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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    have other options besides Bankruptcy Frequently asked questions about BANKRUPTCY Frequently asked questions about PROPOSALS Frequently Asked Questions Video EVENING AND WEEKEND APPOINTMENTS AVAILABLE OFFICE LOCATIONS London Kitchener Waterloo St Thomas Chatham Windsor Welcome to ADAMSON ASSOCIATES NEED A FRESH START Bankruptcy trustee Consumer proposal administrator Credit counselling debt help Serving London Kitchener Waterloo St Thomas Chatham Feeling overwhelmed about your financial future and want a fresh start You are not alone in your battle with debt and it doesn t have to ruin your life No need to feel uneasy about sharing your story with us We understand that credit card debt mortgages and loans or changes in family situation and employment can all lead to financial challenges At Adamson Associates we care about the people in our communities and we are passionate about finding you a solution to your unique financial situation Throughout our 20 years working to resolve debt issues through credit counselling consumer proposals and bankruptcy we have had the privilege of helping thousands Let us help you and discuss your options for a fresh start Let us help you and discuss your options for a fresh start Having a debt problem can be scary but getting the wrong advice about how to solve it can be even scarier Having a financial problem can be very stressful and for many people there is a feeling of failure and embarrassment It is these reasons that people don t talk about their financial problems The matter gets even more complicated because many accountants lawyers and advisors are not aware of what options exist for people with money problems Few people truly understand what bankruptcy is or what services a trustee in bankruptcy can provide At Adamson Associates Inc we have built a solid reputation as an Ontario trustee in bankruptcy and consumer proposal administrator We provide our clients with the best in professional bankruptcy and insolvency services We understand that bankruptcy can be a troubling and confusing time for most people so we strive to provide our clients with information every step of the way to reduce their stress levels and anxiety about the future With many years dealing with bankruptcy cases in Ontario we have had the privilege of helping many people through this tough ordeal If you are having financial problems and are considering bankruptcy please call us for help The reality is that people are scared by the word bankruptcy and because of that people are reluctant to call a trustee in bankruptcy to seek help However if you look back in time to say the seventies the word divorce was also a horrible word Sure divorce may not be pretty but it is accepted and is talked about today It also happens to be a major cause of personal bankruptcy That being said people don t talk about their bankruptcy but they sure do talk about their divorce Most people will do almost anything to avoid bankruptcy They sometimes turn to family friends or

    Original URL path: http://www.adamsontrustee.com/ (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    to seek the advice of a bankruptcy professional who can present you with other options like a consumer proposal Sometimes while attempting to avoid bankruptcy people unknowingly worsen their financial situation by taking on high interest rate loans in the hopes of paying off current debts This proves to be a short term solution and only replaces one debt with another This is where Adamson Associates can advise you of your best course of action in choosing either an Informal Proposal a Consumer Proposal or a Division 1 Proposal in order to work your way to financial solvency Continue reading as we explain the three types of proposals in further detail Should you wish to discuss this with John Adamson contact us for a free no obligation consultation at 310 JOHN through LIVE CHAT or use our on line request to set up a no obligation appointment at your convenience TYPES OF PROPOSALS INFORMAL CONSUMER PROPOSAL DIVISION 1 PROPOSAL What is an Informal Proposal An Informal Proposal is the only type of Proposal that you do not need to work with a Trustee in Bankruptcy for You make a written offer to your creditors to pay some amount less than the full value of the debt This type of creditor proposal usually does not work because there is no Stay of Proceedings that stops the creditors from taking collection action legal action or garnishment of wages What is a Consumer Proposal A consumer proposal a legal proceeding administered under and governed by The Bankruptcy and Insolvency Act BIA which is a highly effective tool that only licensed Trustees in Bankruptcy use as an alternative to bankruptcy The Trustee will negotiate a reduction of your debt and a debt repayment plan that the bankruptcy Court your creditors and you agree to To qualify to file a consumer proposal you must meet the following Your debts must be between 1 000 and 250 000 not including mortgages on principal residence You must be insolvent i e your debts exceed your asset values and You must be an individual that resides in or carries on business in Canada What is a Division 1 Proposal A Division 1 Proposal a legal proceeding administered under and governed by The Bankruptcy and Insolvency Act BIA which is a highly effective tool that only licensed Trustees in Bankruptcy use as an alternative to bankruptcy This proposal can be filed by an individual or a corporation This is not a recommended course of action for an individual if they qualify to use a consumer proposal Under this option if you default on your proposal terms or if the creditors vote against the proposal you are automatically deemed bankrupt To qualify to file a Division 1 proposal you must meet the following Your debts must exceed 250 000 You must be insolvent i e your debts exceed your asset values and You must be an individual or a corporation that resides in or carries on business in Canada THE

