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?
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?
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:
- There is a great urban myth about losing assets when you go bankrupt.
- 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.
- 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
Letter from Creditors after Bankruptcy? Call a Licensed Insolvency Trustee
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:
- 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.
- However, there are a few creditors who might not be completely expunged by your discharge, so such letters should not be ignored.
- 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.
- 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
Bankruptcy vs Proposal
On October 21st Richard Killen spoke at a seminar given to employees of credit unions throughout Ontario. Titled Bankruptcy vs. Consumer Proposals.
Administrator’s Report
On October 21st Richard spoke at a seminar given to employees of credit unions throughout Ontario. Titled
Bankruptcy/Consumer Proposals.
Why A Trustee Is Like A Bus Driver?
On October 21st Richard spoke at a seminar given to employees of credit unions throughout Ontario. Titled
Bankruptcy/Consumer Proposals.
Walking In The Door
On October 21st Richard spoke at a seminar given to employees of credit unions throughout Ontario. Titled
Bankruptcy/Consumer Proposals.
Verifying Statement of Affairs
On October 21st Richard spoke at a seminar given to employees of credit unions throughout Ontario. Titled
Bankruptcy/Consumer Proposals.
Proposals Explained Pt 1
On October 21st Richard spoke at a seminar given to employees of credit unions throughout Ontario. Titled
Bankruptcy/Consumer Proposals.
