Posted On: April 21, 2017

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

Posted On: April 13, 2017

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.

Posted On: February 13, 2017

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

Posted On: September 9, 2015

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

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

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Toronto Licensed Insolvency Trustee Richard Killen explains how the bankruptcy process works.

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Toronto Licensed Insolvency Trustee Richard Killen explains why you should consider using his company to help you get out of debt.

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Licensed Insolvency Trustee Richard Killen explains the process of declaring bankruptcy in Toronto.

Posted On: September 8, 2015

Toronto Licensed Insolvency Trustee Richard Killen explains what a consumer proposal is

Posted On: June 29, 2015

Richard Killen Licensed Insolvency Trustee explains the truth about not getting credit for 7 years after going bankrupt.