next important step is choosing a Licensed Insolvency Trustee (LIT). LITs, who are licensed by the Office of the Superintendent of Bankruptcy, are the only ones who can file a bankruptcy for you. We are [...]
We are in uncertain times with the COVID-19 pandemic and the significant financial burden it is placing on many Canadian households. Our government has stepped up with benefit programs to assist with cash flow, and Canada Revenue Agency (CRA) is refraining from new collection proceedings to collect tax debt. The tax filing deadline and payment due date have also been extended. If your wages or [...]
Most debtors that attend my office for a free initial consultation to discuss filing a personal bankruptcy are embarrassed and ashamed that they cannot pay back their debt. They don’t want their family, friends or employer to find out that they filed bankruptcy. So, who does have to know that you filed bankruptcy to relieve yourself from debt? your Licensed Insolvency Trustee is obligated to [...]
