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Category: Insolvency News

Furniture as security

January 18, 2018

We sometimes get asked: if furniture can be used as security for debts; and, if the debtor goes bankrupt does the creditor have a right to pick up the stuff? The answer, generally, depends on the nature of the loan and if or not the creditor took the steps necessary to register a security interest. […]

Family support arrears

January 15, 2018

You cannot go bankrupt on family support payments – but if you do owe support arrears for either alimony or child support the claimant (spouse or child) may claim the arrears for the year before the date of bankruptcy, plus any lump sum amount payable, as a priority over most other creditors. Confused? Section 136 […]

Debt Management Program or Proposal

January 11, 2018

Debt Management Programs are offered by non-profit Credit Counsellors while only Licensed Insolvency Trustees can file Consumer Proposals. There are advantages and disadvantages to each option. In this blog we will discuss the differences and how each works. The parties: A Debt Management Program (“DMP”) is a voluntary arrangement between you and some of your […]

Joint Bankruptcies and Proposals

January 9, 2018

The Bankruptcy & Insolvency Act has provisions that allow for both joint bankruptcy and joint proposal filings. The filings can be between individuals who are related and financially codependent or individuals who are conjoined only by the debts they owe. Interestingly the Act does not prescribe a limit to how many people can be considered […]

Understanding Surplus Income and Bankruptcy

January 8, 2018

The Bankruptcy and Insolvency Act has a provision (under Section 68) requiring that individuals who make more money than the Government’s Low Income Cut Off (“LICO”) should pay half of that extra or “surplus” for an additional period of twelve months. If that thought seems a bit overwhelming it is not surprising, the whole surplus […]