Monthly Archives: March 2013

What If My House Has Equity And I Declare Bankruptcy?

 28 Mar 2013
house bankruptcy

What happens if your house has equity and you decide to file for bankruptcy? While the bankruptcy exemption laws are slightly different in each province, the basic concept is the same. You can’t keep a house in bankruptcy if there is substantial equity in your home at the time you…

Read more

When To File For Bankruptcy

 25 Mar 2013
Bankruptcy information

Clients often ask ‘when should I file for bankruptcy?’ Is there any specific timeline to wait to declare bankruptcy or a consumer proposal? Is there anything I should consider before I file? The first thing to do if you are in financial trouble is to talk to a bankruptcy trustee…

Read more

Consumer Insolvencies Edge Up in January 2013

 25 Mar 2013
Canadian bankruptcies and proposals

Total Canadian consumer insolvencies (both bankruptcies and consumer proposals) edged up slightly in January 2013 as people continue to struggle with unmanageable debts. Total insolvencies increased 4.5% compared to the same month a year ago.  The largest growth came from higher consumer proposals – up more than 10% from a…

Read more

Collection Calls From A Debt Included In Bankruptcy

 21 Mar 2013
Bankruptcy Information Questions

Question: Hello. I have been receiving robo-calls from a bill collector off and on for about a year on a debt that was reported in a personal Ontario bankruptcy in November, 2008. I never bothered to reply as I assumed it was a blind attempt at collecting on a debt…

Read more

William James receives permanent appointment as Superintendent of Bankruptcy

 20 Mar 2013
Canada bankruptcy law

After serving on an interim basis since September 30, 2011, William James was officially appointed yesterday as Superintendent of Bankruptcy.  Mr. James is responsible for the  Office of the Superintendent of Bankruptcy Canada (OSB). The OSB is the regulatory agency that oversees Canada’s bankruptcy and insolvency process including the administration of bankruptcies and…

Read more

Does bankruptcy affect a joint bank account?

 18 Mar 2013
bankruptcy and joint bank account

You can keep your bank account while bankrupt in Canada but whether you have a joint bank account, or not, there are some things to consider. Opening A New Bank Account Before filing bankruptcy in Canada, we strongly recommend that you open a new bank account at an institution where…

Read more

Myth #5: I’ll Never Get Credit After Bankruptcy

 14 Mar 2013
bankruptcy myths

Many people are concerned that if they file for bankruptcy they will ruin their credit forever and never be able to apply for a loan or any form of credit after bankruptcy. Myths: My credit will be ruined. I will never be able to apply for credit after filing bankruptcy….

Read more

Myth #4: All My Debts Are Discharged In Bankruptcy

 11 Mar 2013
bankruptcy myths

Bankruptcy is not an easy way out. People who file bankruptcy are not walking away from their debts with no consequences. In addition, despite popular belief, not all debts can be discharged by claiming bankruptcy. Bankruptcy and debt can be complicated. Myth: Bankruptcy erases all of your debts. Truth: Personal…

Read more

Myth #3: A Bankruptcy Trustee Only Does Bankruptcies

 07 Mar 2013
Bankruptcy Information Questions

A good bankruptcy trustee provides advice on how to deal with your debts. You may need to go bankrupt, however your trustee will explain all options available to you.

Read more

Personal Bankruptcies in Canada Decline in 2012

 05 Mar 2013
Canada Bankruptcies

Despite continuing to carry high debt loads, less Canadians filed personal bankruptcy in 2012. Personal consumer insolvencies, both bankruptcies and proposals, declined almost 4% across Canada. This is the third year in a row that total proposals and personal bankruptcies in Canada dropped after peaking at almost 152,000 in 2009….

Read more