Monthly Archives: March 2012

Will There Be A Creditors’ Meeting If I File Bankruptcy In Canada?

 29 Mar 2012

Question: After a notice was sent by my trustee in bankruptcy announcing a personal bankruptcy and asking for a meeting with the creditors, how long do they have to respond to the notice? Is a person left hanging in limbo indefinitely? How will I know if they responded or not?…

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Bankruptcy Canada Surplus Income Limits for 2012

 22 Mar 2012

If you file bankruptcy in Canada, you are required to report your income to your bankruptcy trustee each month, and if you have surplus income you are required to make extra payments. The amount you are permitted to earn while bankrupt is set by the government of Canada, based on your…

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4 Sure Fire Signs You are Heading for Bankruptcy in Canada

 19 Mar 2012

As a bankruptcy trustee in Canada with over twenty years of experience, there are four sure fire, obvious warning signs that you are heading for bankruptcy in Canada. Collection calls all day and night: When you get behind on your bills, the bill collectors start calling.  And calling.  And calling….

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Can I be Forced to Go Bankrupt in Canada?

 19 Mar 2012

Question: I have a home which I have a 1st & 2nd mortgage on which are current. But because of my failing business I have accumulated $700,000 in unsecured debt which I’m now in default of. The equity in my home is less than $70,000 in a perfect market but…

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Why 1 in 6 Canadians will go bankrupt

 13 Mar 2012

Here’s a sobering statistic: 1 out of every 6 adult Canadians will declare bankruptcy or file a consumer proposal.  How is that possible? 2017 UPDATE:  This post was originally written in 2012. Even though consumer insolvencies have fallen to a lower than normal level of around 125,000 today, this number…

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Surplus Income and Three Paydays

 10 Mar 2012

Question: I was told that if I had 3 paydays in one month that I only needed to supply 2 of them to trustee? Is that true? Answer: No, that’s not true. You are referring to the calculation of surplus income when you file bankruptcy in Canada. Each month you…

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5 Ways to Tell You are Getting Scammed by a Debt Consultant

 07 Mar 2012

You hear the debt consultant ads on the radio or television, and they sound great.  “Reduce your debts by 70%” they say, and you don’t have to file bankruptcy in Canada!  But is it really possible to reduce your debts by 70% without bankruptcy? Yes, it is.  There are two…

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Bankruptcy in Canada and Loan Co-signed by Sister

 07 Mar 2012

Question: My sister cosigned for a small loan, and decided to have the payments come out of her bank account instead of mine for the entire agreement. I need to file bankruptsy so she wanted to know if she was expected to make the total in full, or just keep…

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RRSP and Bankruptcy in Canada – Do I Lose it?

 06 Mar 2012

Question: I live in British Columbia. Are RRSPs exempt from creditors? Answer: The rules regarding RRSPs and bankruptcy are the same everywhere in Canada. You are allowed to keep your RRSP, except for whatever you have contributed in the 12 months before your date of bankruptcy. So, for example, if…

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Bankruptcy Information Canada

 05 Mar 2012

Where can you find all of the bankruptcy information in Canada you need?  How can you research your options? Our expert local bankruptcy trustees have partnered together to provide comprehensive information about bankruptcy, bankruptcy alternatives and overall debt advice for our readers. If you are looking for information about bankruptcy,…

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