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Beth Maynard & Associates

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Learn More about Credit Counselling From Beth Maynard

Here at Beth Maynard & Associates, we strive to be your resource for financial services in Sudbury, Elliot Lake, Blind River and surrounding areas. On this page, you’ll find blogs and other resources full of useful information. If you have any other questions, don’t hesitate to contact us today.

Bankruptcy & Insolvency Act Changes Might Affect You

On September 18, 2009, changes to the Bankruptcy and Insolvency Act came into effect. Please contact Beth Maynard & Associates in Sudbury, Elliot Lake or Blind River for a consultation, if needed, about how these changes pertain to your bankruptcy. The changes are:

  • A first-time bankrupt who has surplus income will be discharged after 21 months instead of nine months.
  • A second-time bankrupt who has no surplus income will be automatically discharged after 24 months or 36 months if you have surplus income.
  • The debt limit for filing a consumer proposal, not including mortgages on a principal residence, has been increased from $75,000 to $250,000.
  • Creditors will not be able to automatically terminate a secured contract upon your filing bankruptcy unless the contract is already in default. This will allow you to keep a car payment or other relevant contract if you choose.

Credit Counselling … Who am I calling?

We have all heard the TV or radio ads for credit counselling. Sometimes they have a celebrity endorsing the service or they are calling you unsolicited at home during supper. For many people, it can be hard to meet someone face to face because they feel embarrassed about having financial problems, so they call an anonymous person who promises to take all their financial worries away. However, like many other things in life, if it sounds too good to be true, it probably is. We have seen more and more people who have paid for months to these companies and are still getting calls from creditors, or have paid thousands of dollars and still have the same debt. When they call, they can’t get their questions answered and have no way of meeting the people who promised to help them. We have options for handling your debt and we will meet you in person and explain how these options affect you and will help you find the choice that best suits your circumstances. We offer free consultations in a confidential setting. For more information call Beth Maynard & Associates Inc. at 705-524-3034.

Bankruptcy Fees

Usually licensed insolvency trustees charge a fee for the services provided to a debtor. How much is based on the type of file. The most common is a first-time bankrupt with no surplus income. It is very common for the fee to range from $1400 to $1800 with payments being spread out over a 9-month period: for example, $200 down and $175 a month for 8 months. Also, GST credits and the tax refund for the year of filing also go to the licensed insolvency trustee. It is important to remember that the total amount a licensed insolvency trustee may retain for a first-time filer with no surplus is $1813. Therefore, no matter what your payment arrangement is with a licensed insolvency trustee, GST credits will continue to go to the licensed insolvency trustee after your discharge, until the total receipts in your file reaches this $1813.00. This includes payments made, assets sold, and taxes received. The amount for a second-time bankrupt with no surplus is slightly higher. Remember to ask your licensed insolvency trustee about the GST credits and how it will impact your bankruptcy no matter what your “fee” payment is.

HST Transition Credits

The Federal Government is issuing HST transition credits to households for June and December, 2010. We have received many calls wondering if these payments intended for bankrupts are going to the licensed insolvency trustee. The answer is no. The payments will be sent directly to the individual and do not form part of income to be reported during a bankruptcy.

Surplus Income Explained

One of the most common questions we get is: What is surplus income? Industry Canada sets guidelines for how much income you can take home before they consider there to be surplus income. The amount takes into account the number of people in your family, your percentage of the family income, and extraordinary expenses such as support, alimony, medical expenses, etc. If you exceed the guidelines by $200 per month after deducting any extraordinary expenses, then you will have to pay a monthly amount based on a set formula for either 21 months (for a first-time bankrupt) or 36 months (for a second-time bankrupt). This extends a bankruptcy for quite a bit longer than someone without surplus income. In these situations, we will investigate whether a consumer proposal might be a better option than a bankruptcy. If you are unsure what your situation is, call us at 705-524-3034 and we will be pleased to meet with you.

Sudbury bankruptcy filings on the rise!

The Office of the Superintendent of Bankruptcy has released its third quarter statistics, which show that bankruptcy filings are up 20% from the second quarter of 2009. Consumer proposal filings are up 56% for the same period. In addition, filings are up significantly across the country. These are clearly difficult times for many individuals. Many people tell me that they think they are the only ones looking at bankruptcy or that no one understands how hard these times are. The statistics show that you are not alone. If you need help or information on what financial options you have to get out of debt, call or email Beth Maynard & Associates.

Our look has changed to serve you better!

Welcome to the new and improved home of Beth Maynard & Associates Inc., serving Sudbury, Elliot Lake and Blind River. Our new website will enable us to keep you better informed with news that affects you and your money. At Beth Maynard & Associates Inc., we recognize that everyone’s situation is different. We will listen to you, answer your questions, and help you choose the right solution to your debt problems.

For a free consultation about any questions you have about bankruptcy or consumer proposals, call or email Beth Maynard & Associates.

Serving: sudbury | Elliot Lake | Blind River


Main Office

1414 Lasalle Blvd

2nd Floor

Sudbury, ON P3A 1Z6

PHONE: 705-524-3034

fax: 705-524-3036


18 Lawton Rd
Blind River, ON, P0R 1B0

13 Manitoba Rd
Elliot Lake, ON, P5A 2A6

Phone: 705-848-0471


Monday – Friday: 8:30 AM to 4:30 PM
Evening and weekend appointments available.



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