Monthly Archives: February 2013

Myth #1: Everyone Will Know I Filed Bankruptcy

 27 Feb 2013
bankruptcy myths

Bankruptcy is a scary word. We know it. But we also know that part of the problem is that there are a lot of misconceptions and untruths about bankruptcy in Canada. To vanquish the monsters in the closet, we have pulled together some of the most common bankruptcy myths we…

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Bankruptcy Services and Your Canadian Bankruptcy Trustee

 23 Feb 2013
consumer proposal or debt settlement

A Canadian Bankruptcy Trustee provides more than bankruptcy services. As an expert in debt management, a licensed trustee is qualified to offer you advice on a wide range of debt relief services. While the most common bankruptcy service will be the filing of a bankruptcy, there are many other insolvency services…

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Bankruptcy and Common-Law Partner

 20 Feb 2013

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: I understand that filing bankruptcy will not affect my common-law partner because no debts are in her name, however, will my payments for bankruptcy be increased because I am living with…

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Can you Declare Bankruptcy on Taxes Owing?

 18 Feb 2013

The short answer, for most people, is yes you can declare bankruptcy on taxes owing.  In fact, 50% of the people that file personal bankruptcy include some form of tax debt.  It is usually personal income tax, but also includes HST, source deductions, as well as director’s liability for corporate…

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Bankruptcy Lawyer or Bankruptcy Trustee? Who Do I Need?

 13 Feb 2013

In Canada, a personal bankruptcy or consumer proposal is administered by a Bankruptcy Trustee, not a bankruptcy lawyer. No one else has the ability to file a bankruptcy for you. You cannot declare bankruptcy through a lawyer, an accountant or a debt consultant unless they are also a trustee in…

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Credit Counsellors vs. Bankruptcy Trustees: What’s the Difference?

 09 Feb 2013
Credit counselling or bankruptcy

Credit counsellors are in the news a lot these days.  The Toronto Star reported that Canada’s largest not for profit credit counselling agency, Consolidated Credit Counseling Services of Canada operates without certified counsellors. In the story they question whether or not an un-certified counsellor can give qualified advice.  I posted…

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Is Filing Bankruptcy in Canada a Good Option for Tax Debt?

 06 Feb 2013
tax debt and bankruptcy

We continue our Good Debt Relief Options series today by talking about bankruptcy and tax debt.  If you owe money to the Canada Revenue Agency, or worse have already received a Requirement to Pay or had your bank account frozen, will bankruptcy help? What other bankruptcy alternatives may be best for tax debts. Most people don’t realize…

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