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.

What To Expect At Your Bankruptcy Consultation

16 Oct 2013

If you are considering filing for bankruptcy in Canada you may be wondering what you can expect when you meet with a Bankruptcy Canada Trustee for the first time? What will they ask? Will you need to bring anything with you? Your Bankruptcy Debt Assessment The purpose of your initial…

Tell Your Bankruptcy Trustee Everything

07 Oct 2013

Bankruptcy is your chance to start over. In exchange for your debts being ‘discharged’ you give up your assets and make a monthly payment during your bankruptcy. This is the cost to you of eliminating your debts once and for all so you can begin to rebuild your credit and…

(24) commentsRead more

Second Time Bankruptcy. What Rules Apply?

18 Sep 2013

In Canada, about 15% of people that have filed for bankruptcy end up declaring bankruptcy a second time. Since approximately 60,000 Canadians will be declaring bankruptcy this year that means 9,000 of them likely have done so before. The number of people filing second bankruptcies is large enough that in…

(36) commentsRead more

Do I Have To Disclose My Spouse’s Salary For Surplus Income?

04 Sep 2013

*Please note that this article has been updated with the 2017 surplus income limits Surplus income is calculated based on family income, so all members of the family disclose their income. If the husband is declaring bankruptcy but the wife is not going bankrupt, the husband is still supposed to…

(28) commentsRead more

Big Drop In Consumer Insolvencies In June

29 Aug 2013

Consumer insolvencies in Canada have fallen to almost pre-recession levels as the Canadian economy continues to improve and interest rates remain at historical lows. Total consumer insolvencies (both bankruptcies and consumer proposals) fell to 9,528 files in June, 2013, almost a third lower than the previous June peak of 13,792…

(2) commentsRead more

Can I Apply For Bankruptcy Online?

22 Jul 2013

Unfortunately, it is not currently possible under Canadian law to file for bankruptcy on-line. In order to make a bankruptcy application you must meet in person with a licensed trustee in bankruptcy for something called the “assessment”. There are many different paths that people follow in order to get to…

(2) commentsRead more

Debt Problems And Saving Your RRSP

15 Jul 2013

For years, the government and the big banks have been encouraging Canadians to set aside as much money as possible in their RRSPs each year. This has created a strange situation – people may be having debt problems and at the same time they have savings for retirement that they…

(4) commentsRead more

What Does It Mean To Be Insolvent?

10 Jul 2013

If you are insolvent, you either are not able to pay your obligations when they are due, or your debts are larger than your assets. It’s important to understand that the meaning of bankrupt is not the same as insolvent, although the words are often used interchangeably. Insolvency is often…

(5) commentsRead more

Consumer Proposal or Debt Management Plan

08 Jul 2013

If you have a lot of debt and you want to avoid bankruptcy, you may consider a consumer proposal or a debt management plan. What’s the difference between these two debt solutions? A debt management plan is administered by a not for profit credit counsellor, and they are often able…

(12) commentsRead more

Meet Your Newfoundland and Labrador Trustees in Bankruptcy

05 Jul 2013

Janes & Noseworthy Ltd. has been providing confidential, expert advice to consumer debtors across Newfoundland and Labrador for almost 30 years. Through our network of 6 staffed, satellite bankruptcy trustee offices across the island, we will meet with you face-to-face to discuss your situation and find a solution to your…