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Support Payments

March 28, 2018

Filing a bankruptcy or consumer proposal will not help solve support payment arrears. The debt will survive the proceeding and you will need to keep paying that bill. Similarly, if you are receiving support payments they will be considered as a part of your family’s income throughout the proceeding. Support payments can affect the amount […]

Problems with the CRA

March 16, 2018

Most Canadians can lay claims to having had some problems with the CRA. Some problems are way worse than others, as evidenced by recent media stories. The issue appears to be systemic rather than related to any individuals within the organization, although like any other workplace there are good and bad employees. Some of the […]

Longer loans worse than shorter ones

March 13, 2018

Are longer loans worse than shorter ones? They certainly are. People don’t think about the compounding of interest or the erosion of the asset they are funding over a term exceeding its lifetime. Let’s think about a house – you buy it for $300,000 but over a 25-year amortization you actually pay $450,000 – an […]

Resign as a director

March 12, 2018

When you make an assignment into bankruptcy you must resign as a director of any incorporation in which you have an interest. Interestingly you may retain your shares, so you can own the corporation but you cannot be a director.  Section 284 (5) of the Corporations Act of Ontario provides: “No undischarged bankrupt shall be a […]

Government debt forgiveness

March 9, 2018

Are you thinking about government debt forgiveness? Advertisements are everywhere “see if you qualify for debt relief” touts one google headline, “government debt relief programs” says another. Even Licensed Insolvency Trustees are involved, albeit not by design, in the deception. Yes, read that last bit again: we used to be called “Trustees in Bankruptcy” but […]

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