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LOOKING FOR BANKRUPTCY ADVICE IN TORONTO?

If you find yourself looking for bankruptcy advice in Toronto, turn to Harris & Partners Inc. We’re passionate about helping our clients stay informed of their rights and ways to enhance their finances. Browse our blog to see just a few topics that might help you better understand what you can do to protect yourself. If you have any questions, please call the office nearest you.

  • 12/12/2018
    What To Do If You Lose Your Job and Have No Money

    Recently there has been a lot of media coverage about the potential closing of the GM plant in Oshawa and the effect this will have on the workforce. We know that the union is working hard to stop the closure of the GM plant and ensure that everyone is treated fairly if the GM plant […]

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  • 05/12/2018
    How to know you have too much debt and need help

    Living with debt can become a way of life—if you’re not careful.

    Think of debt like a hurricane. At first, you know you’re in trouble, and you try to weather the storm, doing whatever necessary to survive. When you go numb to the effects of debt, it’s like walking into the eye of the storm. Everything is calm, and you think you’re okay. But in reality, you’re right in the thick of it, and more trouble is coming.

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  • 22/11/2018
    Can I Keep My House and Car if I Go Bankrupt in Ontario?

    There is no easy answer to this question; it really depends on a lot of different factors, such as how much you owe, how much of your house you own and if it has significant equity. The same is also true of your vehicle – if the value of your car is less than a […]

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  • 12/11/2018
    Why Is Debt So Dangerous?

    There was once a couple who made a lot of combined income. Both the husband and wife were doctors, and with such a large income all their financial concerns should have been over.

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  • 29/10/2018
    How to Rebuild Your Credit After a Consumer Proposal or Bankruptcy

    The first step in rebuilding, is making sure that the Credit bureaus are reporting correctly.  This is not something the Licensed Insolvency Trustee can do for you, so we strongly urge debtors to take this step

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  • 15/10/2018
    What Does a Garnishee Order Mean in Canada?

    If you have stopped paying your creditors, they can apply to the court to obtain something called a judgment order against you, which could lead to a garnishment. This is a legal process whereby a creditor requires a third party (i.e. your employer or bank) to turn over to the creditor a portion of your […]

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  • 29/09/2018
    How to File for Bankruptcy in Ontario

    Filing a Personal or Corporate Bankruptcy in Canada requires a Licensed Insolvency Trustee like Harris & Partners Inc., you can make a free consultation by filing out a form below or calling 1.800.268.8093. Do not be fooled by people offering this service that are non-licensed, they will take a fee from you and refer you to a Licensed Insolvency Trustee.

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  • 23/09/2018
    6 Strategies to Help You Pay Down Your Debt Faster

    Debts that at first appear manageable can creep up slowly and steadily before you realize you are in over your head.

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  • 29/08/2018
    How to improve a credit score in Canada?

    An extremely common question amongst our clients and those interested is how to improve your credit score. First, before improving it, it is important to review your situation and decide whether the best way to improve the score is by starting fresh through a Consumer Proposal or Personal Bankruptcy.

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  • 28/08/2018
    How to consolidate your debt

    People often wonder, how can I consolidate my debt so I don’t pay such high interest. There are a few ways to accomplish this. The first option for a person to consolidate their debt, and the option that most people think of initially is a consolidation loan or a line of credit. This is basically taking all your debt (Credit Cards, Pay day Loans, etc.) and putting them all under one umbrella, while continuing to pay 100% of the debt plus interest.

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  • 27/08/2018
    Can a collection agency take you to court?

    When you don’t pay your bills for a period of time, the credit card companies or banks often pass along your debt to a collection agency. Most people are aware how nasty these agencies can be, but the question is, how much power do they have?

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  • 13/08/2018
    COPING WITH CORPORATE INSOLVENCY IN TORONTO

    In the early 90s, most major photography companies assumed photographic film would remain a photography staple forever. Almost no one, including major film company Kodak, recognized the rising threat of digital film in time to respond effectively. However, this new film medium almost replaced traditional film within a few years, leading Kodak to file for Chapter 11 bankruptcy protection in January 2012 after several difficult years.

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  • 07/08/2018
    HOW TO HOLD THE MOST SUCCESSFUL GARAGE SALE ON THE BLOCK

    After rent, groceries, gasoline, and a quick trip to the movies, you discover that you have little more than nothing in your bank account. You need a little extra cash, but you have a lot of extra stuff, so the solution’s simple. You need to hold a garage sale.

