Ten Common Bankruptcy Questions Answered

Information On Bankruptcies

First Published: Fab 11, 2009 ADawnJournal.com

The following article is for information purposes only. It is not intended to render professional and/or legal advice. Bankruptcy is a complex process. If you are having difficulty paying your debts and/or considering bankruptcy, I suggest you contact a Canadian Bankruptcy Trustee licensed by the federal government to discuss your situation. To find a trustee in your area, search on Google or Yahoo using these keywords: Bankruptcy, Trustees, Your Area.

What Is Bankruptcy?
Bankruptcy is a legal process that can provide you relief from unsecured creditors. When you file for bankruptcy, you surrender everything you own to a trustee in bankruptcy. In return, all your unsecured debts are discharged and you get a chance to start a new life.

How Do I Declare Bankruptcy?
A bankruptcy can be filed through a trustee in bankruptcy. A trustee in bankruptcy is a licensed individual to administer the bankruptcy process. The Office of the Superintendent of Bankruptcy (OSB) licenses and regulates trustees.

What Happens To My Debts When I Declare Bankruptcy?
Bankruptcy discharges you from unsecured debts. However, there are some debts that stay.

What Unsecured Debts Go Away?
Here are some examples:

– Payday Loans
– Credit Card Balances
– Unsecured Line of Credits
– Unsecured Personal Loans
– Unpaid Utility Bills
– Retail Store Credit Card Balances

What Debts Are Not Discharged?
Here are some debts that are not discharged:

Alimony Payments and Child Support
Student Loans (various rules and regulations apply, consult a bankruptcy trustee for more info)
Fines and Most Court Ordered Restitution Payments
Certain Government Overpayments
Debts That Arose as A Result of Fraud or Theft

Please note that whether or not a debt is discharged can be complicated. Rules can change anytime as a result of court rulings. Also, The Court has the right to refuse a discharge. Consult a bankruptcy trustee for more information.

What Happens To My Secured Debts?
Secured debts, debts secured by properties or assets, such as mortgages and car loans, are not discharged.

How Long Bankruptcy Lasts In Canada?
In general, your bankruptcy ends when you receive a discharge. Discharge cancels your debts, and it could take minimum nine months to get a discharge. However, bankruptcy court can order to extend your bankruptcy under certain circumstances.

How Long Bankruptcy Stays On My credit Report?
It depends on various factors. In general, it will remain on your credit report for six years. A second bankruptcy will remain on your credit report up to 14 years.

What Can I Keep In Bankruptcy?
You will be able to keep some assets. These are called “Bankruptcy Exemptions.” Bankruptcy is governed by federal law, but The Bankruptcy Exemptions (what you can keep) is legislated by the provinces and territories. In Ontario, you can keep the following:

– Clothing, jewelry etc up to a value of $5,650.00
– Household goods up to a value of $11,300.00
– Tools you use to earn your living up to a value of $11,300.00
– Motor Vehicle up to a value of $5,650.00

Check with your own province or a bankruptcy trustee to find out what you can keep in your province.

Does My Bankruptcy Affect My Spouse?
Contrary to popular belief, it does not affect your spouse. You are responsible for your own debts; your spouse is responsible for her/his debts. However, if your spouse co-signed for a loan or joint on your accounts, she/he may be affected. These issues can be complicated. Consult a bankruptcy trustee for further clarification.

Bonus Question

What Happens To My House When I File For Bankruptcy
If your mortgage is paid off, or if you still have mortgage but you have a lot of equity in your house, you cannot keep your house.

If your home has no or little equity, and you are able to keep up with your mortgage, you may be able to keep your house after filing bankruptcy.

Again, these issues can be complicated. Consult a licensed professional for further clarification.

NB – In Canada, Office of the Superintendent of Bankruptcy (OSB) protects the integrity of the bankruptcy and insolvency system and ensures public confidence in the marketplace. Visit their website for more information.

Family Skiing in New Zealand

Vacations and Holidays in New Zealand

Deciding on the perfect family holiday when you have children in early to late teens can be something of a challenge, with children not yet independent but wanting to spread their wings. One of the best family friendly holidays, and one where parents can relax, knowing that their children are safely occupied, and are enjoying themselves very much, is by booking a skiing holiday in New Zealand.

