Corporate Bankruptcy Archives - Page 11 of 38

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Before your discharge from bankruptcy, you are permitted to lease or purchase assets, as long as the finance company is aware of your bankruptcy (if leasing), or that you are using your exempt income as calculated by the trustee (if purchasing). However, in general it is best to refrain from purchasing new assets until your discharge, as the trustee may consider them after-acquired assets available to the estate for realization.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Or please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

Do I have to list all my debts?

Posted on March 1, 2015April 29, 2016 by Jordan Rumanek

Do I have to list all my debts?

Yes, it is very important to list all of your debts in a bankruptcy. Here are some reasons why:

Bankruptcy is a very powerful remedy, but the law which gives you protection also requires that all creditors be included. It’s a give and take.
Since all creditors are subject to the Stay of Proceedings, leaving some creditors out of the process (whether relatives or “just one credit card”) is granting those creditors collection privileges that are not available to the others unless they obtain court approval (using credit during bankruptcy is generally not permitted).
If you change your mind about that debt in the future, you may be liable to repay the entire amount.
The purpose of bankruptcy is to obtain a fresh start. Unless all debts are included, a fresh start is much more difficult.
Of course, if you feel that your circumstances warrant not including a particular debt, discuss this with your trustee. He or she will help find a solution to your dilemma.

Contact Rumanek & Company Ltd. for more information on bankruptcy and debt solutions. Please fill out the free bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

What assets am I allowed to keep when Bankrupt?

Posted on March 1, 2015February 17, 2020 by Jordan Rumanek

What assets am I allowed to keep when Bankrupt?

The property exempt from seizure is set by the provinces and territories as follows. In Ontario, the following assets are exempt and cannot be seized by a trustee:

1. Household Furniture valued to a maximum of $11,300.00

2. Person Possessions (clothing etc.) to a maximum value of $5,650.00

3. Tools of Trade to a maximum value of $11,300.00

4. A car or truck to a maximum value of $5,650.00

5. Certain life insurance policies and pensions

6. Farmers tools to a maximum of $28,300.00

Please note that if you are self-employed your car or truck can sometimes also be considered as a Tool of Trade, which increases their exemption from $5,650.00 to $11,300.00. It is also possible to keep two vehicles – the first vehicle exempt, as a personal vehicle, the second exempt as a business vehicle.

Contact Rumanek & Company Ltd. for more information on bankruptcy in Ontario and debt solutions. Please fill out the bankruptcy evaluation form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt for more than 25 years.

What is bankruptcy?

Posted on March 1, 2015April 16, 2016 by Jordan Rumanek

What is bankruptcy?

Bankruptcy: a person legally declares themselves or their business unable to pay outstanding debts. Depending upon the type of bankruptcy filed, a debtor meets with a judge to determine a payment schedule, or have a legal bankruptcy discharge most debts. Businesses may also declare bankruptcy which either means the business will close or the business will continue to operate with reduced payments to debtors.

Act of Bankruptcy: an act committed by a debtor as defined under the Bankruptcy and Insolvency Act. One of the most common is if a debtor ceases to meet his liabilities generally as they become due. A creditor with a minimum claim of $1000 may file a petition for a receiving order if the debtor has committed such an act within the six months preceding the filing of the petition.

Bankruptcy and Insolvency Act (BIA): a federal statute governing bankruptcy and insolvency in Canada which is applicable to all provinces and territories.

Category: Corporate Bankruptcy

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

Do I have to list all my debts?

Do I have to list all my debts?

What assets am I allowed to keep when Bankrupt?

What assets am I allowed to keep when Bankrupt?

What is bankruptcy?

What is bankruptcy?

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When can I purchase a car or acquire other assets such as a boat, home, etc. after bankruptcy?

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<img decoding="async" class="alignright size-full wp-image-4321" src="https://b2015488.smushcdn.com/2015488/wp-content/uploads/2013/12/bankruptcy.jpg?lossy=1&strip=1&webp=1" alt="What assets am I allowed to keep when I go Bankrupt" width="150" height="150" />

What assets am I allowed to keep when Bankrupt?

What is bankruptcy?

Get Started Now

Schedule Your

Do I have to list all my debts?