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Recent Bankruptcy Questions:
I have a pretty good paying job but need to go bankrupt for a 2nd time based on the size of my debts. Is this my best option?
I met a gentleman this morning who makes a good income but is having troubles keeping up with his debts. Based on the new rules that have just come in to place, a 2nd time bankrupt is now bankrupt for a minimum of 24 months and could be more like 36 months depending on your net monthly income. As my client's income is above the government threshold for a family of 1, he has a surplus payment to the Trustee that will last for 36 months.
After doing the calculations, it made much more sense for him to file a consumer proposal for many reasons. He can reduce his monthly payment to the Trustee because we can stretch a consumer proposal over a period of 60 months if need be; he doesn't have to monitor his monthly income and report it to the Trustee; and those 5 pay months (he gets paid weekly) won't cost him extra, leaving him an opportunity to either catch up on some other bills or double up on a proposal payment shortening the term of the proposal. He then asked how this will affect his credit rating and I explained that a 2nd bankruptcy is reported for 14 years on your credit bureau as opposed to a consumer proposal which will show for 3 years from completion of the proposal.
He was thrilled and we proceeded with filling out an application to have him sign sooner than later so he can stop those annoying calls and relieve some of the stress he has been under lately.
Filing bankruptcy in Hamilton may not be the correct option for everyone, so please call our Hamilton office at 905-777-0770 or 310-PLAN, or e-mail us, and we will arrange for a no charge initial consultation to review your options.Labels: bankruptcy Hamilton
 I don't typically post on this blog, but with the news about the bankruptcy of the Phoenix Coyotes hockey team and their possible move to Ontario, perhaps to Hamilton, I thought some comments were in order.
First, my name is Douglas Hoyes; I'm a chartered accountant, and co-founder of Hoyes, Michalos & Associates Inc., one of Ontario's largest personal insolvency firms. I deal with personal bankruptcy matters every day, so even though the Phoenix Coyotes are a hockey team, not a person, their situation is very familiar to that faced by numerous residents of Hamilton, and Ontario, and Canada today.
They have too much debt, and not enough income to service that debt. They have filed Chapter 11 bankruptcy, which is a way to restructure. In Canada we call that a proposal; people do consumer proposals all the time. In a consumer proposal we contact your creditors and work out a plan where you repay some of your debt, over a period of time.
The Phoenix Coyotes are attempting to do the same: reduce their debt. The difference between a Hamilton resident filing a consumer proposal and what the hockey team is doing is that in the United States, a judge is involved. The judge has the power to sell assets, and that's where it gets interesting.
Apparently Jim Balsillie, co-founder of RIM, the Blackberry makers, wants to buy the team and move it to Hamilton, or somewhere else in Ontario. NHL Commissioner Gary Bettman doesn't want the team moved, because that would be an admission that hockey isn't viable in the desert. Mr. Balsillie has been trying to buy an NHL team for a while, but he's been blocked by Bettman. Now, if the court approves the sale, there may not be anything Bettman can do about it.
In Canada, the bankruptcy process is designed to give people a fresh start. The Phoenix Coyotes obviously need a fresh start, so I applaud Mr. Balsillie for using the bankruptcy process to accomplish that objective. Whether or not he succeeds, it will be interesting to watch.
And if you are reading this and feeling like a Coyote, with more debt than you can handle, give us a call at 310-PLAN, or in Hamilton at 905-777-0770, or e-mail us, and one of our associates would be pleased to walk you through your options.Labels: bankruptcy, Phoenix Coyotes
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