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What Happens To My Debts If I Go Bankrupt

Posted on Oct 27, 2017 in Bankruptcy, Debt | 0 comments

  In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, What Happens To My Debts If I Go Bankrupt. People sometimes ask me what is really happening with regards to my debts if I go bankrupt or if I do a consumer proposal? The first thing that happens with regards to your debt, when a person does a bankruptcy or proposal, the first thing that happens is a Stay Of Proceedings goes into effect. It’s kind of...

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What Are The Different Types Of Creditors

Posted on Oct 20, 2017 in Bankruptcy | 0 comments

  In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, What Are The Different Types Of Creditors. In a Trustees world, there are three types of creditors, there are secured creditors, unsecured creditors, and contingent creditors. Contingent creditors are if you have co-signed for someone for instance. You may never be asked to pay that thing because the other person is going to do all the paying. But,...

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Will I Lose My Personal Possessions If I Go Bankrupt

Posted on Oct 13, 2017 in Bankruptcy | 0 comments

  In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, Will I Lose My Personal Possessions If I Go Bankrupt. There is a Provincial law that regulates what a person might lose, or can lose, actually let me turn it around, there is a Provincial law that regulates what creditors can take from you. If you are not paying them, and they are trying to recover their debt by seizing things. Furniture and personal...

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What Happens To My Co-signor?

Posted on Oct 6, 2017 in Bankruptcy | 0 comments

  In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, What Happens To My Co-signor?.   When people do a bankruptcy or even a consumer proposal, if they have a co-signor on one of their debts, they are going to be very concerned about what is going to happen in regard to their co-signor. The fact of the matter is that when you do a bankruptcy or consumer proposal, you are just relieving your own...

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Do I Have To Pay a Minimum Portion?

Posted on Aug 4, 2017 in Bankruptcy, Consumer Proposals | 0 comments

In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, Do I Have To Pay a Minimum Portion?. Some people are under the impression that they go bankrupt or for that matter they do a consumer proposal, they are required to pay a certain percentage of what they owe, what their overall debts are. That’s not quite the way it works. In a bankruptcy, it’s not that at all. In a bankruptcy, there is a mechanism that will...

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How Long Will My Bankruptcy Last in Ontario?

Posted on Jul 29, 2017 in Bankruptcy, Debt Counseling, Finances | 0 comments

In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, How long a Bankruptcy lasts. There tends to be some general misunderstanding about how long a bankruptcy lasts. People hear things about this 7 years business, not being able to obtain credit, and things like that. But, essentially a bankruptcy is a legal process, it has a beginning and it has an end. It begins when you file for bankruptcy. It ends when you...

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