    Original URL path: http://www.adamsontrustee.com/consumer_proposals.php (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    a personal financial statement listing all of your assets and debts as well as a budget or cash flow statement showing what you can afford to pay As well a Trustee s Report on the Proposal shows the creditors what they would get under a bankruptcy versus proposal scenario 4 Signing of proposal documents by client Signing of proposal documents After signing the Proposal documents the Trustee will send copies of the proposal and reports to each creditor asking the creditors to accept or reject the proposal 5 Trustee files documents with OSB and creditors which imposes the Stay of Proceedings The Trustee Discharge Stay of Proceedings is imposed immediately upon the Trustee filing documents with the creditors In order for the consumer proposal to be approved creditors having at least 50 1 of the total amount of the debt must accept the proposal For a Division 1 Proposal 66 7 of the total dollar value of the debts plus 50 plus 1 of the total number of eligible creditors must accept the proposal The Division 1 Proposal must then be approved by the court 6 Creditors have 45 days to accept the proposal Creditors in a consumer proposal have 45 days to either 1 accept the proposal as filed 2 request a creditors meeting to gather more information or 3 reject the proposal as filed 7 If accepted you begin fulfilling your obligations and making your payments to the Trustee who in turn divides the payments amongst the creditors Fulfilling Your Obligations You MUST fulfill your obligations under the terms of the proposal Should you default on your payments for more than 3 months your proposal is deemed annulled and your creditors have the right to continue their collection activities legal proceedings or garnishment against you At this point many people will choose to go bankrupt for relief from their creditors 8 If not accepted a meeting of creditors is called to renegotiate an acceptable compromise of your debts Meeting of Creditors We view this required meeting of creditors as an additional opportunity to speak to your creditors and get them onside Many times once creditors get more information regarding what they are entitled to in a bankruptcy versus what they will get in a proposal they will be more willing to negotiate acceptable proposal terms with the Trustee 9 Certificate of Full Performance Certificate of Full Performance Once you have complied with the terms of the proposal the proposal is fully performed The Trustee with provide you with a Certificate of Full Performance which serves as your discharge After this you are completely released of any obligations to the creditors Counselling People often are worried about counselling and what to expect Our counselling is usually done in our office and we provide this service on an individualized basis Although the BIA states that we can provide the service in groups of up to 10 people at a time we respect your desire to keep your situation as private

    Original URL path: http://www.adamsontrustee.com/proposal_steps.php (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    creditors that your proposal will offer the creditors more money than they would expect to receive under a bankruptcy scenario will likely result in your proposal being successful Will I lose my job for filing a proposal An employee may not be dismissed for making a consumer proposal If you are bonded handle cash or are a broker a proposal may be a better alternative to bankruptcy Will I lose my tax refunds Unlike a bankruptcy tax refunds are not property available for distribution to creditors in a proposal What happens if I am renting when I file a proposal If you are planning on moving out of your apartment the landlord would become a creditor in your proposal if you owe any back rent If you are not planning on moving out you will be instructed to pay your back rent as soon as possible or your landlord can evict you for non payment of rent However your landlord can not evict you simply because you have filed a proposal Can my utilities be disconnected If you have any unpaid utilities such as telephone gas electricity or water these companies cannot disconnect your service because you filed a proposal However the service company has the right to deny future credit and could ask for cash or certified payments Can I keep my personal possessions Your proposal only deals with unsecured creditors therefore you keep all your assets If you have pledged any assets as collateral against debt it makes that debt secured and you are responsible to continue your payments if you are choosing to keep the asset FAQs About Bankruptcy How do I file for bankruptcy Only a licensed Trustee in Bankruptcy can assist you through the bankruptcy process Can a bankruptcy stop garnishments and creditor calls Rules in the Bankruptcy and Insolvency Act impose a stay of proceedings that will stop creditors from continuing any action against a person who is bankrupt including garnishments and creditor calls What is the cost to go personally bankrupt There is a set fee schedule that all Trustees must follow outlined in the Bankruptcy and Insolvency Act The basic fee for a first time bankrupt is 1 800 If you are a repeat bankrupt the basic fee is 2 000 There are situations where the cost may be higher than the base fee One situation may be if your monthly income is higher than what the government feels is necessary for the size of your family This is called surplus income A portion of your surplus income must be paid to the Trustee on top of the base fee which is then paid to your creditors Another situation may be if you have assets such as property that needs to be sold in your bankruptcy The profit on selling the property would be paid to the Trustee for payment to the creditors In most cases your fee can be paid in monthly payments over the term of your bankruptcy Do I

