Comments on: Misinformation about Bankruptcy. http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/ Fri, 22 Aug 2008 02:13:45 +0000 http://wordpress.org/?v=1.5.2 Comment on Misinformation about Bankruptcy. by: Barry http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/#comment-44310 Tue, 18 Sep 2007 21:19:36 +0000 http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/#comment-44310 I was discharged from bankruptcy in october 2001.This was because of divorse.Again in 2006 because of very bad financial situation i had no choice but to file a consumer proposal.Please give me information on how step by step i can again have good credit .I understand that i must be patient.I just want to get my life back in order.Thankyou I was discharged from bankruptcy in october 2001.This was because of divorse.Again in 2006 because of very bad financial situation i had no choice but to file a consumer proposal.Please give me information on how step by step i can again have good credit .I understand that i must be patient.I just want to get my life back in order.Thankyou

]]> Comment on Misinformation about Bankruptcy. by: Jim http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/#comment-33917 Mon, 30 Apr 2007 19:12:50 +0000 http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/#comment-33917 I declared bankruptcy in 2004. I was discharged in Feb 205 and the Trustee was discharded in Sept 2005. I have been in a dispute with CRA since 2002 over my 2002 taxes. In Jan 2007 CRA agreed with me and I was provided a refund. CRA sent the refund to the Trustee in error. The Trustee has refused to forward the refund to me claiming it is a Pre-Bankruptcy asset. CRA rules dictate that all refunds go to the client if both the client and the trustee have been discharged. 1. Can the Trustee claim this refund after they have been discharged? 2. Under what authority can they claim the refund? Thanks, Jim I declared bankruptcy in 2004. I was discharged in Feb 205 and the Trustee was discharded in Sept 2005. I have been in a dispute with CRA since 2002 over my 2002 taxes. In Jan 2007 CRA agreed with me and I was provided a refund. CRA sent the refund to the Trustee in error. The Trustee has refused to forward the refund to me claiming it is a Pre-Bankruptcy asset.
CRA rules dictate that all refunds go to the client if both the client and the trustee have been discharged.

1. Can the Trustee claim this refund after they have been discharged?
2. Under what authority can they claim the refund?

Thanks,

Jim

]]> Comment on Misinformation about Bankruptcy. by: Gregory Best, Trustee in Bankruptcy http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/#comment-2681 Wed, 10 May 2006 23:54:30 +0000 http://www.bankruptcycanada.com/blog/misinformation-about-bankruptcy/#comment-2681 I too was concerned about this article. I do not believe it presented a balanced review of options available to individuals in financial difficulty. I share many of the concerns which have already been presented here. In addition, I believe the following facts should be pointed out. Informal arrangements with creditors are fraught with difficulties and can lead to further complications if not done properly. A Trustee in Bankruptcy is the only professional that can ensure an individual receives protection from their creditors while formulating their repayment plan. Consumer Proposals can be made to secured creditors, as well as unsecured creditors. There is no minimum amount that must be offered such as the twenty percent that is suggested in the article. The creditors must simply be better off in the proposal than they would be in a bankruptcy. Although a Consumer Proposal is reflected on your credit report for three years from completion, the majority of Consumer Proposals I have handled have been fulfilled in much less than the five years suggested in the article. Therefore, an individual’s credit report may be cleaned up sooner than if they continued to make minimum monthly payments. Consumer Proposals, once approved, are binding on all creditors, not just those that consented to the proposal. I too was concerned about this article. I do not believe it presented a balanced review of options available to individuals in financial difficulty.

I share many of the concerns which have already been presented here. In addition, I believe the following facts should be pointed out.

Informal arrangements with creditors are fraught with difficulties and can lead to further complications if not done properly. A Trustee in Bankruptcy is the only professional that can ensure an individual receives protection from their creditors while formulating their repayment plan.

Consumer Proposals can be made to secured creditors, as well as unsecured creditors. There is no minimum amount that must be offered such as the twenty percent that is suggested in the article. The creditors must simply be better off in the proposal than they would be in a bankruptcy.

Although a Consumer Proposal is reflected on your credit report for three years from completion, the majority of Consumer Proposals I have handled have been fulfilled in much less than the five years suggested in the article. Therefore, an individual’s credit report may be cleaned up sooner than if they continued to make minimum monthly payments.

Consumer Proposals, once approved, are binding on all creditors, not just those that consented to the proposal.

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