Government Amends Insolvency Legislation relating to RRSPs and Student Loans (July 2008)

RRSP Change

Money in a RRSP, RIF or a deferred profit sharing plan will no longer be available for distribution among a bankrupt’s creditors.  Any contributions made in the 12 months before the date of the bankruptcy are subject to a claw back.  Where provincial legislation exempts RRSPs from execution, the provincial legislation will apply.

Student Loan Debt

The amendments reduce the period of time from ten to seven years that a student must wait after ceasing to be a full or part-time student before a discharge order will release a student loan debt or obligation.  The “hardship provision” which allows for an application to have student loans discharged can now be made after 5 years.

For more information on these and other legislation changes click on the link below.

http://www.boalewood.ca/index.php?option=com_content&task=view&id=57&Itemid=2

Insolvency Legislation Amendments Come into Force (July 2008)

The Government of Canada has finally amended certain portions of the Bankruptcy and Insolvency Act (the “BIA”) as well as introducing the Wage Earner Protection Program Act (the “WEPP”) and has made other amendments to legislation relating to Student Loans and RRSPs etc. The General Rules relevant to the BIA amendments that were brought into force have also been amended. For more information on these amendments, please click on the link below.

http://www.boalewood.ca/index.php?option=com_content&task=view&id=57&Itemid=2

Sxip Identity Corporation – in Bankruptcy (July 2008)

Sxip Identity Corporation made an assignment in bankruptcy on July 28, 2008. The creditor package  can be obtained by clicking on the link below.  For further information on this bankruptcy, please contact Stephen Boale at sboale@boalewood.ca or John McEown at jmceown@boalewood.ca or call either of them at (604) 605-3335.

http://www.boalewood.ca/index.php?option=com_content&task=view&id=56&Itemid=41

Bankruptcy Notice – Power Packaging Inc.

Notice of Auction for all remaining assets of Power Packaging Inc

Delta based plastic packaging manufacturer.

More information including catalog and pictures can be seen here:

5 Things to Improve your Credit Score

Here are five things that you can use to raise credit score.

1. Correct obvious mistakes.

Your credit score is what shows up in your credit report. Review your reports from all three credit bureaus for accuracy once a year as well as several months before applying for a loan.  hanging a mistake on your report can take 30 days to three  onths, or more. Get Your credit report from the three major Bureaus: Experian, Trans Union and Equifax.

2. Pay Your Bills On Time

Your payment history makes up 35% of your total credit score.  Your recent payment history will carry much more weight than what happened five years ago.

Missing just one payment on anything can knock 50 to 100 points off of your credit score.

Paying your bills on time is the best way to get started rebuilding your credit rating and raising your credit score.

3. Reduce your credit card balances.

A heavily weighted factor in your FICO score is how much money you owe on your credit cards relative to your total credit limit. Generally, it’s good to keep your balances at or below 25 percent of your credit card limits.

4. Don’t Close Old Accounts

In the past people were told to close old accounts they weren’t using. But with today’s current scoring methods that could actually hurt your credit score.

Closing old or paid off credit accounts lowers the total credit available to you and makes any balances you have appear larger in credit score calculations. Closing your oldest accounts can actually shorten the length of your credit history and to a lender it makes you less credit worthy.

If you are trying to minimize identity theft and it’s worth the peace of mind for you to close your old or paid off accounts, the good news is it will only lower you score a minimal amount. But just by keeping those old accounts open you can raise credit score for you.

5. Avoid Bankruptcy

Bankruptcy is the single worst thing you can do to your credit score. Bankruptcy will lower your credit score by 200 points or more and is very difficult to come back from.

Once your credit score falls below 620, any loan you get will be far more expensive. A bankruptcy on your credit record is reported for up to 10 years.

The reality of a bankruptcy is it will limit you to high-interest lenders that will squeeze out high interest rate
payments from you for years.

It is better to get credit counseling to help you with your bills and avoid bankruptcy at all costs. By getting credit counseling instead of declaring bankruptcy you can raise credit score over a much shorter period of time.

An Insolvency Consultant Can Provide You Tips And Techniques To Avoid Bankruptcy

It is not uncommon for people to find that they need to live from one paycheck to the next and often it means that they are so strapped for cash as to not have enough money to live a normal life. One possible solution is consolidating debts though often even this alternative to bankruptcy can be refused by creditors which mean you need to find some other surefire means of avoiding bankruptcy.

Credit Counseling

You need to get in touch with an insolvency consultant who will provide you with the required credit counseling with regard to your poor finances and also give you much needed advice on management of debts in the process of avoiding bankruptcy. The vast majority of people that come to an insolvency consultant will need an honest opinion about how to overcome their debt ridden situation and how to tackle the problem without needing to file bankruptcy,

There could be a number of different reasons why people find them involved in debt problems such as being unemployed, losing their job, and being ill and even having a breakdown in relationships or a marital breakup or even credit card debt. The best person to consult for all of these problems and more would no doubt is the insolvency consultant who can provide the right tips and show you the techniques to use that can teach you how to reduce your debts and thus be able to live life freely once more.

There are problems associated with being in debt and these include having poor health and the family may be adversely affected while the future would look very bleak as well. Thus, you need a professional who will help you out and there is perhaps no better person than an insolvency consultant who will take away the stress and help you manage your debts and who will also make initial assessments and outline the course of action that you should take.

All that is often required to avert bankruptcy is knowing how to manage your debt in an organized manner and that is where the insolvency consultant helps out who will discuss the pros as well as cons of each solution for managing your debt and also will provide proper counseling with regard to debt relief so as to help you make a decision that fits your needs.

