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Do I Have To Pay a Minimum Portion?

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

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

Posted on Apr 13, 2017 in Advice from Richard |

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...

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10 Signs of Debt Trouble

Posted on Jul 25, 2014 in Consolidation Loans, Consumer Proposals, Credit, Debt |

If you don’t live in Egypt, being in denial is a bad thing. Most of us carry some form of debt, whether it’s a car loan or a credit card balance that we just can’t manage to pay off this month. But when does debt load become dangerous? Well, one sign is when you don’t want to think about it and are kept up nights with stomach-twisting anxiety. The problem scares you so much you put your head in the sand and keep spending...

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Are We Going to be Homeless?

Posted on Jun 22, 2014 in Bankruptcy, Consumer Proposals |

Hi. I’m Richard Killen from Richard Killen & Associates. Richard Killen has offices across the GTA. One of the most frequently asked questions I get as a Licensed Insolvency Trustee is, “If I go bankrupt or do a consumer proposal, will I lose my home?” Well, probably not. Sounds evasive, doesn’t it? But it isn’t really. A bankruptcy or a consumer proposal is a legal process, so there are no guarantees. But my experience is if they want to...

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What Are the Alternatives in Coping With a Debt Crisis?

Posted on Jun 16, 2014 in Credit, Creditor Negotiation, Debt, Debt Counseling |

No one wants to go bankrupt. It is the last resort when faced with insurmountable financial problems. But even if your payments are in arrears and you are getting collection calls, there are other options besides a bankruptcy, which we at Richard Killen & Associates are glad to explain. These include: Getting a Consolidation Loan If you can qualify for a consolidation loan, you can bundle all your debts into a single package and make a...

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