There are many family ski packages available, both budget and deluxe, which include beginners and advanced ski tuition, with all the equipment that you will need available for hire, package deals for all transport needs, and a variety of different types of family accommodation, from chalet rooms to self- catering apartments.

The New Zealand ski season lasts from about June until November, and both islands have family ski resorts with package deals on offer. Ski areas include The Remarkables Range near Queenstown, offering 220 skiable hectares in a 700 hectare reserve. Coronet Peak is a ski field also close to Queenstown – with easy beginner slopes to more difficult runs, Coronet Peak offers skiing and boarding, equipment hire and a snow sport school.

Cardrona is in the centre of the Southern Alps and offers chalet accommodation for families and great apre ski evening entertainment at the Cardrona Hotel, with shuttles from Wanaka and Queenstown, equipment hire and a snow sport school. Mount Hutt is another option, only 25k from Methven and close to Christchurch, Mount Hutt offers accommodation, from 5 star to backpackers and family apartments, with a nightlife second to none. Mount Hutt offers skiing, boarding and heli skiing, and has a six seater summit chair lift. Whatever your preference for a healthy outdoor family skiing holiday, there will be a resort in New Zealand to suit your needs and style.

Complete package deals including airfares, transfers, accommodation, and ski slope bookings can easily be purchased. Skiing holidays offer the challenge of learning to ski by day. There are also snowboarding options and other snow sport activities that will be guaranteed to challenge the kids and perhaps wear them out a bit. Adult parents can either take up the challenge of skiing, shop at boutique shops or take photos of outstanding scenic views and simply enjoy the breathtaking scenery. With a New Zealand skiing holiday you will get all the relaxation of an out of doors holiday without a lot of travelling, and using the shuttle services. You will enjoy cozy, after ski family style entertainment, with musicians, good café or restaurant meals, enjoy bars, and pubs and quiz nights that will keep the family fully entertained and amused in a nice old-fashioned way. There are ski lessons for everyone, beginners and advanced, easy slopes to practice on, and all equipment is for hire. All that you need to do is to put in some training, so that you can bend ze nees, and you are guaranteed a fun, family holiday that everyone will enjoy, skiing in New Zealand.

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Travelnowsimply.com website (however, I will still hold the domain). I will gradually move all articles from this site to Ahmed Dawn Dot Com site. This article originally published on the above website on Feb 4, 2010.

Singapore Travel Blog: Impressions & Highlights

Singapore Travel Diary (Part 1)

+30 C from -30 C

My transition from -30 C (Canada) to +30 C was felt right away once I entered the airport from the plane. Although there was air conditioning, when I was walking along the glass wall it was clear I had arrived in Singapore.

Immigration was a breeze. The immigration officer only asked one question: How many days would I stay in Singapore? After clearing customs, it was time to look for transportation to reach my hotel.

City Shuttle to Four Points Sheraton

I researched reaching the city hotel taking public transportation before and taking a city shuttle seemed to be the best option for only $9. Once I reached the help desk close to the exit gate, the rep pointed me to the self-service kiosks located next to the help desk. However, she was nice enough to show me how to obtain a ticket from the machine.

I was told to stay close by the help desk, as the City Shuttle driver comes to the help desk to pick up for the next ride. After waiting about 10-15 minutes, the driver came and took me to the shuttle waiting just outside the exit door. To my surprise, I was the only passenger. So for only $9, I had something like a taxi ride.

I had the same thing when I was returning from the hotel to the airport. I booked my return trip with the driver and he picked me up at my hotel. This time I was the only one in the shuttle as well.

Singapore River in Robertson Quay

My hotel was located on the Singapore River in Robertson Quay and I had spectacular views from my room of the river and city skyscrapers. There was a cute white bridge at the river and there were a nice walkway and restaurants there as well. The river stretches a long way and all along you can see stores and eateries. The night scenes were even better due to the reflections of lights on the water.

First Evening in Chinatown

After checking in and showering, I wanted to explore Singapore a little bit because it was only 4:00 PM. Hotel employees mentioned that Chinatown was within walking distance and I decided to walk to to Chinatown after taking some pictures of the white bridge and river surroundings.

