Bankruptcy

The board is all about tips and guidelines about bankruptcy.

When people come to Richard Killen & Associates for bankruptcy or debt relief services, we don't sit in judgment. It wouldn't be fair anyway, because most people are their own harshest critics. These people come to us at one of the worst times of their lives, when their worlds seem to be crashing around them.

As the cold weather descends, Canadians are faced with their annual challenge of how to stay warm without breaking the bank - especially as the cost to heat homes rises. | Bankruptcy

The last people you want to meet when going through a bankruptcy in Ontario is your creditors, right? You know, the people who have been sending you notices, phoning you non-stop, garnisheeing your wages and generally making your life difficult.

Many people believe that declaring bankruptcy is a sign of financial mismanagement, this is not always the case. Here are the top 5 reasons for bankruptcy.

Are we just fooling ourselves.? Sure you're carrying a balance month to month on your credit card, have car payment and a substantial mortgage on your house. But this is normal, right?

Practically nobody wants to do a bankruptcy so it's no wonder that consumer proposals in Toronto have become so popular in the personal insolvency business.

There is a lot of information on the internet about personal insolvency solutions however there are many factors to consider and it’s not always black and white

These 5 basic steps will help you set sensible and attainable goals towards living debt free and securing financial freedom.

Make your first step to debt relief through debt consolidation in Toronto and Richard Killen & Associates can help you find the best solution for you.

Fear of the tax man may be justified. As a creditor he has super collection powers that ensure that most people don't have a smile on their face when they receive a notice from the Canadian Revenue Agency (CRA).

If that comes about, one of the concerns you may have is what will happen to your retirement savings and your pension? Well, generally speaking, you have nothing to worry about. Though the legal process can get a little complicated, for the most part nothing will happen to your RRSPs, RIF, LIF, especially your government pension or company pension.

Becoming a licensed personal bankruptcy trustee in Scarborough, or anywhere in Canada, will certainly not be quick and easy. If you are interested in pursuing this career path, you can look for more comprehensive information in the websites of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) or the Office of the Superintendent of Bankruptcy (OSB).

Dealing with debt on your own is never a good idea. Consumer debt aid is always available. All you need to do is seek the help and guidance of a certified debt counselor.

No, we're not pulling your leg. With court costs, filing fees and trustee services, it can cost between $1,500 and $2,500 to go bankrupt. The financial plight of some people can be so severe that it may seem on the face of things that they cannot afford to go bankrupt.

Before you file for bankruptcy or a consumer proposal in Toronto, a licensed personal bankruptcy trustee will first need to make an assessment of your financial situation. This initial consultation is usually a free service and will help you decide whether filing for bankruptcy is right for you or another debt repayment option is the better course of action.

Even when faced with the likelihood of having to do a bankruptcy or a consumer proposal, most people who own their own place would prefer not to lose it. It's fair to say that in a consumer proposal you only give up your assets if you want to. The thing is, in a consumer proposal you will be offering your creditors money, usually through a monthly payment plan, to compensate them in a better way than a bankruptcy. Your assets will remain "off the table", so to speak.

When you fall behind in your debt payments and creditors and agencies start calling, simply answering the phone can be an ordeal, especially if it’s never happened to you before. So call Richard Killen & Associates today for a free, no commitment consultation at our office nearest you. We have offices across the GTA. Call 888-545-5365. Or visit us online at killen.ca. It may be the most stress-relieving call you ever make.

So the consumer proposal that you've filed in Ontario will soon be presented to your creditors. You've worked with a bankruptcy trustee, such as Richard Killen & Associates, to come up with a reasonable payment plan for your debts They helped you fill out the necessary forms and filed them for you with the Official Receiver.

We all know about the big buys that do damage to our bank accounts: homes, cars, vacations, etc. But equally insidious are the small regular purchases that we don’t really notice but add up over time, whether it’s expensive designer coffee or unused gym memberships. Here are five things you can do without, or with less of, to plump up the pocketbook.

Many Toronto residents wonder how they can stop the collection calls from debt collectors. This post talks about what collection agencies can and cannot do.

What will stop the lawsuits and wage garnishees? some ask. A bankruptcy immediately stops anyone from suing or garnisheeing you, even the CRA. Only Family Responsibility Office Garnishees aren’t stopped.

Contact Richard Killen and Associates, a Bankruptcy Trustee in Mississauga providing debt relief services like debt counseling and personal bankruptcy.

The bankruptcy and proposal business is going to have a new player - at least it will appear that way. Since 1920 Trustees have had the title “Trustee in Bankruptcy”. Effective April 1st, 2016, Trustees are going to have a new name. We will be called “Licensed Insolvency Trustees”.