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Bankruptcy Expert: KPMG
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KPMG
115 King Street South
WaterlooOntarioN2J 5A3GEO:
43.462454,
-80.521559
Phone: 519-747-8242
Michael J HansonBankruptcy Expert
Here is why they are an Expert
KPMG Waterloo has assisted local companies and individuals work through their financial difficulties for more than 30 years. We have a wealth of experience in both corporate restructuring and insolvency and personal insolvency (debt repayment plans, cash management, consumer proposals and bankruptcy). With three trustees and six staff based in Waterloo, complimented with regional and national resources, we will help you evaluate your situation, explain what options are available and recommend a solution that meets your personal circumstances.
Tips of the month
- Who is a Trustee in Bankruptcy?
A Trustee is an individual or a corporation licensed by the government to conduct the bankruptcy process. A Trustee is not a lawyer. You can ask for advice about certain bankruptcy matters but you are not a "client" of the Trustee.
A Trustee is paid by the bankrupt and from the assets of the estate. If there are no available assets, the Trustee looks to the bankrupt for payment of fees and costs. An estimate of fees and costs can be given only after reviewing your file. The Bankruptcy and Insolvency Act sets out the Trustee's fees for both a summary administration and a consumer proposal.
Who does the Trustee work for?
The Trustee is chosen by the bankrupt. However, the Trustee remains an officer of the Court, with an obligation to look after the creditors' rights and to investigate the affairs of the bankrupt as required. The Trustee also ensures that the rights of the bankrupt, as defined by the Bankruptcy and Insolvency Act, are not abused. The Trustee's primary duties are:
o review your situation and counsel you on the alternatives available
o administer the proposal, or liquidate your non-exempt assets and turn them into cash for distribution to creditors
o administer the bankrupt estate or proposal from beginning to end according to the Bankruptcy and Insolvency Act
- Ten Warning Signs of Financial Trouble
-Is your bank account consistently overdrawn?
-Do you make only the minimum monthly payments on your credit cards or take money from one credit card to pay off another credit card?
-Have you applied for more than two credit cards in the last year?
-Are you juggling your monthly bill payments?
-Have you applied for a debt consolidation?
-Are you spending more than 20% of your net monthly income on consumer debt payments (excluding mortgage/rent payments)?
-Do you have trouble imagining your life without credit?
-Are you worrying about money?
-Are you and your partner arguing about money?
-Do you not have any savings?
Free Initial Consultation
We will meet with you to help you make the right choice. We can assist you with:
-Debt repayment strategies
-Collection agencies
-Flexible payment arrangements
-Threat of legal action
-Wage garnishees
-Proposals to creditors
-Credit card debt
-Income tax debt
-Personal, business or consumer bankruptcy
Most recently answered questions
- Do I lose everything if I declare bankruptcy in Ontario?
Ontario law allows a bankrupt to retain:
- Household furniture up to $11,300
-Personal effects up to $5,650
-Tools of the trade up to $11,300
-A vehicle valued up to $5,600
-Certain pensions, life insurance policies and RSPs
This will be discussed in detail at your initial consultation.
What about my credit rating?
Usually, once your level of debt becomes so great that bankruptcy is required, your credit rating is poor in any event. Your ability to obtain and use credit after discharge depends on convincing lenders of your personal financial maturity. Your credit rating can only improve after bankruptcy
What is personal bankruptcy?
Personal bankruptcy is a legal process designed to relieve an honest debtor of their debt burden. While you are in bankruptcy no creditor can garnishee your wages or initiate any other collection action against you; although you must continue paying secured creditors (e.g. the mortgage on a house, or a car loan) unless you wish that secured creditor to take back the asset.
What is a Consumer proposal?
The Bankruptcy and Insolvency Act offers an alternative to bankruptcy. You can make a consumer proposal, based on your circumstances, to your creditors. For example, you may ask the creditors to reduce amounts owing to them or request more time to pay the amounts due. Specific terms can be discussed with your Trustee or Administrator.
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