Monthly Archives: March 2014

Wage Garnishment Laws & Declaring Bankruptcy

 31 Mar 2014
stop wage garnishment bankruptcy

If your wages are being garnisheed by a creditor then filing bankruptcy and/or a consumer proposal can stop the garnishee. In fact, a wage garnishment is affected by an automatic feature of the law called a stay of proceedings. How To Stop A Wage Garnishment When You File Bankruptcy In…

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How To Survive Bankruptcy In Canada

 26 Mar 2014
surviving bankruptcy in Canada

Filing for bankruptcy is as much an emotional decision as a financial one.  Too many people equate “what they have” with “who they are” and that can lead to real problems, including bankruptcy. How can you survive bankruptcy in Canada?  One day at a time.  If you always keep in…

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Can I Keep my House and Mortgage in Bankruptcy?

 24 Mar 2014
keep house bankruptcy

It is possible to keep your house and continue to pay your mortgage if you declare bankruptcy in Canada, subject to certain rules. Keeping Your Payments Current Under Canadian bankruptcy law a secured lender, like a mortgage holder, is not permitted to cancel their loan simply because you have declared…

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Bankruptcy & Insolvency Act: What You Need To Know

 19 Mar 2014

All bankruptcies and consumer proposals in Canada are administered under the Bankruptcy & Insolvency Act (BIA or the Act). This is a federal piece of legislation that governs all aspects of your bankruptcy or proposal. Bankruptcy law was put in place to allow the ‘honest but unfortunate debtor’ to be released…

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Which is Better For Your Credit Report? Consumer Proposal or Bankruptcy?

 17 Mar 2014
bankruptcy or consumer proposal and credit report

The fact that you filed a consumer proposal will stay in the legal section of your credit report for up to three years after you complete your proposal. This is in contrast to the 6 years that a bankruptcy will be reported. Of course the comparison is not that simple. …

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What Debts Are Eliminated By Filing Bankruptcy

 12 Mar 2014
debts eliminated in bankruptcy

One of the most common questions we receive is about what debts can be covered in a bankruptcy or a consumer proposal. Most unsecured debts may be included, but what exactly is an unsecured debt? These are the ones that do not have collateral or items held in security against…

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Is There Still A Social Stigma About Filing Bankruptcy?

 10 Mar 2014
social stigma embarrassed bankruptcy

In the “old days”, twenty or thirty years ago, there was definitely a social stigma about filing bankruptcy. Much of the media stories about bankruptcy involved companies and not individuals. Canadians believed that if you borrowed money you should pay it back and this belief was reinforced with stories about…

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Who is Filing Bankruptcy in Canada?

 06 Mar 2014
who's declaring bankruptcy in Canada?

After peaking in 2009 at over 150,000 consumer insolvencies in Canada, personal bankruptcy and consumer proposal filings appear to have leveled off at just over 118,000 in both 2012 and 2013. Our infographic at the end of this article highlights these and other facts about bankruptcies and consumer proposals in…

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Bankruptcy and Traffic or Parking Tickets. Are They Included?

 05 Mar 2014
parking and traffic tickets in bankruptcy

Tickets and fines are not debts that are dealt with by the Bankruptcy and Insolvency Act. This includes parking tickets, speeding tickets or any court imposed fine as a result of an offence.  These are debts specifically excluded under section 178 (1) of the Bankruptcy and Insolvency Act. The only way I…

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What Types Of Personal Bankruptcy Are There In Canada?

 03 Mar 2014
personal bankruptcy Canada

Bankruptcy in Canada is governed by the Bankruptcy & Insolvency Act (BIA or the Act). Individuals who are having personal debt problems have the option under bankruptcy law to file personal bankruptcy or a consumer proposal in order to eliminate their debt. Bankruptcy is seen as the solution of last…

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