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.

Is Filing Bankruptcy in Canada a Good Option for Seniors?

27 Nov 2012

The second in our series on Good Debt Relief Options – today we will talk about seniors and bankruptcy. We will look at how seniors are affected by debt, whether bankruptcy is a good debt relief option and what other bankruptcy alternatives may be best for seniors. Like many Canadians,…

Is Filing Bankruptcy In Canada A Good Option for Student Loans

20 Nov 2012

Student loans and bankruptcy in Canada is a confusing topic. Will my student loans be discharged in a bankruptcy or not? What is the 7 year rule for student loans and bankruptcy about? Can I declare bankruptcy with student loans? In looking at your debt relief options, we will tackle the…

Claiming Bankruptcy while in a Consumer Proposal

08 Nov 2012

Question: My husband and I are currently in a Consumer Proposal and have not missed a payment. I am able to pay the proposal on my own without anything from him. The problem we have now is he has had to shut down his company and may have to claim…

Are you Missing Loan Payments?

07 Nov 2012

Fewer Canadians are missing loan payments according to a report from Equifax Canada. This despite the fact that overall Canadian debt levels continue to increase at an alarming rate. The number of Canadians missing loan payments fell to 1.22% in the third quarter 2012, the lowest level since the economic…

When are Student Loans Discharged in a Bankruptcy in Canada?

22 Oct 2012

Question: I went bankrupt in 2009 and listed my student loan as a debt. I got the loans back in 1998. Are my student loans eliminated in a bankruptcy? or am I still liable? Please help as I am trying to rebuild my credit. Thanks J Answer: A student loan…

Credit Card After Discharge from Bankruptcy in Canada

24 Sep 2012

Question: I filed bankruptcy in Canada and was discharged from debt after bankruptcy in 2008. How do I go about getting a credit card? How long do I need to wait before applying for a credit card after bankruptcy? Answer: There are a number of steps to take to repair your…

When a Debt Consolidation Loan is better than Filing Bankruptcy in Canada

03 Sep 2012

Question: How can I decide if it’s better to get a debt consolidation loan, or just consider filing for bankruptcy? Answer: If you qualify for a debt consolidation loan, and can afford to make the payments, a debt consolidation loan is better than bankruptcy. If you can’t, then bankruptcy may be necessary….

Surplus Income in Three Pay Month While Bankrupt in Canada

03 Jul 2012

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: I have a three pay month the second month in bankruptcy, and those funds were already earmarked for car repairs. What happens if I can’t pay the surplus income for that…

Surplus income and student loan income question

25 Jun 2012

Question: I am considering filing for bankruptcy in Canada and wanted to know if my spouse’s (who is currently a student at university ) student loan monies are considered to be family income in the calculation for my surplus income? Answer: A loan is not considered income, because it has…

Previous bankruptcy in Canada

13 Jun 2012

Question: With the new changes to the bankruptcy laws in Canada when they ask for previous bankruptcy how far back do they want to know? Answer: The Office of the Superintendent of Bankruptcy’s insolvency search system, lists all bankruptcy filings since 1973. So, if you are asked on a credit…