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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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Will My Boss Find Out About My Bankruptcy?

Posted on Jul 14, 2017 in Bankruptcy, Consumer Proposals | 0 comments

In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about if the boss can find out about the bankruptcy. The only time that a person’s employer is officially told, that they have gone bankrupt or that they have done a consumer proposal, if they have been sued and garnished by somebody, and your employer is having to deduct money from your pay to send to the court because of the garnishee. The person going bankrupt...

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Will I Lose My Home If I Go Bankrupt?

Posted on Jun 1, 2017 in Advice from Richard, Bankruptcy, Consumer Proposals, Debt, Uncategorized, Videos | 0 comments

In this video, Richard Killen, a Toronto Licensed Insolvency Trustee answers the question most homeowners ask, which is “Will I lose my home if I go bankrupt or do a consumer proposal?” Because you may have debt problems, you may be concerned with losing your home and most people figure that “if they go bankrupt they are never going to keep their house.”  And for most people, that is a very traumatic thought, however, it can be avoided. I...

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The Role of a Licensed Insolvency Trustee in Mississauga

Posted on Apr 7, 2017 in Bankruptcy, Consolidation Loans, Consumer Proposals, Debt, Finances, Financial Advice | 0 comments

The role of a Licensed Insolvency Trustee in Mississauga is critical in helping consumers who choose to go through the process of filing for bankruptcy to solve their overwhelming debt problems. Not only do they play a very big part in helping to minimize confusion, but they are present from beginning to end to make sure that every step of the process gets done as quickly and efficiently as possible. Licensed Insolvency Trustees (LITs) are the...

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Consumer Proposals in Toronto

Posted on Oct 29, 2016 in Consumer Proposals | 0 comments

In November 1992 the Bankruptcy Act received a broad overhaul for the first time since 1966. If you can imagine the changes that had taken place in Canadian society between those years you can understand that this was due; probably overdue. One of the main changes to the Act, other than re-naming it the Bankruptcy and Insolvency Act (BIA), was the introduction of something called a Consumer Proposal. It was a game changer. A proposal of any...

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Bankruptcy Counselors Toronto vs Licensed Insolvency Trustee

Posted on Oct 10, 2016 in Bankruptcy, Consolidation Loans, Consumer Proposals | 0 comments

It almost sounds funny, doesn’t it? Bankruptcy Counselors Toronto – somebody who counsels people, presumably in Toronto, on how to go bankrupt? Perhaps the term is misleading? I think so. Real Bankruptcy Counselors, in Toronto or elsewhere, don’t counsel people to go bankrupt. In fact a Bankruptcy Counselor would probably spend more time trying to figure out how the person seeking advice could stay out of bankruptcy rather than go in it. The...

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