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WHAT IS THE NUMBER ONE CAUSE OF BANKRUPTCY?

September 5, 2017

Would you be surprised if I said “too much debt”? It goes without saying that having too much debt is the main reason that anyone would consider filing for bankruptcy but when is too much debt really too much? If you are reading this post you most likely have debts – very few people are […]

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 […]