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  • 24/07/2018
    LEASING A CAR IS NOT NECESSARILY CHEAPER THAN FINANCING

    For many consumers, deciding whether to lease or finance a vehicle depends on a number of personal and financial factors. Both methods enable you to acquire a vehicle for a period, with car leasing requiring less payment upfront. Leasing allows you to use the vehicle for a contracted period of time in accordance with certain stipulations, while financing allows you to put payments towards the principal of the vehicle, in order to ultimately own it. Lease payments are often significantly lower per month than financing payments, but you should be extremely cautious about the long-term effects of a lease before deciding to sign the contract.

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  • 17/07/2018
    HIGHLIGHTING THE IMPORTANCE OF FINANCIAL LITERACY FOR CANADA’S YOUTH

    In Canada, most young people are not getting the financial literacy training they need. They are ill-equipped to make their way in the modern financial world. Yet, everyone needs to learn how to make effective decisions about money most places they go and on a daily basis. Throughout life, we all need to learn how to earn, save, invest, spend, borrow, give, lend and generally manage money. Learning economic principles will help our youth make better personal financial decisions and help them as citizens understand and make better choices about critical issues facing the nation.

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  • 03/07/2018
    Understanding Debt Servicing Costs

    After many years of tackling high-deficit spending, federal and provincial governments are dealing with hundreds of billions of accumulated government debt. Since the 2008 recession, the national debt has increased $150 billion and the provinces added a further $217 billion, reported in the Globe and Mail on May 12, 2015.

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  • 26/06/2018
    DOING AWAY WITH THE GOOD DEBT MINDSET

    Mortgages, investment loans, and student loans are viewed by many as “good debt.” These debts have historically had positive returns associated with them, as they build your wealth, which then helps to improve your lifestyle. There is never a guarantee, however, that history repeats itself. There are many pitfalls with these debts that we commonly overlook because of the prospect of favourable returns. This was The Globe and Mail’s finding on May 10, 2015, in “There’s No Such Thing As Good Debt.

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  • 05/06/2018
    Tips on How to Manage Your Student Debt and Loans

    While post-secondary students often aren’t certain about the career path they want to take, many know they want to attend a particular college or university and that a Canada Student Loan can help fund their education. Being accepted for admission into a program of choice isn’t easy but getting a Canada Student Loan the first time is through the Ontario Student Assistance Program (OSAP). The general requirements for eligibility entail being a Canadian citizen, a permanent resident of Canada or designated as a protected person, meeting the full-time or part-time enrolment requirements at an approved school, demonstrating financial need and passing a credit check if you are 22 or older. Getting a student loan the first time easily makes higher education accessible. The question is how to manage the repayment costs. Various suggestions are provided here.

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  • 29/05/2018
    Is Downsizing Right for You?

    It is common to consider downsizing as a plan that suits your long-term needs. If you are approaching retirement or already in retirement, the question of downsizing may be something you have considered. If you are experiencing financial stress, downsizing may help you to meet your expenses more comfortably. If you having financial difficulties, a Toronto licensed insolvency trustee at Harris & Partners Inc. is available to help you consider your options.

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  • 22/05/2018
    I’ve gone bankrupt, can I get OSAP? Student loans and bankruptcy Q&A.

    In this post we will provide you answers to frequently asked questions regarding student loans and bankruptcy.

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  • 17/05/2018
    What is a Consumer Proposal?

    No one wants to declare bankruptcy. Bankruptcy means a huge hit to your credit score, and you risk losing vital assets such as your house. Before you begin the process of filing for bankruptcy, consider whether or not you are eligible to submit a consumer proposal.

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  • 03/05/2018
    NFL CELEBRITIES: BANKRUPTCY CAN HAPPEN TO ANYONE

    Success in the National Football League is no protection from the risk of bankruptcy. A new working paper released by the U.S. National Bureau of Economic Research found that nearly 16 percent of NFL players drafted between 1996 and 2003 were bankrupt within 12 years of retirement. Initial bankruptcy filings tended to occur soon after players retired from the NFL and continued spending at a substantial rate through the first dozen years of retirement. The study also showed that bankruptcy rates are not affected by a player’s total earnings or career length.

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  • 09/04/2018
    WHAT’S BEST? BANKRUPTCY OR DEBT CONSOLIDATION IN THE GREATER TORONTO AREA

    After you’ve reworked your budget, cut back on unnecessary expenses, and done everything else you can to bring your personal finances under control, sometimes your only option is to take more extreme measures. Getting out of debt is difficult, but when you’re down to the wire it can be hard to know if filing for bankruptcy or debt consolidation is the right path for you. There also may be other alternatives which can only be understood through an appointment with a federally licensed trustee in bankruptcy.

