Monthly Archives: June 2013

Bankruptcy Statistics Jump In April

28 Jun 2013

After falling fairly significantly for the past two months, insolvency statistics (Canadian bankruptcy and consumer proposal filings) increased again in April. The increase was small, only 3.7% higher than the year before. On a year to date basis, total consumer insolvencies are still 5.5% below last year’s levels largely reflecting…

Can I Keep My Car in a Bankruptcy?

26 Jun 2013

Whether or not you can keep your car if you file bankruptcy depends on two factors. Do you own it outright? How much is it worth? Secured Car Loans and Leased Cars in Bankruptcy First, if your car is security for a car loan, you can keep your car, but…

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How Does Bankruptcy In Canada Affect Your Spouse?

24 Jun 2013

As a general rule if you file for bankruptcy in Canada it does not directly affect your spouse. What you will find is that your debts are yours and yours alone. However, there are some instances where your spouse may be affected. If your spouse has co-signed, or guaranteed a…

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Should You Open a New Bank Account After Filing Bankruptcy?

19 Jun 2013

The best advice we can give is that you should open a new bank account BEFORE filing bankruptcy or a consumer proposal rather than waiting to open an account until after you file. We suggest you do this for your own protection. Filing bankruptcy in Canada eliminates your unsecured debts,…

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What Time Of Day Can Debt Collectors Call My Home?

10 Jun 2013

Many people are intimidated by the “thought” that a collection agent may contact them directly about money that they owe and haven’t been able to repay. The anxiety is caused from a lack of knowledge – what can and can’t a collection agency do? Very briefly, collection agencies are businesses…

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How Long Will My Second Bankruptcy Last?

05 Jun 2013

Under Canadian bankruptcy law, a first bankruptcy lasts for a minimum of nine months. A second bankruptcy lasts for a minimum of 24 months (2 years). If you have surplus income, a second time bankruptcy will extend for 36 months (3 years). A first bankruptcy appears on your credit report…

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Collection Agency Threatens To Sue For Unsecured Credit Card Debt

03 Jun 2013

Question: My husband and I have gotten into trouble with credit. We have 4 unsecured credit cards (including department store credit cards) and they have been sent to collection. The problem is that some of them are threatening to sue. We pay a mortgage and have 2 car loans, all…