Skip to main content

Published on YouTube: CAN AN ONTARIO LAWYER PRACTICE LAW WHILE BANKRUPT? (LSO RULES EXPLAINED)

CAN AN ONTARIO LAWYER PRACTICE LAW WHILE BANKRUPT? (LSO RULES EXPLAINED)
THIS BRANDON’S BLOG DROPS ON MONDAY, APRIL 6, 2026 AT 12:00 NOON CAN AN ONTARIO LAWYER PRACTICE LAW WHILE BANKRUPT? (LSO RULES EXPLAINED) Can an Ontario lawyer continue to practice law while bankrupt? It is the #1 question we hear from legal professionals in financial distress. In this video, Brandon Smith, Licensed Insolvency Trustee and Senior Vice-President of Ira Smith Trustee & Receiver Inc., breaks down the strict Law Society of Ontario (LSO) rules regarding bankruptcy and insolvency. If you are a lawyer or paralegal in Ontario, filing for bankruptcy triggers immediate consequences under By-Law 8 and By-Law 9. We discuss: ✅ Why you MUST notify the Law Society immediately. ✅ The "Practice Restricted" status on the LSO directory. ✅ Why you lose signing authority on trust accounts. ✅ The impact on your LawPRO insurance and real estate practice. ✅ How a Consumer Proposal or Division I Proposal can save your career while settling your debt. Financial trouble can happen to anyone—including the most successful professionals. At Ira Smith Trustee & Receiver Inc., we specialize in "Starting Over, Starting Now." We help Ontario professionals navigate the Bankruptcy and Insolvency Act (BIA) without losing their livelihood. VIDEO CHAPTERS: 00:00 Introduction: Can an Ontario Lawyer Practise While Bankrupt? 00:57 Meet the Experts: Ira and Brandon Smith (LIT) 01:39 The Reality of Financial Distress for Legal Professionals 02:37 Debunking the Myths: Is Your Legal Career Over? 03:03 Why the LSO Takes Financial Instability Seriously 03:40 Your Mandatory Duty to Report to the Law Society 04:17 LSO Bylaw 9: Trust Account Restrictions During Bankruptcy 04:47 Impacts: Sole Practitioners vs. Law Firms 05:15 Strategic Alternatives: Consumer and Division I Proposals 05:45 Why a Proposal is a "Game Changer" for Lawyers 06:26 The Path Forward: Working with a Licensed Insolvency Trustee 07:15 Conclusion: Protecting Your Livelihood and Wellbeing đź“ž BOOK A FREE, CONFIDENTIAL CONSULTATION: Call us: 905.738.4167 Toronto line: 647.799.3312 Read Brandon’s Blog: https://ift.tt/e6IlzNk Location: 167 Applewood Crescent #6, Concord, ON L4K 4K7 #OntarioLawyer #LawSocietyOfOntario #ConsumerProposal #BankruptcyCanada #LicensedInsolvencyTrustee #BrandonSmithy #IraSmithTrustee
via YouTube https://www.youtube.com/watch?v=8Z48RmCjTtY
Labels:

Popular posts from this blog

Published on YouTube: Conditional Discharge Bankruptcy Plan For Your Smooth Recovery

Conditional Discharge Bankruptcy Plan For Your Smooth Recovery THIS BLOG GOES LIVE ON MONDAY, OCTOBER 27, 2025, AT NOON - WATCH THE VIDEO NOW! CONDITIONAL DISCHARGE BANKRUPTCY COMPLETE GUIDE: IRA SMITH TRUSTEE TORONTO Discover the ins and outs of conditional discharge in bankruptcy with Ira Smith, a Licensed Insolvency Trustee in the Greater Toronto Area with Ira Smith Trustee & Receiver Inc. This comprehensive bankruptcy guide covers a recent court decision on bankruptcy, discharge, and conditional discharge, helping you understand the process and requirements. Key terms explained: 00:00:03] Introduction: GTA Real Estate, Shortfalls, and Bankruptcy [00:03:01:43] Meet the Experts (Ira Smith Trustee & Receiver Inc.) [01:43:02:12] A Real Court Case: Risks of Overleveraging [02:12:03:05] Understanding Bankruptcy Discharge: 4 Possible Outcomes [03:05:04:01] The Case of Ms. Li: Over $1.4M Purchase on Low Income [04:01:04:47] Why the Court Issued a Conditional Discharge [04:47:05:57...
Read more

Published on YouTube: ONTARIO MORTGAGE DEFAULT PROBLEM: THE ALARMING TRUTH YOU NEED TO KNOW

ONTARIO MORTGAGE DEFAULT PROBLEM: THE ALARMING TRUTH YOU NEED TO KNOW THIS BLOG GOES LIVE ON MONDAY, OCTOBER 20, 2025, AT NOON - WATCH THE VIDEO NOW! ONTARIO'S RISING MORTGAGE DEFAULT PROBLEM: THE ALARMING TRUTH YOU NEED TO KNOW There is an Ontario mortgage default problem leading to an Ontario mortgage crisis brewing, especially with GTA real estate. There is a growing Ontario mortgage default crisis, with mortgage default rates in Ontario reaching levels not seen since the 2008 financial crisis. As a Licensed Insolvency Trustee with decades of experience in the Greater Toronto Area, we have been receiving many more calls from people needing GTA debt solutions for GTA residents, such as consumer proposals and also seeking bankruptcy advice due to GTA real estate mortgage defaults. Key factors include aggressive interest rate hikes and inflation. Warning signs: using credit cards for essential bills, dipping into retirement savings, and missing payments Solutions: consumer proposa...
Read more

Published on YouTube: CRA TAX HELP RELIEF: WHAT YOU MUST DO TO GET FROM PAYMENT PLAN TO REAL SOLUTIONS

CRA TAX HELP RELIEF: WHAT YOU MUST DO TO GET FROM PAYMENT PLAN TO REAL SOLUTIONS THIS CRA TAX HELP BLOG GOES LIVE ON MONDAY, NOVEMBER 3, 2025, AT NOON - WATCH THE VIDEO NOW! CRA TAX HELP DEBT RELIEF: THE COMPLETE STORY ON WHAT YOU MUST DO TO GET BEYOND PAYMENT PLANS TO REAL SOLUTIONS Do you need CRA tax help? Stop CRA collections with a proposal. A recent Federal Auditor General Report states that calling a CRA Tax Centre will leave you with disappointment. Are you struggling with CRA tax debt? Discover how a Canadian Licensed Insolvency Trustee can help you legally eliminate or reduce CRA tax debt through a consumer proposal or bankruptcy. In this 2025 guide, learn the differences between consumer proposals and bankruptcy, how to stop CRA collections and wage garnishments, settle tax debt for less, and protect your assets from CRA seizure. Find out which option is best for you and how our expert trustees provide CRA debt solutions tailored to your financial situation. Whether you nee...
Read more