In my last posting I spoke about whether a debt is dischargeable and realized this can be somewhat confusing to the people I meet.
Some debts are very clear, such as child or spousal support, when deciding if they are dischargeable. Others are not.
A quick and simple list of non-dischargeable debts is:
- fines, penalties, restitution orders [...]
There are many types of lawsuits and the impact can be slight or severe on a debtor’s financial situation.
Creditors must issue a statement of claim, one of the first steps in a lawsuit, in order to collect funds by garnishment or court orders. This is what collection agencies mean when they say the next step [...]
Until April 15, 2001 there was no exemption amount for vehicles in the Province of Ontario. On that date, the provincial government changed the Execution Act so that vehicles with a value of $5,000 or less would be exempt from seizure.
Because of a glitch in the writing of the new exemption, a court case which [...]
Many people who I meet have not completed the previous year or in some cases several years worth of income tax returns. They are afraid that Canada Revenue Agency (”CRA”)will “do” something to them if they file, even as drastic as being put in jail.
Avoiding the tax department is probably more serious than trying to [...]
A worry for many people going bankrupt is whether their spouse will be affected?
My answer to that question is: did your spouse sign on any of your debts?
If the answer is yes, then the answer to the original question is that your spouse will be affected.
Many people assume debts are 50-50, that is, they are [...]
I just met someone whose income fluctuates from summer to winter. In the summer, there is a large amount of income, but in the winter it drops to about half the amount.
The calculation of surplus income (see the www.hoyes.com website for information on surplus income)means the payments are high in the summer but lower in [...]
You are in financial trouble and now you find out it will cost money to go bankruptcy. How do you find out how much it will cost you?
Very often trustees will quote a monthly fee. This fee is usually a base fee that will cover the minimum costs of administrating a file. This can be [...]
You are not the only person in financial trouble.
In 2005, over 100,000 consumer filings were made in Canada. This means over 100,000 people filed bankruptcies or proposals under the Bankruptcy and Insolvency Act.
In London, the filing rate dropped by 13% from 323 in 2004 to 281 in 2005. This can be explained by people continuing [...]
