Tag / debt

by peter

Will I Lose My House in a Bankruptcy?

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This is a post that I wrote for the Killen Landau & Associates blog, which seeks to deal with people’s worst fears when dealing with a personal financial disaster.

The fear of losing your home is a powerful one. When their finances go south, many imagine that bankruptcy will leave them homeless. Is this fear justified? Not really, or not in the normal course of a bankruptcy.

Yes, when you go bankrupt, you give control of your assets to a trustee in exchange for getting rid of your debts. This, in theory, could mean that the house gets sold to help pay back the creditors. But in practice this rarely happens, mainly because it is not in the best interests of everyone involved. The trustee has a lot of discretion, which he or she generally uses to safeguard the rights and interests of both the creditors and the debtor. Selling the house outright usually doesn’t achieve this purpose. So what normally happens? . . . Read more.

by peter

Bankruptcy: The Road to Recovery

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It was a perfect storm of personal and professional misfortunes.

Bryan was a successful independent marketing communications consultant, well respected in the business with a good network of friends. But in his late 50s he discovered that he had adult attention deficit disorder (ADD), with a host of problems, ranging from an inability to focus to poor organization skills and depression. After years of laboured compensation for the symptoms, he felt the copying structure he had carefully built begin to fall apart.

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by peter

Surviving the End of the World

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The fear is eating away your stomach lining. You can’t sleep. You can’t concentrate. You feel like a failure in the eyes of the world.

The envelopes of the unopened bills have changed to new ominous colours. The days you could juggle minimum payments between credit cards is coming to an end as you reach your limits.

You stop answering the phone calls for fear of bill collectors . . . and then the phone stops working altogether.

Many people come to Toronto bankruptcy trustees gripped by the worst fear of their lives. They are looking at the end of their world, and who could be complacent in the face of that?

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