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<p>Financial difficulties can arise at any time. Bankruptcy is intended to give
a person with debt or credit problems a fresh start. For most people, the decision
to file a bankruptcy or a Consumer Proposal is a serious and confusing one.
The essence of Segal and Partners Inc. is direct personal service by our partners.
Financial dificulties require fast action. Whether in your business or your
personal life our financial experts can help you. We will negotiate with all
parties involved to create a win/win situation, acting as your personal trustee
in Bankruptcy.</p>
<p>Bankruptcy is a legal process that provides immediate financial relief to individuals
with financial problems by stopping legal actions by creditors. Bankruptcy provides
for a fair split of certain of the bankrupt's assets among his or her creditors.
A Trustee is an individual or corporation who is licensed by the Government
to administer bankruptcies.</p>
Signs of bankruptcy<br>
<br>
1. Are you using your savings to make monthly payments to creditors? NoYes<br>
2. Are you delaying payments that are due on the first of the month to the end
of the month? NoYes<br>
3. Are you charging everyday purchases, such as groceries, meal or gasoline? NoYes<br>
4. Are you getting phone calls and letters from creditors demanding immediate
payments? NoYes<br>
5. Are you paying only the minimum amount due on your credit card bills? NoYes<br>
6. Are you running a month or more behind on any payments? NoYes<br>
7. Are you taking cash advances on some credit cards to make the monthly payments
on other debts? NoYes<br>
8. Are you thinking about taking out a loan or mortgage to pay off your bills?
NoYes<br>
9. Do you often argue with your spouse about money? NoYes<br>
10. Are you drinking more because of your bills? NoYes<br>
11. Are you losing sleep worrying about how you will pay your bills? NoYes<br>
12. Have you let your insurance go so that you pay your other bills? NoYes<br>
13. Are you unable to save even $5.00 a month from your paycheck? <br>
People<br>
<br>
Georgia has nine years of experience in the practice of insolvency includes all
aspects of the bankruptcy process with respect to personal bankruptcies. Georgia
prides herself on providing prompt personal service to her clients. Georgia is
a professional Credit Counsellor providing financial consultations to indviduals.<br>
<br>
Valerie is an estate administrator with Segal and Partners Inc. Valerie has obtained
seven years of experience in the insolvency industry with corporate background
and performs all the administrative duties with respect to recieverships and corporate
and personal bankruptcies.<br>
<br>
Gary assists with field matters that are involved in a corporate bankruptcy/recievership
i.e, effecting possesion, taking inventory, identifying owned and leased assests,
etc. He has been assisting Mr. Sherriff on insolvency administrations since 1991,
and his experience and versatility allow for small to medium size files to be
done on a cost effective basis.<br>
<br>
Todd is the President of the Bankruptcy and Insolvency Services division of Segal
and Partners Chartered Accountants which offers a full range of insolvency and
bankruptcy services.<br>
<br>
Todd is a licensed Trustee in bankkruptcy and qualified as a Chartered Accountant
in 1998, and immediately thereafter specialized in insolvency. Todd has experience
in all aspects of insolvency matters, including bankruptcy, recieverships, proposals,
financial restructuring and debtor creditor relations. Todd is committed to quality
and professionalism in the practice of insolvency, providing timely and professional
service and advice, and insuring that his services are delivered on a cost effective
basis.<br>
<br>
Todd is a member of the Institute of Chartered Accountants of Ontario and Canadian
Insolvency Practitioner's Association. He also serves as Treasurer of the Ancient
Forest Exploration and Research Agency, not for profit organization.<br>
<br>
As a member of DFK Canada and DFK International, Segal & Partners is affiliated
with offices in major Canadian centres and has the capacity to undertake multi-location
assignments.<br>
<br>
President of Bankruptcy and Insolvency Services Division (NEED CORRECT SPECS HERE)
BComm - 1982 University of Toronto <br>
CA - 1988 Ontario <br>
Chartered Insolvency Practitioner - 1997 <br>
Senior Estate Administrator Reorganization and Insolvency Services Group <br>
BComm - 1982 University of Toronto <br>
CA - 1985 Ontario <br>
Chartered Insolvency Practitioner - 1997 <br>
<p>After having gained eight years of audit and accounting experience in an international
accounting firm and a mid-sized local firm, Martin joined anothernternational
accounting firm where he was promoted to Manager, Corporate Recovery Department.
During his six year tenure Martin handled the the recievership bankruptcies
of many small and mid-sized businesses such as hotels and retirement homes,
as well as participating in the winding up of some of the largest corporations
in the country.</p>
<p>In 1996 Martin left his posistion to assume the role of Chief Operating Officer
of his family's business. After overseeing its reorganization, Martin joined
Soberman Isenbaum Colomby Teisis Inc. in early 1997.</p>
<p>Presently Martin concentrates on the areas of business bankruptciues and proposals.
