Monthly Archives: January 2012

Effects of Filing Bankruptcy in Canada

31 Jan 2012

Bankruptcy has implications, both good and bad. There are four major effects of filing bankruptcy in Canada you should consider if you are thinking of filing personal bankruptcy as a way to get out of debt: 1 You will lose your “non-exempt” assets. The rules vary from province to province, but…

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CIBC says older Canadians “Punch Drunk” on Debt

26 Jan 2012

Special Guest Commentary by Douglas Hoyes, BA, CA, CIRP, CBV, Bankruptcy Trustee The CIBC released a study today saying that residents of Canada over the age of 45 are accumulating debt faster than all other Canadians. To quote their study (which you can download from their website): A rising share…

I’m separated: can I file bankruptcy in Canada as a single person?

26 Jan 2012

Question: if I am still married but havent lived with my wife for 10 years can I file as a single person? Answer: Yes. When you file bankruptcy in Canada one of your bankruptcy duties is to provide your trustee with proof of your family income. In fact, when the…

Consumer Proposal: Can You File More Than Once in Canada?

23 Jan 2012

Question: Is it possible to submit a consumer proposal a second time? Answer: Yes, you can file more than one consumer proposal, subject to certain rules. If you file a consumer proposal, and complete it and are discharged, and then in the future you incur new debts, you can file…

Can I Keep My House if I Have Large Debt in a Bankruptcy or Proposal in Canada and get Separated?

17 Jan 2012

Question: I will try to keep my question as short and concise as possible. Together my ex and I have $50,000. in credit card debt that has to be dealt with asap. Spousal support is currently before the courts at this moment. I am waiting for a call to a…

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Massive Drop in Bankruptcy Canada Filings

13 Jan 2012

According to Canada bankruptcy statistics just released by the Office of the Superintendent of Bankruptcy, for the twelve months ended October 31, 2011 bankruptcy filings in Canada dropped by a massive 15%, from 94,328 in 2010 to 80,184 in 2011. The big question: why did the bankruptcy rate fall? There…

Why Doesn’t Anyone File Bankruptcy in Canada in January?

10 Jan 2012

Special Guest Commentary by J. Douglas Hoyes, BA, CA, CIRP, CBV, Bankruptcy Trustee I admit that it’s an exaggeration to say that “nobody” files bankruptcy in Canada during the month of January, but it is true that the number of personal bankruptcy filings is drastically reduced in January of each…

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Top Five Reasons for Not Budgeting in Canada

07 Jan 2012

Based on an informal survey of our readers, the top five reasons for not budgeting in Canada are: it’s too hard to budget it takes too much time I don’t know how to work a spreadsheet my spouse pays all of the bills what’s the point; I’ve got too much…

Surplus income, single with adult child

02 Jan 2012

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: I am going to be claiming bankruptcy in Canada within the next month. What is the new surplus amount allowed for 2012?Also, my daughter (22) still lives with me while she…