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Here are your options to deal with debt
Debt Management Plan (DMP) Consumer Proposal Bankruptcy What’s the difference? A DMP is a voluntary agreement with some or all of your creditors that often includes interest relief and the payment of your debts over time. A consumer proposal is a legal process designed to relieve honest but unfortunate debtors of their debts. A proposal is an offer to your creditors to pay all or some of what you owe them over a specific period of time. If the proposal is accepted, and once all the terms of the proposal are met, you are legally released from the debts included in the proposal. Bankruptcy is a legal process designed…
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What is the Cost of a Middle Class Lifestyle in Toronto? (Updated Feb 2023)
Photo credit: Zia Syed on Unsplash TL;DR A traditional middle class lifestyle assumes: (1) two spouses and a child and the ability to finance that child’s education; (2) home and vehicle ownership; (3) the ability to save for retirement. In Toronto, the aforementioned lifestyle would require an after-tax income of $145,804 per year. INTRODUCTION What are the hallmarks of a middle class lifestyle? And how much does a household residing in Toronto have to earn to be considered middle class? First, let’s define “Toronto”. “Toronto” means the City of Toronto. I’m not including the satellite cities in the Greater Toronto Area such as Mississauga, Oakville, Brampton, etc. This is…
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Who is the Best Licensed Insolvency Trustee in Toronto?
“Who is the best Licensed Insolvency Trustee in Toronto?” If you came across this blog post after entering this search query into Google, you’re not alone. This is one of the most obvious questions to ask when seeking the services of a Toronto Licensed Insolvency Trustee. To answer this question, let us review some important factors you should take into consideration when choosing the best Trustee for you: Obtaining a Professional Referral Many lawyers and accountants are acquainted with Trustees and are usually familiar with what Trustees do and how they operate. Therefore, if you have a lawyer or accountant, he or she can refer you to a reputable Trustee.…
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Bankruptcy and surplus income (Video)
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Bankruptcy Lawyer or Bankruptcy Trustee – What’s the Difference?
You probably came across this blog post because you were looking for a solution for your debt problems and Googled “Toronto Bankruptcy Lawyer”. When someone is contemplating filing for personal bankruptcy, the first thing that comes to mind is to find a bankruptcy lawyer. What’s often surprising to discover is that in Canada, a bankruptcy lawyer cannot actually file a bankruptcy for his client – only a bankruptcy trustee can do this. So What is A Bankruptcy Trustee? A trustee in bankruptcy is a person licensed by the Office of the Superintendent of Bankruptcy (OSB) to file and administer bankruptcy and proposal estates. An officer of the Court, the trustee…
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Bankruptcy and surplus income (Video)