Chinatown was bustling and open-air and street food restaurants were full of people. I saw lots of senior citizens hanging out and having good times in Chinatown. At my hotel the dinner buffet was $70, but in Chinatown I picked 7 items (that was a lot of food) and paid only $5.80. The server was surprised when I gave her a tip. I was looking for napkins or tissue, but no one seemed to understand. Finally, one person got me and gave me a tissue pack.

Singapore Travel Blog - Part 2

Exploring The Magnificent World Class City Of Toronto

Toronto Travel Tips

Toronto is the provincial capital of Ontario, home to over 2.5 million people and an amazing place to visit. This article will help you get the most out of your vacation by explaining some of the most popular and well-loved sights in the Toronto area. 

Art And Culture 

Toronto is considered to be the arts capital of Canada. There are numerous musical, theatrical and artistic festivals happening throughout the year. A must visit for any art lover is the ‘Art Gallery Of Ontario’ located in Toronto’s Chinatown area. This impressive gallery houses over 64,000 pieces of contemporary and modern art. Here you can view spectacular pieces up close, from the likes of Andy Warhol, Vincent Van Gough and Pablo Picasso. Special exhibitions are held frequently featuring art from up and coming and established artists – check the museums website for up to date information. 

Toronto Zoo 

A great place to visit on a family day out is the Toronto Zoo. Since opening in 1974 this zoo has grown in size and popularity to become one of the world’s largest zoo’s. Not only is it a fun place to view over 16,000 different species of animals from around the globe, it also is educational experience. There is a special ‘Splash Island’ water park area where you can cool down on a hot summers day whilst learning about wildlife and geography. There are great discounts rates available on family tickets, just make sure you book in advance to save yourself some cash! 

Sports 

If you love sports then you are in for a treat, Toronto practices almost every sport under the sun. With the city currently representing home teams in 5 major league sports, including: baseball, soccer, football, hockey and basketball. You can go and watch a real life game in the huge Rogers Centre, a multi-purpose built sports stadium. Formerly known as the dome, this stadium can hold over 65,000 sports fans . It also puts on exclusive concerts from famous musicians, and in the past musical greats such as Madonna, The Rolling Stones and AC/DC have all performed here. 

The Toronto Waterfront 

Take in the amazing skyline from Toronto’s famous waterfront, located on the shores of the massive Lake Ontario this is a must see for anyone visiting the city of Toronto. The waterfront spans a huge 46 kilometres, but there a several specific places of interest along this shore. The first being downtown Toronto waterfront, here you can get a postcard perfect photograph of Toronto’s skyscrapers. To get the best view it is recommend to go on a tourist boat trip just before sunset. Another place of interest is the beautiful Scarborough Bluffs. These are 
stunning limestone cliffs which tower over the lakes below – a beauty to behold. 
So take your pick for any of the activities above, but don’t forget Toronto has so much more to offer including fine dining experiences, up-market fashion districts, amazing botanical parks and gardens as well as vibrant nightlife. Have a great trip!

To streamline and minimize blog maintenance, I will be discontinuing maintaining the Travelnowsimply.com website (however, I will still hold the domain). I will gradually move all articles from this site to Entrepreneur Journey site. This article originally published on the above website on Feb 25, 2010.

$100 BANK NSF FEE?

Banks Can Charge As Much NSF Fees As They Want

I wrote an article about how banks are charging ridiculous NSF fees. This article became very popular and generated lots of traffic. Recently, after reading this article, one reader wanted to know if there is a maximum allowable NSF fee banks can charge. I could not answer this question because I did not know the answer by myself. So I wanted to find an answer and I ended up calling Financial Consumer Agency of Canada (FCAC).

FCAC is a federal government regulatory agency that ensures financial institutions comply with federal consumer protection laws and regulations. On Thursday I called them to find out if there is limit on how much banks can charge NFS Fee. I was totally blown away by their answers. NSF Fees have no limits. In simple words, In Canada, banks can charge as much NSF fees as they want. What it means? If banks keep increasing NSF fees every year, there is nothing you can do. Remember those days when NFS fees were like $10 or $15? Well, in the future, don’t be surprised if you get hit by $100 NSF fee. It may not happen in a couple of years or so; however; the way banks keep increasing NSF Fees, I would not be surprised if it reaches $100 someday. Right now, NFS fees are still below $50, but this may not last too long. What you can do not to pay NSF fees? Find your answers here: Banks Are Charging Ridiculous NSF Fees