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WHAT HAPPENS TO STATUTE BARRED DEBTS

September 5, 2017

IN BANKRUPTCY PROCEEDINGS? The Limitations Act of Ontario sets the basic limitation period at two years.  Accordingly, if you owe a debt, that you have stopped making payments on for a period of two years or more the creditor is “barred” from resorting to legal proceedings to collect the obligation.   In other words the creditor […]

DO YOU RENT YOUR HOUSE FROM THE CRA?

September 5, 2017

Some people do and don’t even realize it! The Canada Revenue Agency (CRA) is notorious for its sometimes seemingly draconian collection abilities.  They can garnishee incomes and accounts and register on title of property with the need for Court Orders.  When the Agency makes mistakes, and they do, there is little recourse unless it is […]

TARGET STORE – CCAA FILING

September 5, 2017

The Companies’ Creditors Arrangement Act (CCAA) provisions are facilitated by a trustee in bankruptcy working in conjunction with lawyers and the courts. In layman’s terms a CCAA is essentially a large dollar value proposal filed as an adjunctive provision of the Bankruptcy & Insolvency Act (“BIA”) through a bankruptcy trustee.   Some trustee’s specialize in filing […]

WHAT HAPPENS TO MY HOUSE IN A BANKRUPTCY?

September 5, 2017

Without knowing the specifics of your situation the answer is not entirely clear but let us lay out some possible scenarios for you.   First of all the underlying purpose of the Bankruptcy & Insolvency Act is to help an honest person find relief from the burden of debt so that they may continue to […]

TOO MUCH DEBT

September 5, 2017

How do you know when you have too much debt, and what are you going to do about it? There are many clues to having too much debt (credit) some of which seem obvious but others are not so clear. According to recent statistical reports the average Canadian owes about 1.7 times annual income in […]