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

Posted on Wednesday, February 24, 2010

Bankruptcy and the house

Question: I am currently separated and our divorce should go through any time. We still own a house together. He lives in it with our sons and I live in an apartment. There is no equity in the house since there is a large mortgage and with the drop in house prices. We recently had a real estate agent tell us the value.

I am considering bankruptcy. I have old debts that I just can't seem to keep on top of.

Will we lose the house?

I also absolutely need a car to get to my job due to the location. I have a leased car. Will bankruptcy effect my lease? I have not missed a payment on my car.

Thank you

Answer: If you file bankruptcy in Scarborough, or in fact if you file personal bankruptcy in Canada, you are permitted to keep your leased car, provided you continue to make your lease payments.

You can also keep your house, provided you continue to make the payments on your mortgage.

A bankruptcy trustee can provide you with more information.

Labels: bankruptcy Canada, bankruptcy Scarborough

Posted on Thursday, July 10, 2008

New Bankruptcy Scarborough Rules

New Bankruptcy Rules in Effect Starting July 7, 2008

Two 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.

Labels: bankruptcy Scarborough

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 Wednesday, February 24, 2010

Bankruptcy and the house

Posted on Thursday, July 10, 2008

New Bankruptcy Scarborough Rules

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