What is the minimum debt required to Declare Bankruptcy in Scarborough Ontario?

What Is The Minimum Debt Required Before You Can Declare Bankruptcy In Scarborough Ontario?

In this video, Richard Killen, a Licensed Insolvency Trustee in bankruptcy in Scarborough Ontario talks about the minimum requirements for personal bankruptcy in Ontario.

I often am asked by people in Scarborough, what is the minimum debt before I can declare bankruptcy in Ontario? Many people feel that if they do not owe that much, perhaps its too low to get a trustee involved.

Legally, whether it is in Scarborough or anywhere else in Ontario, the minimum you must owe is $1000. Of course there are other qualifications as well. However as far as the actual amount it is only one thousand dollars. Therefore, as long as the amount you owe is greater than the minimum, you qualify to use the bankruptcy act.

We welcome any questions you may have on bankruptcy, debt counselling or consumer proposals in Ontario.

Contact us for a fresh start (416) 285-9511

Richard Killen on Tunedin with Lucy Zilio

Richard Killen on Tunedin with Lucy Zilio

In this video, Lucy Zilio talks with Richard Killen on Richard Killen & Associated 25th Anniversary.

Richard, a Licensed Insolvency Trustee (LIT) talks about more and more people with debt challenges choose a consumer proposal over bankruptcy in Toronto. Watch the video for more information.

Will I Lose My Home If I Go Bankrupt?

Will I Lose My Home If I Go Bankrupt?

In this video, Richard Killen, a Licensed Insolvency Trustee in bankruptcy Toronto 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 found that over the last 10 years, very few people who own a home with equity have to lose the home if they don’t want to. They can find a way to keep it. The only way to keep it is to deal with the matter of equity. The trustee is responsible for obtaining the equity from the property in order to pass the money along to the unsecured creditors. They have the right to their money.

Therefore, if a person or family wants to keep their home, they’re going to need to arrange for financing or to pay the creditors. Of course, it depends on how much equity there is in the home. If you really want to keep your home, generally you can. You can keep it whether it’s a bankruptcy or proposal. In fact, if it’s a consumer proposal your home equity is not up for grabs. This really only applies to a homeowner declaring personal bankruptcy.

If you are a homeowner and considering a debt solution, I encourage you to call our office. Why lose sleep wondering what will happen. Your initial meeting is free, and in that meeting, we will explain all of your options so you may make an educated decision on the best option to obtain debt relief.

What assets are you allowed to keep after you go bankrupt?

Assets Allowed To Keep After Bankruptcy?

In this video, Licensed Insolvency Trustee in the GTA area, Richard Killen, talks about the facts and misconceptions when it comes to losing assets in a bankruptcy procedure. Typically, people are scared to lose their important belongings should they undergo bankruptcy in Toronto. In this video, Richard goes on to clarify that in the most common cases, this is simply not the case.

Here are a few key takeaways from Richard’s informative clip:

  1. There is a great urban myth about losing assets when you go bankrupt.
  2. Most people can keep whatever they want to keep as long as the creditor’s rights are respected, so you may have to pay to keep it.
  3. Basics such as furniture, personal effect, tools of your trade and one vehicle (as long as it isn’t worth too much) are generally never lost.

Should you still feel uneasy about your debt and losing your assets, it’s definitely worth it to give a Licensed Insolvency Trustee a call or a visit so that they can give you all the information you will need to make this important decision and also to alleviate any worry and stress you may have.

There is no cost for your initial meeting and we will explain all of your options to you. We can meet with you during business hours or book after hours appointments if that is more convenient. Richard Killen and Associates is a Licensed Insolvency Trustee in bankruptcy Scarborough and have 10 locations across the Greater Toronto Area. Call us at (416) 285-9511

 

Licensed Insolvency Trustee Advice: 4 Things for Debt Solutions

What Are The 4 Things For A Debt Package?

In this video, Richard Killen, Licensed Insolvency Trustee based in Toronto, Scarborough, and 8 other debt relief locations in Ontario talks about 4 important things to keep in mind before deciding on a Licensed Insolvency Trustee.

When people start looking for insolvency solutions, they are usually operating under a fair amount of stress for quite some time. Which is why you should always keep the following in mind before you go any further in your search.

  1. Always use a Licensed Insolvency Trustee (LIT) – this is one of the best ways to ensure that you’ll be able to handle all the stress associated with bankruptcy procedures. Richard Killen and Associates is licensed by the federal government to administer the processes provided by law which is the quickest way to deal with all the stress and worry you may be experiencing.
  2. LIT will review all your options with you – an LIT is legally obligated to review all your options and help you make the right decision based on your financial situation.
  3. Stress relief happens immediately – some may be reluctant to visit an LIT due to the negative impression of filing for bankruptcy. Fortunately, LIT can offer bankruptcy alternatives and explain to you all of them which alleviates the stress of feeling like you have no other options.
  4. Misinformation – there has been so many myths and false information available today about bankruptcy and the insolvency process that you shouldn’t immediately believe. The Bankruptcy and Insolvency Act – the law that we operate under – provides bonafide solutions to problems that can’t be solved in any ordinary manner. These are solutions that work.

So remember, only a Licensed Insolvency Trustee can work with you and show you all of your options and help you find the right solution for yourself and we can put that solution into effect as soon as possible.

There is no cost for your initial meeting and we will explain all of your options to you. We can meet with you during business hours or book after hours appointments if that is more convenient. Richard Killen and Associates is a Licensed Insolvency Trustee in Scarborough and have 10 locations across the Greater Toronto Area. Call us at (416) 285-9511

Letter from Creditors after Bankruptcy? Call a Licensed Insolvency Trustee

Letter From Creditors After Bankruptcy?