    Original URL path: http://www.adamsontrustee.com/faq.php (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    Money Management Teen Money Management Informative Videos About Us Our Team Why chose Adamson Associates Meet John Adamson Meet our Team Tools and Calculators Locations Contact Us London St Thomas Kitchener Waterloo Chatham Windsor STOP Creditor Calls Wage Garnishment Threatening Letters Payday Loans KNOW YOUR OPTIONS And keep your house and car START FRESH Debt Free Stress Free FREE CONSULTATIONS Just call 310 JOHN And your debt worries will be gone We can help you avoid bankruptcy KNOW YOUR OPTIONS CONSUMER PROPOSAL VS BANKRUPTCY Consumer Proposal Bankruptcy Must be less than 250 000 in debt excluding mortgage on personal residence No limit on the size of debt load Available only to individuals Available to individuals or companies Settlement offer must be more generous than the creditors would receive in a bankruptcy Payments based on a household income and b value of realizable assets 2 mandatory counseling sessions must be attended during the Consumer Proposal the first within 60 days the second within 210 days 2 mandatory counseling sessions must be attended during the Bankruptcy the first within 60 days the second within 210 days Not Applicable Monthly income and expense statements required Tax refunds go to the debtor Tax refunds for calendar year turned over to creditors Not applicable GST refunds turned over to creditors Proposal can be 1 5 years Paying down the proposal earlier is recommended and welcomed Period of bankruptcy varies depending on first time or multiple bankruptcies If three payments are missed then the Consumer Proposal is considered annulled the protection is immediately lifted and the creditors have the legal right to pursue the amounts owing to them Bankruptcy payments are required to be completed in full before a discharge is issued by the Trustee Paying down Proposal earlier is the ideal solution no penalties no

    Original URL path: http://www.adamsontrustee.com/proposal_vs_bankruptcy.php (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    Get the Facts Credit Ratings Reports Scores Counselling Gambling Help Payday Loans Post Secondary Money Management Teen Money Management Informative Videos About Us Our Team Why chose Adamson Associates Meet John Adamson Meet our Team Tools and Calculators Locations Contact Us London St Thomas Kitchener Waterloo Chatham Windsor STOP Creditor Calls Wage Garnishment Threatening Letters Payday Loans KNOW YOUR OPTIONS And keep your house and car START FRESH Debt Free

    Original URL path: http://www.adamsontrustee.com/videos.php (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    assets to increase the payment available to your creditors subject to certain Federal and Provincial legislation Some of the more common assets and how they are dealt with in the bankruptcy are as follows assets Exempt from seizure from the Trustee Employer Pension Plans RRSPs if registered with a life insurance company Self directed RRSP contributed over 12 months ago if registered with a non life insurance company or bank Life insurance policies if named beneficiary is spouse child parent grandchild common law opposite sex spouse or common law same sex partner Personal effects such as clothing to a maximum exemption amount of 5 650 per family Household furniture to a maximum exemption amount of 11 300 per family Tools of the trade used to earn income to a maximum exemption amount of 11 300 Automobile maximum of one unencumbered vehicle to a maximum value of 5 650 assets Available to your Trustee for seizure RESP s government grant portion is not available to the Trustee Stocks and bonds Canada Savings Bonds and publicly traded shares House equity on your personal residence Recreational equipment including but not limited to boats trailers and snowmobiles Self directed RRSP contributions made in the 12 month period prior to bankruptcy YOUR RESPONSIBILITIES IN YOUR BANKRUPTCY Once you meet with John Adamson or your Estate Manager at Adamson Associates and have reviewed the options of debt counselling consumer proposal and bankruptcy you will need to decide if filing for bankruptcy is your best option If so you will have certain responsibilities during the process Provide your Trustee with a complete picture of your financial situation including a list of all your assets debts and creditors Sign your bankruptcy documents at our office Turn in all your credit cards to your Trustee Keep our office up to date on all changes to your personal and family status including contact information address and employment status Attend two financial counselling sessions at our office More information on the financial counselling requirement is provided below Make payments to the Trustee as discussed in your initial meetings Submit monthly income and expense reports to the Trustee Assist by providing additional information to the Trustee as required related to assets that may need to be sold during your bankruptcy in order to repay your debt obligations Tips in Avoiding Bankruptcy TRUSTEE S RESPONSIBILITY IN YOUR BANKRUPTCY Your Trustee in Bankruptcy has certain responsibilities during your bankruptcy as well Adamson Associates will assist you in completing all necessary bankruptcy forms and file documents with the Office of the Superintendent of Bankruptcy Additional responsibilities are listed below Act as an intermediary between you and your unsecured creditors Administer and manage disbursement if any to your creditors Notify all your creditors of your bankruptcy status Attend any creditors meeting or Bankruptcy Court proceedings with you should they apply Provide you with two credit counselling sessions File and forward a Trustee s Report to all of your creditors regarding your discharge application Provide an Order

