Where can you find all of the bankruptcy information in Canada you need? How can you research your options? Our expert local bankruptcy trustees have partnered together to provide comprehensive information about bankruptcy, bankruptcy alternatives and overall debt advice for our readers. If you are looking for information about bankruptcy, we can help. Start with our most popular articles.
Debt in Canada: Does it lead to bankruptcy in Canada explores the relationship between debt and bankruptcy. After reading this article you will want to explore your options to avoid bankruptcy in Canada. Why avoid it? Reading about the effects of filing bankruptcy in Canada will help you understand the implications.
It’s important to research bankruptcy information to understand all of the potential risks to filing. For example what happens if you have a co-signer and you file bankruptcy?
What happens if you earn more money than the minimum allowed? Surplus income and bankruptcy in Canada is a hidden trap. Here’s why: you are permitted to earn a set amount while you are bankrupt (based on the size of your family, and your net monthly earnings). If you exceed that limit, you are required to pay half of the amount you are over the limit, and your bankruptcy is extended for an extra year (which means another year of payments). That’s a problem, which is why you want to understand the math before you make any decisions about how to deal with your debt.
Many people are confused about why you need a trustee to file bankruptcy. The answer: it’s the law; you are required to have a licensed professional administer your file to ensure that all rules are followed, and that everyone is treated fairly.
That’s why, with proper research, you can learn how to file bankruptcy in Canada.
It’s a big decision. You may be able to deal with your debts on your own. You may choose instead to file a consumer proposal to deal with your debts. Regardless of which option you choose, do your research and choose the option that’s best for you and your family.
For more information browse our bankruptcy blog. Read personal debt questions submitted by our readers and answered by our expert local bankruptcy trustees.
If, after reviewing our site you need further advice, book an appointment for a free consultation with a Local Bankruptcy Canada Trustee near you today.