Finding A Suitable Ontario Bankruptcy Trustee [mortgagefraud101.blogspot.com]
Officials have shut down an international commuter tunnel connecting Detroit with Windsor, Ontario, as authorities investigate a bomb threat. The Detroit-Windsor Tunnel has reopened after a bomb threat phoned in to Canadian authorities led to the ... Bills, few options mean bankruptcy for CA city
This video explains what assets are exempt when declaring bankruptcy in Ontario. For further information, please contact your nearest MNP Ltd. Trustee. www.mnpdebt.ca
mortgagefraud101.blogspot.com Exempt assets when filing for bankruptcy in Ontario
The earliest literature available on bankruptcy was from the Romans. The word Bankrupt is derived from the Latin words Bancus referring to a traders counter and Ruptus means broken. A trader who was unable to settle his debts when they fall due used to have his counter broken to signify that he was bankrupt. Bankruptcy as we know it today had its origins in Britain. It was set up to assist creditors. If the debtor was unable to settle his debts as they fell due, the creditor was allowed to seize the debtors property and have him imprisoned.
Bankruptcy proceedings allow a debtor to have a fresh start in life. Its usually a relief after years of struggling to pay unending financial debt. Many people are in financial distress because of a multiplicity of factors including business failure, divorce, addictive habits such as gambling, substance abuse, impulse spending among many other factors. The successful execution of the bankruptcy process leaves the debtor free from all eligible debts within a period of nine months.
The debtor is discharged from all financial obligations incurred before filing for bankruptcy apart from court fines, property obtained through false pretences, alimony, court awards for crimes such as sexual assault and outstanding student loans.
One needs to consult a bankruptcy trustee to file for bankruptcy in ontaio. To qualify for such a remedy one needs to be technically insolvent according to the law. A person is insolvent if he/she owes at least $ 1000 and is unable to make scheduled payments as they fall due. Bankruptcy trustees are licensed by the superintendent of bankruptcy for purposes of administering bankruptcies and managing the assets of a debtor. They are professional qualified debt consultants.
Apart from handling bankruptcies, the consultant also helps the debtor to draw up consumer proposals, assists in budgeting, debt counseling and offers refinancing options. The first meeting between the debtor and the trustee is usually free of charge. After evaluating the debtors financial situation, the trustee will recommend a suitable course of action to get the debtor out of the financial crisis.
A debtor needs to exercise caution when selecting a bankruptcy trustee. It is important to ensure that the trustee is licensed by the superintendent of bankruptcy. The government conducts an elaborate vetting process before issuing a license to practice as a bankruptcy trustee. This is the only way one can be sure that you are dealing with a credible professional, qualified to advice on debt management.
A licensed bankruptcy trustee is also subject to a stringent code of ethics. The code of ethics, developed by the office of the superintendent of bankruptcy, ensures that all trustees conform to a specified standard in executing their duties and responsibilities. Contravening the code of ethics attracts serious penalties. The superintendents office also provides for a mediation mechanism where the debtor can file a complaint if treated unfairly by the trustee.
Select a bankruptcy trustee who has significant experience in dealing with bankruptcies. Its also advisable to read independent reviews from people who have dealt with the trustee before making your selection. Performing your own due diligence may save you from a costly mistake. Find More Finding A Suitable Ontario Bankruptcy Trustee Articles
Question by Blue Jays Fan: Is Legal Aid Ontario Secured against Bankruptcy? I have claimed bankruptcy, but still keep getting letters from Legal Aid Ontario. Do I still have to pay them, or are they included in my bankruptcy? Best answer for Is Legal Aid Ontario Secured against Bankruptcy?:
Answer by mister ed
only the court papers will tell you that!!!
2 comments:
Awesome post. I have actually been looking for some information on what to look for when looking for someone to help you with bankruptcy. I really appreciate it, keep up the great work.
Mia | Exelby & Partners
Hi!Thanks for sharing it with us....really needed.As an experienced New Jersey bankruptcy attorney, I understand that financial problems can happen to good families who work hard, and am dedicated to helping people save their homes and get back on their feet by offering solutions, not just a “quick fix.”NJ Bankruptcy Attorney
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