Tag - Seizure

October 2017

May 2017

Which solution to pick

Choosing the right solution for you: consumer proposals vs. bankruptcy

If you are deep in debt, you are probably looking for a solution to solve your financial troubles. But how do you choose between a consumer proposal and bankruptcy? The role of the Licensed Insolvency Trustee Let’s start by making one thing clear: consumer proposals and bankruptcy are two legitimate solutions to solve debt problems. Choosing between these solutions is a personal decision that falls to the debtor. But to make an informed decision, debtors can rely on Licensed Insolvency Trustees (LIT). The LIT’s job is to assess debtor’s financial situation. They must then fully inform the debtor about each processand their benefits, and the differences between them. The LIT cannot impose the solution of their choice. The debtor must always make [...]

March 2016

6 ways to avoid a car repossession

6 Ways to Avoid Car Repossession

Your car payment was due yesterday and you missed it. You didn’t make last month’s payment either. Maybe you’re having temporary financial difficulties. Maybe you had to deal with an unexpected expense. No matter the reason, now you’re afraid of receiving a visit from a bailiff at any moment. You want to avoid a car repossession at any cost. Here are some tips to help you keep your car. Note: this post was updated on March 26, 2018. (more…)

August 2015

May 2015

bankruptcy can help you

7 Ways Bankruptcy Can Help You

Bankruptcy has got a bad reputation. As a trustee, I notice that money problems are still a taboo nowadays. The fear of going bankrupt leads many people to avoid meeting with a trustee. Yet bankruptcy is a perfectly legitimate solution to get out of debt. Each year, between 60,000 and 65,000 Canadians find out that bankruptcy may actually be of help. (more…)

April 2015

Income tax debt recovery canada revenue agency revenu quebec

Income tax debt, recovery options, interests and penalties

As a Licensed Insolvency Trustee, year after year I see firsthand how much income tax debt come to represent a heavy burden for many Quebeckers and Ontarians. Furthermore, given the firm determination displayed by the Canada Revenue Agency (CRA) and Revenu Québec to recover the money they are entitled to, such debt may cause a considerable stress. Righteously, since the CRA and Revenu Québec have several means to get repaid. (more…)

March 2015

trustees in bankruptcy change lives

Trustee in bankruptcy : a depressing profession?

“It must be quite depressing to be a trustee in bankruptcy!” Such is a comment I often get when I say that I work in the field of insolvency and debt counselling. People who make such a remark are obviously picturing depressed people unable to settle their debt sitting in my office. Yet, on the contrary, the truth is that the profession of trustee in bankruptcy is extremely gratifying! (more…)

January 2015

property-exempt-from-seizure-bill-28

Property exempt from seizure — current situation and upcoming changes

Section 67 of the Bankruptcy and Insolvency Act (BIA) specifies that all property of the bankrupt at the date of the bankruptcy, wherever situated, is part of the property divisible among his creditors. The same applies to the property that the bankrupt may acquire, or be devolved on, between the dates of the bankruptcy and of the discharge. (more…)

September 2014

garnishment and seizure

Garnishments or Seizures

Many people who request our services are confronted with various forms of garnishments, and therefore ask us to provide suggestions that may help them in these matters. Let us have a look at the mechanisms governing the main forms of garnishments (salary, bank account and personal property) and consider some solutions to get by. Salary garnishment A salary garnishment begins with a request to the Court by a creditor against someone who is indebted to him. If a judgement is obtained, the creditor will be authorized to seize a part of the debtor’s salary to be determined according to criteria such as the debtor’s income and the number of people he is responsible for. In Québec, the portion available for garnishment corresponds [...]