Bankruptcy Scarborough Ontario: Considering Bankruptcy? Scarborough Ontario Trustees Can Help!

Posted on Thursday, July 10, 2008

New Bankruptcy Rules in Effect Starting July 7, 2008

2 changes became law this week:

Student loans now discharged after 7 years

If you have been out of school for 7 years and still can’t manage your student loans, they can now be included in a bankruptcy or a proposal. The old rule required you to wait 10 years.

Your RRSP is now protected

RRSPs are now exempt from seizure; this means you can keep them (except for any monies you invested in the last 12 months; this prevents people from abusing the system). Before this change, most RRSPs would have been seized by the trustee in a bankruptcy.

Questions?

These rule changes are significant. If you would like more information on how they impact you, contact one of our offices to schedule a consultation.

Posted on Thursday, June 22, 2006

Cars and bankruptcy? (NEW government rules)

A quirk in the law was corrected today. Now, if you file for bankruptcy and your car is worth less that $5,650, you may keep it. (Under the old rules, you had to give it to your trustee.) If your car is worth more than $5,650 and you want to keep it, you will have to pay your trustee the difference.

This change will allow people who have to file for bankruptcy a better chance of starting over without any additional pressures being put on them.

If you would like some more information about this topic or have any other bankruptcy related questions, e-mail or call us at 310-PLAN.

Find answers to bankruptcy questions about bankruptcy in Scarborough and Scarborough bankruptcy trustees.

How do you deal with student loans? How do you get the best credit cards after bankruptcy? How do you approach credit counselling and bankruptcy in canada? How do you find bankruptcy facts (Canada)? Where do you get bankruptcy help/advice? Can you file for bankruptcy? For free information, contact one of our experts. Bankruptcy Scarborough provides more information about Scarborough bankruptcy alternative solutions for Scarborough area residents.

Our Experts

The sponsors of www.bankruptcy-scarborough.com, Hoyes Michalos & Associates Inc., are licensed by the federal government of Canada to provide personal bankruptcy and consumer proposal services to residents in the Scarborough, Ontario area. Hoyes Michalos & Associates Inc. bankruptcy trustee office in Scarborough, Ontario helps Scarborough and area residents review options to deal with their debts, including consumer proposals and personal bankruptcy.

We believe it is important for you to research your options regarding bankruptcy and bankruptcy alternatives. Please contact our Scarborough Canada bankruptcy trustee office today to arrange for a no-charge initial consultation or for answers to your questions about personal bankruptcy and dealing with financial problems that might lead to bankruptcy. We're here to help!

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Posted on Thursday, July 10, 2008

Posted on Thursday, June 22, 2006

Cars and bankruptcy? (NEW government rules)

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