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.

How Often Can You File Bankruptcy?

13 May 2013

For most people, filing for bankruptcy is a “once in a lifetime” event. Unfortunately, sometimes things happen and you may be finding yourself once again facing financial hardship and looking at the possibility of filing bankruptcy a second time. If so, you are not alone. Approximately 10% of bankruptcies are…

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The Bankruptcy Gap In Canada

08 May 2013

Who’s More Likely To Declare Bankruptcy? Filing bankruptcy in Canada is more common than you think and it affects Canadians from all walks of life. In 2012, more than 118,000 Canadians filed for insolvency in Canada. But who is at risk of filing bankruptcy or a consumer proposal? Too Much…

Notifying Creditors You Are Declaring Bankruptcy

02 May 2013

Creditors are calling trying to collect the money you owe and you can’t pay, so you decide to file for bankruptcy. What’s the process for notifying creditors you are declaring bankruptcy and stopping the collection calls? As soon as your bankruptcy paperwork is signed, your trustee will electronically file it…

My Consolidation Loan Is Not Working

18 Apr 2013

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: About 3-4 years ago I had applied for a consolidation loan. However since then I have gotten myself in over my head so to speak. I have over $10,000 in credit…

Types of Bankruptcy Discharge

15 Apr 2013

Bankruptcy discharge is the last step in your bankruptcy and what eliminates you from any further obligation for the debts covered by your bankruptcy. In most cases, a bankruptcy in Canada will end in an automatic discharge with no court hearing. In these circumstances your trustee will send you a copy…

Collection Calls From A Debt Included In Bankruptcy

21 Mar 2013

Question: Hello. I have been receiving robo-calls from a bill collector off and on for about a year on a debt that was reported in a personal Ontario bankruptcy in November, 2008. I never bothered to reply as I assumed it was a blind attempt at collecting on a debt…

Bankruptcy Services and Your Canadian Bankruptcy Trustee

23 Feb 2013

A Canadian Bankruptcy Trustee provides more than bankruptcy services. As an expert in debt management, a licensed trustee is qualified to offer you advice on a wide range of debt relief services. While the most common bankruptcy service will be the filing of a bankruptcy, there are many other insolvency services…

Can you Declare Bankruptcy on Taxes Owing?

18 Feb 2013

The short answer, for most people, is yes you can declare bankruptcy on taxes owing. In fact, 50% of the people that file personal bankruptcy include some form of tax debt. It is usually personal income tax, but also includes HST, source deductions, as well as director’s liability for corporate…

Bankruptcy Lawyer or Bankruptcy Trustee? Who Do I Need?

13 Feb 2013

In Canada, a personal bankruptcy or consumer proposal is administered by a Bankruptcy Trustee, not a bankruptcy lawyer. No one else has the ability to file a bankruptcy for you. You cannot declare bankruptcy through a lawyer, an accountant or a debt consultant unless they are also a trustee in…

Is Filing Bankruptcy in Canada a Good Option for Tax Debt?

06 Feb 2013

We continue our Good Debt Relief Options series today by talking about bankruptcy and tax debt. If you owe money to the Canada Revenue Agency, or worse have already received a Requirement to Pay or had your bank account frozen, will bankruptcy help? What other bankruptcy alternatives may be best for tax debts. Most people don’t realize…