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  • 02/04/2018
    AVOID PERSONAL BANKRUPTCY: WEIGH YOUR OPTIONS OF PAYING WITH CREDIT, DEBIT, OR CASH

    There are a few different options for paying for goods and services in Canada. Many of us wonder whether it is best to pay with credit, debit, or cash. The payment option you choose will depend on your preferences and your financial situation, including whether you are struggling with debt. At Harris & Partners Inc., Trustee in Bankruptcy in Toronto, Ontario, and surrounding areas, we bring you the options, benefits, and drawbacks, all discussed here.

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  • 01/04/2018
    VACATIONING ON A BUDGET (SUMMER IS JUST AROUND THE CORNER!)

    For people with budget constraints, a full-blown vacation is probably out of reach. Luckily, Toronto residents have the option to take shorter vacations on weekends and day trips. Use these vacation ideas below to relieve the drudgery of everyday life without breaking the bank.

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  • 26/03/2018
    When Can the Collection Agencies Call You?

    Have you received a call from a collection agency at an odd time of day?  Are they constantly leaving you recorded messages?  Are they calling you at work or calling your employer or your family?  If any of these are happening to you then you will be interested to know your rights about being contacted […]

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  • 22/03/2018
    Are You Considering a Pay Day Loan?

    Did you know that payday loan interest rates can be 400% per year or more? Unfortunately, a lot of clients that we have met with have got themselves in pretty deep with the dreaded payday loans. If you find yourself running back and forth between pay day loan companies on pay day please give us […]

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  • 16/03/2018
    Credit Card Lures and Drawbacks

    Credit cards are a very popular and useful payment method in Canada but they can also lead you down the path of debt. Credit cards have been heavily advertised and marketed in Canada since being introduced in 1950 and it was not until 1970 that mass mailings or unsolicited credit cards were outlawed and replaced with mailings for credit applications. Now, anyone can apply for a credit card or a store credit card but approval depends on your credit history.

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  • 06/03/2018
    START REBUILDING YOUR CREDIT NOW: TIPS AND TRICKS

    While bankruptcy and consumer proposals can release you from the pressure and worry of creditors and debt, your journey is not over. Now that your papers are filed, you need to start rebuilding your credit. While your first bankruptcy will remain on your credit report for seven years, and a consumer proposal for three, there are many things you can do in the meantime.

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  • 28/02/2018
    Can I own a vehicle in trust, while bankrupt?

    This is an interesting question that I was asked by a debtor recently. She has a disable daughter that requires a vehicle to provide special mobility services. When buying the car, she used her daughter’s money that she had earned through grants, work, gifts and savings. Due to insurance restrictions, the mother had to be […]

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  • 14/02/2018
    Buying, trading, selling your car? Read this first.

    I have been to many new and used car dealerships and even with my substantial background in finance and debt, I remain surprised at the financial mirage that some salespeople use to make a bad deal seem okay.

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  • 01/02/2018
    How to Fund your Education at a Low Cost

    Choosing a future career is the first major decision most Canadians face when they reach early adulthood. Like most students, if you are pursuing your studies you may require some financial assistance, even if you plan to work while in school. The increasing costs of education and the study demands of your program can make it difficult to balance your studies while working. While you may be able to obtain a scholarship or bursary, working during your degree or diploma is often the only way to fund your way to graduation. Your funding strategy should address your personal financial situation, possible family assistance, scholarship programs, and government assistance programs for education.

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  • 25/01/2018
    The Benefits and Drawbacks of Debit Cards

    Many people use a debit card when they pay for goods and services. Introduced in Canada in 1994, debit has already surpassed cash as the preferred payment method. A debit card is linked to your bank account through the Interac system and used like currency. Debit is accepted by many merchants because the processing fee associated with the Interac system is lower than that of credit cards.

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  • 18/01/2018
    How to Save Money on Your Car Insurance

    Few drivers review their automobile insurance policy annually to ensure they are getting a competitive rate. It takes some extra time, but reading up on insurance and getting a competitive quote at renewal time may help you save money easily. Some ideas are outlined here to help you save money on car insurance.

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  • 11/01/2018
    Tips on How to Save Money for Your Business

    Any savvy corporation wants to make more money than it spends. However, the reality is that the business world is extremely competitive, profit margins in almost every traditional business are at an all-time low and it’s an ongoing struggle to keep corporate expenses under control.