    Original URL path: http://www.adamsontrustee.com/bankruptcy.php (2016-05-01)
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  • Ontario Bankruptcy Trustees - Kitchener, Waterloo, London, Windsor Bankruptcy Lawyers - Personal & Commercial Financial Credit Counseling - Adamson & Associates - 310John
    receiving of the Certificate of Appointment Upon filing the bankruptcy most legal proceedings that deal with property matters are stayed or stopped preventing those creditors from continuing their action against you Similarly any creditor s who are garnishing your wages or who are threatening to do so will be stayed preventing them from garnisheeing your wages bank accounts etc Those annoying telephone calls from creditor or from collection agencies are also stayed and therefore creditors or the agencies must stop calling you If they don t stop calling you you let us know and we will deal with the creditor or collection agency However there are some debts such as child or spousal support as an example that are not stayed General Administration First Meeting of Creditors 25 of proven creditors requesting First Meeting of Creditors Generally a meeting of creditors is not necessary but there may be instances where such a meeting will be held Creditors or the Official Receiver may request one or if the Bankruptcy is being administered as an Ordinary administration as explained above If a meeting of creditors is called you must attend at this meeting The purpose of the meeting is to affirm the trustee s appointment and provide directions to the Trustee regarding administration of the estate Meetings of Creditors are not common in summary administration bankruptcies If a meeting is required we acting as Trustee are required to provide a report about your assets and liabilities and creditors may ask you related questions They may also give directions to the Trustee with reference to the administration of the estate Duties of the Bankrupt Trustee s Report Section 170 8 Months AUTOMATIC DISCHARGE 1st bankruptcy with no surplus income 9 Months AUTOMATIC DISCHARGE 1st bankruptcy with surplus income 21 Months AUTOMATIC DISCHARGE 2nd bankruptcy with no surplus income 24 Months AUTOMATIC DISCHARGE 2nd bankruptcy with surplus income 9 Months ABSOLUTE DISCHARGE Court Ordered SUSPENDED DISCHARGE Court Ordered CONDITIONAL DISCHARGE Court Ordered REFUSED DISCHARGE Court Ordered TRUSTEE DISCHARGE Court Ordered The Trustee Discharge Upon completing the administration of the bankruptcy a Trustee must prepare a document known as the Final Statement of Receipts and Disbursements Schedule This Statement will show the receipts money collected through realization of assets tax refunds and monthly payments and disbursements money paid for fees disbursements and dividends to the creditors It will also include notes outlining the status of all of the assets as well as the status of the individual s discharge A copy of this document must be filed with the Superintendent of Bankruptcy and will be sent to the individual who filed bankruptcy and all of their proven creditors Once all of the applicable disbursements have been made and all cheques have cleared the trust account the Trustee will close the bankruptcy estate s trust account and will seek a discharge from the bankruptcy estate It s important to note that if the Trustee obtains a discharge but the individual person who filed bankruptcy fails to

    Original URL path: http://www.adamsontrustee.com/bankruptcy_steps.php (2016-05-01)
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