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Verifying statement of affairs

Posted on Feb 22, 2018 in Bankruptcy |

I mean basically, think of it this way, if you come in to see me, and you are having trouble paying your bills and all that, and it’s been a very rough two years for you and so on, so you come in, and now do I not believe you when you start telling me your situation? I tell you, I will believe you. I’m going to take you at face value. But, I am still going to have to verify your statement of affairs. Period. Now I can’t pull things out of the...

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Why a bankruptcy trustee is like a bus driver

Posted on Feb 16, 2018 in Bankruptcy |

Now it is not really an exercise to be all things to all people, or anything like that, it’s not the way the law works, but it is there essentially to protect the rights of people. And when those rights come into conflict, then the court is asked to step in and decide. But administratively, that is what the Trustee focuses on and the Trustee, well I will tell you the way I describe this thing to most people now a days, I started this two or...

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Trustees Report

Posted on Feb 13, 2018 in Bankruptcy, Consumer Proposals |

And most often, one of the reasons why I was a little late today, I had to go to my Mississauga office to meet with a person doing a proposal, consumer proposal, and I signed the report before I left, and the main argument is quite simple, the proposal is offering a net dividend, money in your pocket kind of thing, which is going to be twice as much as anything we can foresee out of the bankruptcy, best case scenario. So whether you think that...

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What Happens To My Debts If I Go Bankrupt

Posted on Oct 27, 2017 in Bankruptcy, Debt |

  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 |

  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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