He is also involved with clients in special situations, including proposals
to annul bankruptcies and engagements having major forensic components. Martin
provides research support to the trustees as well.</p>
<p>Martin has completed the Canadian Insolvency Practitioner's Association three
year intensive course and passed the written examination required as part of
the Trustee licensing process.</p>
<br>
Your Alternatives<br>
<p>The bankruptcy process is a legal process guided by a Trustee in Bankruptcy,
which allows an honest but overburdened individual to eliminate the crushing
load of debt, if other alternatives are not feasible. The personal bankruptcy
process is essentially a trade-off; i.e. by giving up your assets to the Trustee
to eliminate your debts. The process takes 9 full months before the Debtor can
be discharged. Once discharged, all the debts listed in the Debtor’s Statement
of Affairs, are eliminated with only a few exceptions. During the period of
bankruptcy, the Debtor shall report to the Trustee his or her monthly income
and expenses and attend two mandatory counselling sessions. Any surplus income,
after deducting the Courts permitted living expenses etc., shall be paid over
to the Trustee in accordance with the Superintendent’ s formula for the benefit
of the general creditors. Also, during the period of bankruptcy, the Debtor
has the freedom to choose to continue to work as an employee, continue to operate
his business or even start a new business with only minor restrictions. Since
the bankruptcy process is a Court guided process, law clearly protects the bankrupt
from any further creditor harassment, and it prohibits discrimination against
the bankrupt. For instance, any utility company must not refuse services to
the bankruptcy just because the Debtor has filed for bankruptcy; the Passport
office cannot refuse to grant the bankrupt his or her passport only because
the person had previously owed government taxes.</p>
<p>In numerous cases, you may have the ability to pay back part if not all of
your debts if given the chance and time to re-organize your finance. A Consumer
Proposal allows you to pay back a portion of your total debts; keeping the assets
you love most, including your house and your car. The is a formal legal proposal
that requires the Courts involvement. Accordingly, they are handled by a Trustee
in Bankruptcy or an Administrator. As soon as the Consumer Proposal is filed
with the Court, no creditor shall have the right to continue to charge you any
more interest, nor penalties for non-payment of debts unless the Proposal is
rejected by the Creditors. As a formal proposal, it carries with it the blessing
of the Court and is binding upon all Creditors including Revenue Canada and
the Ministry of Finance, once accepted. As a Debtor, there is certainly a great
deal of comfort here because in the event that you get a promotion in your job
or receive a 10% increase in your pay cheque, Creditors cannot come back and
ask you for more money. Consumer proposals are a better option than declaring
personal bankruptcy for the debtor and most proposals are accepted as the terms
of the proposal are usually more advantageous for the creditors than those of
the bankruptcy. Filing a Proposal has a number of immediate advantages for an
individual under siege by his creditors: The filing of a Proposal stops all
legal actions undertaken or contemplated by unsecured creditors. The filing
of a Proposal gives the debtor some "breathing space" so that he can approach
the creditors and explain his financial situation and ask for support.</p>
<p>Through a detailed assessment of your monthly income and expenditure, including
all your required bill payment, we can help you to consolidate all your credit
card and other debts by increasing the credit limit on certain accounts and
reducing other card balances where interests are too high. Once approved by
the financial institutions, we will assist you to set up a realistic budget
that meets both your needs and those of your creditors. We will suggest a fair
and reasonable monthly payment to the major creditors as based on your ability
to pay.</p>
<p>Credit counselling can help you to discover and understand the cause(s) of
your bankruptcy, which are sometimes non-budgetary. These sessions will provide
information to assist you in managing your financial affairs in the future.
We can provide an understanding of how the credit industry works, and how to
best use credit information to benefit you. We can even help you arrange for
certain non-legislative alternatives such as an Informal Proposal to reduce
your credit pressures.</p>
<p>Through this process, you will learn to manage your money more effectively.
By understanding the difference between your needs vs. wants, your essential
expenses vs. non-essential expenses the need for savings and tax planning such
as the purchase of RRSPs etc. You will gain a better control of all your income
and expenses and therefore your financial life.</p>
<br>
Applicant Checklist<br>
<br>
<br>
Birth Certificate, Passport, Canadian citizenship papers<br>
Vehicle ownerships, vehicle insurance policies <br>
Life Insurance policies, stocks, bonds, savings certificates<br>
Credit cards, current statements of accounts, invoices, bills<br>
Mortgages, property deeds, leases, contracts of purchase or sale<br>
Writs, judgments, garnishments, wage assignments, court documents<br>
Income tax returns, T4, T4U, TFA slips, pay stubs, property taxes<br>
Loan agreements, notes, security documents<br>
Bank statement(s) or passbook(s) showing current balance in account(s)<br>
Last two pay slips<br>
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