The insolvency consultant would also advise you to contact creditors to explain your position, make you aware of credit counseling services, help you with consolidating your loans, and teach you about home equity loans and maybe even make an informal proposal and lead you away from filing bankruptcy, which in fact, should be the last alternative.

If you need an insolvency consultant see the professionals at Boale, Wood and Company the Bankruptcy Vancouver firm

Find Out How To Get Your Bankruptcy in Canada Needs Fixed

There are certain aspects to bankruptcy in Canada that you must be conversant with such as the minimum requirements to file bankruptcy in Canada. In this regard you should know that a person must at least be in debt to the tune of at least one thousand dollars and has achieved the minimum age of eighteen and is unable to pay off the debts incurred once they become due. Furthermore, bankruptcy in Canada means that a person filing for bankruptcy cannot choose which debts he or she can include.

All Debts Are Included

Bankruptcy in Canada means that all of the debts need to be included in the bankruptcy though some debts can even survive the bankruptcy and a good example of such debts is child support payment. However, it does not mean that you will lose everything when you file bankruptcy in Canada because in places in Canada, there are certain items that are not included such as your personal effects and also motor vehicles that are not valued at more than five thousand six hundred and fifty dollars, and also household goods valued up to eleven thousand three hundred dollars and tools of trade for a similar amount.

A good bankruptcy in Canada firm that would be able to handle your bankruptcy needs is Boale, Wood and Company that are leading accounting and financial services company where you can get the most professional advice and services in British Columbia. You can expect to get the entire range of services and have the bankruptcy consultants work with you every step of the way to help you out of your financial woes.

The company has experts on its rolls that have the necessary skills and experience and who will understand all of your needs, be in tune with your aspirations and who will pay regular attention as well as provide adequate support and who will also give advice that is commercially realistic while also being speedy and also technically sound.

So, if you are looking for cautious analysis including financial advise or help with tax planning, or in-depth analysis of all your needs, then you should choose this bankruptcy in Canada firm for further assistance.

While, if you are looking for the top bankruptcy consultant in Vancouver you should check out Boale, Wood and Company Ltd. who will help you with finding alternatives to bankruptcy should that be possible and though you may have plucked up the courage to admit you are in need of professional advice, you should still make an effort to source the best bankruptcy consultants to lead you out of your predicament and Boale, Wood and Company is a good choice in this regard if you happen to be Vancouver.

David Wood, CIRP

David is a Licensed Trustee and a Chartered Insolvency and Restructuring Professional (“CIRP”). He has practiced exclusively in insolvency related matters since 1983 and received his Trustees licence in 1995. He has been involved in numerous personal and corporate insolvency matters in a variety of industries. In addition, he has worked with lenders and debtors and has advised companies in financial difficulty. He is formerly a Director and Past President of the British Columbia Association of Insolvency and Restructuring Professionals (BCAIRP) and formerly a Director of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP).

David has given numerous presentations and lectures to various groups on the subject of acting as a Receiver in a foreclosure, the Role of the Trustee in Consumer matters, collection matters in an insolvency context, granting credit, corporate reorganizations and formal insolvencies. These groups include professional bodies, financial institutions and business associations. He has also authored numerous papers regarding collections in an insolvency context and a paper titled the Role of the Trustee in Personal Insolvency Matters that has been published by Carswell.

He has also marked the final qualifying professional examination set by the CAIRP to gain admission to that professional body. He sits on a number of national committees for the CAIRP including the Income Tax Act Task Force, the CRA Liaison committee, the strategic planning committees and a sub committee of the Personal Insolvency Practice committee.

Stephen Boale, CGA, CIRP

Stephen Boale is a member of the Canadian Association of Insolvency and Restructuring Professionals (“CAIRP”), a licenced Trustee in Bankruptcy and a Certified General Accountant. Prior to forming Boale, Wood & Company Ltd., Stephen spent ten years practicing exclusively in insolvency matters with a big four chartered accountancy firm, and was previously an Official Receiver with the Office of the Superintendent of Bankruptcy.

Stephen has been involved in and has extensive experience in both personal and corporate insolvency proceedings. Stephen has been involved in large personal restructurings as well as a variety of corporate matters. He has worked for secured lenders performing viability assessments, monitoring engagements and administering formal receiverships and agency appointments and has worked with debtors in financial difficulty. Stephen has been involved in a wide variety of mandates including, formal insolvency proceedings, advisor to lenders, corporate debtors and other stakeholders with respect to financial and viability assessments, security reviews, debt restructuring and financial investigations.

He is currently President of the British Columbia Association of Insolvency and Restructuring Professionals (BCAIRP) and a member of the Vancouver Insolvency Discussion Group.  He has also sat on the Oral Board of Examiners for those wishing to obtain their Trustees licence.

Stephen can be reached at (604) 605-3335 or at sboale@boalewood.ca

List of Forms

APPLICATION

• Insolvency Application Form in MS Word format
• Insolvency Application Form in PDF format

INCOME AND EXPENSES

Personal Bankruptcy

• Income & Expense Form in PDF format
• Income & Expense Form in MS Excel format

Self Employed

• Self Employed Income & Expense Form in PDF format
• Self Employed Income & Expense Form in MS Excel format

COUNSELLING

First Counselling Session

• First Counselling Handout

Second Counselling Session

• Second Counselling Handout

OTHER FORMS

• Proof of Claim
• 30 Day Goods Claim Form
• Voting Letter

More information here