Ian Martin

Licensed Insolvency Trustee

Beware the Debt Consultant

Beware the Debt Consultant

You may have heard advertisements for companies who claim to be able to reduce your credit card bills by up to 70%.  Good deal right? What they are referring to is arrangement called a consumer proposal.  With a consumer proposal, your creditors allow you to repay a portion of your debts.  They agree to the arrangement…

What Happens to my RRSP if I File for Personal Bankruptcy?

What Happens to my RRSP if I File for Personal Bankruptcy?

Most people have heard that filing for bankruptcy could mean that they aren’t able to keep all of their assets.  I want to focus today on one specific question:  What happens to my RRSP if I file for bankruptcy? For most people, the answer is that nothing happens.  The bottom line is that most people are…

Tax Refunds and Personal Bankruptcy

Tax Refunds and Personal Bankruptcy

I get asked all the time about whether or not filing for personal bankruptcy means losing tax refunds. Here’s the answer in a nutshell:  you would lose tax refunds related to the calendar year in which you file for bankruptcy, as well as refunds from any earlier years that had not yet been processed by…

What Happens If I Win the Lottery When I Am In Bankruptcy?

What Happens If I Win the Lottery When I Am In Bankruptcy?

Here’s a question I hear almost every day.  What happens if I win the lottery when I am in bankruptcy? The answer is that you don’t get to keep it.  If you are bankrupt it is considered an asset and the trustee has to step in.  Your debts are paid off and you get to keep…

Are Government Overpayments Included in Bankruptcy?

Are Government Overpayments Included in Bankruptcy?

A government overpayment is where the federal or provincial government paid you a benefit, and then they come back later and say that they paid you too much.  And now they want it back. The most common examples are employment insurance, child tax benefit (AKA “baby bonus”) and the GST/HST credit. If you were eligible…