Author Archives: Bankruptcy Canada Trustee

About Bankruptcy Canada Trustee

Bankruptcy Canada is a free service provided by bankruptcy trustees in Canada to explain how bankruptcy works, how you can avoid bankruptcy, and helps you decide whether bankruptcy is the right option for you and your family.

Recovering From Unexpected Financial Events

 09 Feb 2015
emergency fund

It can happen to the best of us. More than that, it does. Regularly. Responsible, financially solvent people leading productive, fruitful lives suddenly find themselves saddled with unexpected expenses that can bring them to their knees because they weren’t properly prepared for them. These are the stomach-curdling episodes. Things like a sudden…

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Who Is The Official Receiver & Do They Affect My Bankruptcy?

 26 Jan 2015
Official-receiver-bankruptcy-OSB

There’s something about adding the word “official” to a title that can intimidate a person right off their seat. This is often true with the Official Receiver (OR) in a bankruptcy, a participant in the bankruptcy process. Sometimes, all it takes to knock the associated fear factor down a few notches…

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Thinking of Going Bankrupt? Here’s What You Should Know

 15 Dec 2014
going bankrupt

There is so much to think about when deciding whether or not you should declare bankruptcy that we thought it might be helpful to outline some of the important pieces of the puzzle.  Here are the basic answers to some common questions and where you can find more information. How long…

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When Is Doing Nothing A Possible Bankruptcy Strategy?

 20 Oct 2014

It’s an interesting dilemma. You owe money to creditors but don’t have enough money to keep up with the payments. You are on a limited income and don’t even know if you have enough money to file for bankruptcy.  In those circumstances what can you do?  Is a do nothing strategy…

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Voluntarily Giving Up Your Car in A Bankruptcy

 06 Oct 2014

It’s not unusual for someone to find one of the reasons for their debt is having purchased beyond their means. In particular, we often see individuals who purchase more car or more home than they can afford. Could be their situation changed, or perhaps they over-purchased initially. Filing bankruptcy is…

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Secured Debts Vs Unsecured Debts in Bankruptcy in Canada

 14 Jul 2014
treatment of secured and unsecured debt in bankruptcy in Canada

What is the difference between secured debts and unsecured debts when you declare bankruptcy in Canada? Bankruptcy is a chance to start over, and while it does eliminate most debts, it does not deal with them all. One of the biggest distinctions when filing bankruptcy is whether or not your debt is…

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5 Facts About Wage Garnishment

 19 May 2014
stop wage garnishment in Canada

Creditors can garnish your wages if you have stopped making payments towards your debt. In most cases they must obtain a wage garnishment order from the court and depending on the province can garnish up to 50% of your wages. If you are facing a a garnishee, read our tip…

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Guide To Filing Personal Bankruptcy in Canada

 07 Apr 2014
filing for personal bankruptcy in Canada

The decision to file for personal bankruptcy does not have to be complicated. Our easy to read infographic walks you through the decision process about how to declare bankruptcy by describing: What is personal bankruptcy? What is is means to talk to a bankruptcy trustee What your bankruptcy duties will…

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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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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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