Yearly Archives: 2018

Will An Automatic Stay Of Proceedings Stop Canada Revenue Agency?

 12 Sep 2018
stay of proceedings bankruptcy cra

Filing a consumer proposal or bankruptcy creates an automatic “stay of proceedings” under federal law. That means that your creditors, the people you owe money to, cannot start or continue legal action to collect the debt.  No other consumer debt relief option can make that claim. A common question that…

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Should I File Bankruptcy for Tax Debts?

 03 Aug 2018

One common misconception about bankruptcy is that tax debts, whether owed to Canada Revenue Agency (CRA) or provincially, do not go away after a bankruptcy. But this could not be further from the truth! Only a few types of debts survive a bankruptcy. All tax debts, whether for personal income…

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What Happens To Debt In A Consumer Proposal?

 09 Feb 2018

A common question that trustees receive is, “what happens to debts after filing a bankruptcy or consumer proposal?” The legal status of the debt is very simple in a bankruptcy, however, slightly more complicated during a consumer proposal because of its length. When filing a consumer proposal, you are effectively making an…

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How Does Bankruptcy Work – Before, During and After?

 03 Jan 2018
how does bankruptcy work | bankruptcy canada

Before Bankruptcy The first step to declaring bankruptcy in Canada is to determine if bankruptcy is the correct debt management solution. Book a debt assessment with a bankruptcy trustee. This is a chance to review your assets, debts and personal budget to understand what a bankruptcy will cost and compare bankruptcy to…

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