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  • 23/10/2017
    FCPA Designation in Ontario – Featuring Jay Harris

    In October 2017, CPA Ontario awarded Fellow recognition to Jay Harris of Harris & Partners Inc. First obtaining his CA designation in 1984, Jay has helped grow the company from three offices to its current eleven, serving KitchenerOshawaMarkham, and more locations across Southern Ontario.

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  • 20/09/2017
    Understanding Personal Bankruptcy and Consumer Proposals

    Today’s credit-focused culture has made it almost the norm to owe money on a regular basis. Common thinking is that there is not much

    cause for concern if you are making your payments each month. The trouble lies in falling behind on the money you owe to the point that it accumulates beyond being affordable and you become trampled by your debt.

    If you find yourself missing several payments in a row—whether on your mortgage, car loan, personal loan, or credit card—it is
    important to speak with a Licensed Insolvency Trustee (a “LIT”). Doing so will help you to choose a viable debt solution that suits your personal situation.

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  • 14/08/2017
    How Labour Law Changes Will Affect the Job Market and Personal Debt

    Many changes to Ontario’s labour and employment laws have recently been announced by Kathleen Wynne’s Liberal government.

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  • 10/08/2017
    ​New Partnerships and Protections for Canadian Homeowners

    According to the Canadian Real Estate Association, the average house price in Ontario in 2016 was $709,825, with an average mortgage payment of $2,927. The required income to buy an “average” 2016 home in Toronto was $128,746.

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  • 07/08/2017
    Credit Unions can no longer call themselves Banks

    The Office of the Superintendent of Financial Institutions (OSFI) recently announced that the rules of the Bank Act will now apply to all non-bank financial service providers, including credit unions and unregulated financial service providers.

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  • 04/08/2017
    Richmond Hill Brokerage Fined for Mishandling Trusts – Featuring Kyle Harris

    The Toronto Star reports that a Richmond Hill real estate brokerage has been fined $250,000 for mishandling its trust accounts.

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  • 25/07/2017
    Why it’s Difficult to Land a Job and How This Affects Personal Debt

    We have arguably never lived in a more competitive society when it comes to landing well-paying jobs. Nor has the amount of education and experience required for some of these jobs ever been so demanding. A major component of this phenomenon is constant technological improvements and the rise of the tech sector generally.

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  • 18/07/2017
    Attention homeowners: Bank of Canada announces rate hike

    Have a mortgage? If so, you may be affected by the Bank of Canada’s recently announced raise in lending rates.

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  • 17/07/2017
    ​It Can Happen to Anyone: Livan Hernandez Files for Bankruptcy

    The Miami Herald reports that Miami Marlins pitcher Livan Hernandez has filed for bankruptcy.

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  • 14/07/2017
    The Rising Cost of Housing: Consider Bankruptcy as an Option in Ontario

    Simply paying exacerbated rates to have a decent home has come to interfere with Canadians’ ability to cover other basic costs of living. In addition to not even allowing any wiggle room for expenses anywhere beyond the scope of necessities, it can seem nearly impossible to avoid debt and then, more certainly, to pay off that debt over time.

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  • 03/07/2017
    New Policies on the Housing Market and How Rent Controls May Affect Budgeting & Debt

    Everyone should be aware by now of the huge increase in demand in Ontario’s (and particularly, Toronto’s) housing market over the years, and particularly in the past year.

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  • 28/06/2017
    Average Household Debt Is Rising in Canada

    Average household debt in our country from coast to coast is growing significantly. Getting a loan has become the norm for most Canadians, and while it helps the economy, we have arguably begun to borrow at the risk of our own financial stability. 

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  • 22/06/2017
    Will Your Dropping Hydro Rates Reduce Your Household Expenses?

    If you are like most others living in Ontario, you have probably groaned to your neighbour or friend about your hydro bill on multiple occasions. If you live in even a modest-sized home, you may be facing hydro bills in the range of $150-$300 per month, amounting to thousands of dollars over the course of the year.

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  • 12/06/2017
    Why are Bankruptcy Trustees Now Called Licensed Insolvency Trustees?

    Trustees in bankruptcy/bankruptcy trustees across Ontario and Canada recently had their name changed. They began being legally referred to as Licensed Insolvency Trustees (“LITs”) instead. While the change may seem insignificant to some, the implications have greater depth. The following questions most plaguing consumers were compiled to help explain the reasoning better.

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  • 09/06/2017
    ​A New Focus on Trended Data Will Affect How Your Credit Score is Calculated

    Credit bureaus TransUnion and Equifax have recently announced that they will be implementing new methodologies in assessing credit score, to be implemented later this year.

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