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Can I Cancel My Personal Bankruptcy in Toronto, Ontario?

Posted on Jun 14, 2018 in Bankruptcy, Debt, Finances, Videos |

 Sometimes I get asked by people who have recently filed personal bankruptcy whether or not they can cancel their personal bankruptcy in Ontario. Perhaps they have changed their mind and are wondering if their bankruptcy can be canceled? The short answer is no, the bankruptcy cannot be canceled once it’s filed in the courts and the federal government has issued a number. It’s an official legal process and it’s not going to...

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In Toronto Are My Spouse’s Assets Affected By My Bankruptcy?

Posted on Apr 27, 2018 in Bankruptcy, Videos |

In this video, Richard Killen, a Toronto-based Licensed Insolvency Trustee talks about, the effect of your bankruptcy or your wife or husband’s assets. I am often asked is “Are my wife’s or husband’s assets be affected in any way?” Generally speaking, the way bankruptcy works, the answer is no. Your bankruptcy will not affect your spouse.  If an asset is not commonly owned or jointly owned by both you and your spouse, then their assets are not...

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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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