In this video, Licensed Insolvency Trustee in bankruptcy in Toronto, Richard Killen, talks about what you can and should do when you receive a letter from creditors after bankruptcy.

Here’s a few things to keep in mind should this happen to you:

  1.  It sometimes happens that after a bankruptcy is finished and you have been discharged you receive a collection letter from one of the creditors. It usually means their computer hasn’t been re-programmed.
  2. However, there are a few creditors who might not be completely expunged by your discharge, so such letters should not be ignored.
  3. If you had such a creditor the trustee would most likely have explained all this to you at the beginning. The most common one is student loan.
  4. The smart thing is to call your trustee and ask.

If  you are uncertain or starting to worry that you still have existing debt, the best course of action to take is to call your trustee. If you get a letter from a creditor, even if you’ve been discharged, it doesn’t matter, just remember to call a trustee. You will be glad you made the call.

There is no cost for your initial meeting and we will explain all of your options to you. We can meet with you during business hours or book after hours appointments if that is more convenient. Richard Killen and Associates is a Licensed Insolvency Trustee in Scarborough and have 10 locations across the Greater Toronto Area. Call us at (416) 285-9511

It’s that time again: Tips to help make tax time easier

Filing taxes is a chore that few people enjoy. It can be complicated and difficult at the best of times. Here are some points and suggestions that may ease your pain a bit.

  • If you have filed a bankruptcy then your trustee will be responsible for filing your taxes. Your job is to deliver your T-4s and any other applicable slips and information to the trustee so they can do your returns correctly.
  • We supply you with a special 1-page form to fill out and remit with your T-4s. Try to do a thorough job of filling in this form because we rely on it to do the return(s) properly. This will be to your advantage.
  • Though most people save themselves the time, effort and money and simply provide the trustee with their T-4s and the form and let it go at that. But if you think it worth your while you can have your accountant or regular tax person prepare these two returns. Remember, you cannot file them yourself. You must give these returns to the trustee for filing.
  • If you have been self-employed your tax return options can be much more extensive and complicated than that of an ordinary salaried employee, so it’s probably advisable to have your accountant prepare the return(s) that the trustee is supposed to file, but again, don’t file them yourself. Deliver them to the trustee and let them do it. If you are or have been self-employed you must also complete a Statement of Business of Professional Activities.
  • If you don’t want your tax preparer to do these returns and want to hand everything over to the trustee, DO NOT BRING US A PILE OF RECEIPTS. You are supposed to summarize all your expenses and income. But you must be prepared to provide receipts if CRA wants them later. All of this goes for HST/GST returns, too.
  • If you do not provide us with the information to do your taxes early enough to meet the deadline it may result in a penalty if you owe on your post-bankruptcy tax return.
  • If you are eligible for benefits, including the child tax benefit, there may be a delay in receiving it if you didn’t supply us with the tax info early enough for us to meet the filing deadline.

If you filed a consumer proposal in Toronto practically none of the bankruptcy tips apply to you. When you file a proposal, the trustee has no authority or responsibility towards your tax returns or refunds. You are responsible for your own tax returns as you usual. If you have an accountant or tax advisor, they can prepare it and you can file it.

If a creditor sends you a collection letter after you have filed for bankruptcy or a consumer proposal it is probably of no effect. However, there are some things that you should do or consider just to be safe.

  • Make sure the creditor was listed on your Statement of Affairs. If he was, then he was sent the notice of your filing and the letters should stop shortly. If he wasn’t, you need to provide the information to the trustee so he can be properly notified.
  • Since there are some creditors whose debt may not be released when you have fully paid your proposal or by your bankruptcy discharge, make sure this isn’t one of them.
  • The trustee will have explained this to you before you signed, but in case you aren’t sure show the letter to the trustee. The content of the letter may give you a clue about this point
  • If the letter or notice appears to have come from a court or it refers to a lawsuit or judgment show it to your lawyer, if you have one, or the trustee.

Christmas Credit Hangover

Christmas Credit Hangover?

In this video, Richard Killen, Licensed Insolvency Trustee in bankruptcy in Toronto talks about buying Christmas gifts on credit cards.

It is important to remember that credit card bills don’t take a Christmas holiday. Christmas brings out the “giving” in us, especially when we have children or grandchildren. There is nothing wrong with giving, but remember, the piper will always have to be paid.

Licensed Insolvency Trustees tend to be very busy in January when the credit card bills come in. Don’t let yourself fall into that trap.

Should you find yourself in debt and your monthly bills exceed your monthly income, maybe it is time to have a conversation with Richard or one of the other trustees in bankruptcy. Call us at (416) 285-9511

Licensed Insolvency Trustee vs bankruptcy lawyer?

Insolvency Trustee vs Bankruptcy Lawyer?

In this video, Licensed Insolvency Trustee Richard Killen discusses the difference between a Licensed Insolvency Trustee and a bankruptcy lawyer.

Declaring Bankruptcy in Oshawa

Filing for Bankruptcy in Oshawa & Whitby Overview by a Licensed Insolvency Trustee

In this video, Licensed Insolvency Trustee Richard Killen explains how the bankruptcy process works




Contact Richard Killen
FREE No Commitment Consultation

Contact us now for a fresh start!

“Serving Toronto & the GTA for over 25 years.”



    ebook

    ebook

    cup half full book

    question and answer


    Recent Blog Posts

    About Richard Killen & Associates


    Since 1992, Richard Killen & Associates, a Licensed Insolvency Trustee, have helped thousands of people resolve their financial problems. With 25 years experience in this industry, our president, Richard Killen, and the rest of our team understand the difficulties that honest people can sometimes find themselves in. This expertise makes it possible to provide you with a service that effectively deals with the issues.


    Serving the GTA for 25 years