Is my retirement plan protected if I go bankrupt?It depends on the actual retirement plan documents. Please see your documents for details.
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.
If you are already insolvent, that is you are unable to pay your debts, you should not incur further credit because if you become bankrupt it is considered to be an offence under the Bankruptcy and Insolvency Act, and you may be prosecuted. If you incur debt before you declare bankruptcy, you need to be honest and disclose all information. Dishonest behaviour is fraud and you have a duty to inform your trustee of any change in your financial situation.
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.
Can You Keep Your Car After Filing BankruptcyEach province and territory in Canada allows an exemption for certain assets to be kept by a consumer debtor. In Ontario, you can keep your car if it is valued at $ 5,650.00 or less. If the vehicle is used for business purposes, it is called a “tool of trade” and the exemption doubles to $ 11,300.00. If the vehicle is valued at more than the exempt value, the consumer debtor (i.e. the person who is bankrupt) has options to consider. If you do not wish to keep your car, you can turn it over to the trustee as an asset of your bankruptcy in Ontario. The trustee will sell the vehicle and, after deducting expenses of the sale, will pay to you the lesser of the amount of the exemption or the net proceeds of the sale. If you want to keep your car, you will have to make arrangements with your trustee to pay the bankrupt estate the difference between the value of the vehicle and the amount of the exemption.
If the car is leased, bankruptcy in Ontario generally terminates all contracts between the consumer debtor and third parties. The leasing company will, in most cases under its lease, have the right to repossess the car, sell it and then claim any deficiency balance in the bankrupt estate. However, if the bankrupt is not in arrears, the bankrupt may be able to continue making payments under the lease and keep the lease in good standing. Such payments will depend upon the size of the payments and cash flow. The trustee on behalf of the creditors may object to these payments if they are sizeable in relation to the bankrupt’s income and expenses.
If you are not sure, discuss your concerns with your Trustee.
Contact Rumanek & Company Ltd. for more information. Please fill out the form on the contact us page for additional information and if you would like an evaluation please fill out the Evaluation Form. To learn more please visit our YouTube Channel. Rumanek & Company have been helping individuals and families overcome debt and bankruptcy in Ontario for more than 25 years.
The Registrar in Bankruptcy in Ontario is a court official that sits in a judicial role in the Bankruptcy court on discharge hearings, bankruptcy and insolvency-related motions, and examinations of debtors, creditors, or other parties in relation to insolvency matters. . In some parts of Canada, insolvency lawyers sit as Registrars when required. In others, the Bankruptcy court has a dedicated, full-time Registrar. In Toronto, Ontario there are currently two dedicated case management Masters who perform the role of Registrar full time.
Registrars in Bankruptcy in Ontario were replaced by Masters. The Masters court is an internal division of the Superior Court of Justice.
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.
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