Category Archives: Personal Bankruptcy

Advice and information on personal bankruptcy in Canada provided by Bankruptcy Canada trustees. Learn important facts about filing bankruptcy then contact one of our local bankruptcy trustees in your province who can help.

How Does A Joint Bankruptcy Filing Work?

 11 Sep 2013
joint bankruptcy filing and spouse

One of the most common questions posted to the internet chat groups about filing for personal bankruptcy in Canada has to do with spouses and whether or not if one files for bankruptcy, do they both have to. The short answer is no, each spouse is free to decide what…

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Do I Have To File My Tax Returns Before Filing Bankruptcy?

 28 Aug 2013
Filing tax return before bankruptcy

Most trustees in bankruptcy, myself included, will tell you that you should file all of your outstanding tax returns before filing bankruptcy in Canada – but do you really have to? The filing of income tax returns is required under the Income Tax Act. There is actually no requirement under…

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Personal bankruptcy and property taxes. Are they discharged?

 26 Aug 2013
house bankruptcy

Property taxes are one of the least understood obligations that home owners have – people recognize they have to be paid, but most people don’t realize the special rights that property taxes have been granted under Canadian law. Let’s start with the fundamentals – property taxes represent a charge on…

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Cancelling Contracts As Part Of Your Bankruptcy

 21 Aug 2013
bankruptcy and cancelled contract

One of the least known aspects of bankruptcy law in Canada is that when you file bankruptcy you may break any contract you have as part of the restructuring of your financial situation. The most common contracts that are terminated relate to cell phones and cable services, but it is…

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How To Avoid A Second Bankruptcy

 14 Aug 2013
avoid second bankruptcy

Here is a chilling statistic: somewhere in excess of 10% of the adult Canadian population will file for bankruptcy at some point in their life. Of those, 15% will have to file a second bankruptcy. The reasons people file for bankruptcy range from poor financial management, a relationship breakdown, a…

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CRA Has Frozen Your Bank Account. What To Do.

 12 Aug 2013

You’ve discovered that the Canada Revenue Agency has obtained a court order to seize your assets in payment of overdue taxes and the first step they took was to freeze your bank account. In most cases, CRA freezes your bank account for one simple reason: to get your attention. In…

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6 Advantages Of Filing Bankruptcy in Canada

 07 Aug 2013
Advantages of Bankruptcy

One of the first things I am asked by just about everyone I see professionally is: “Is filing bankruptcy the right thing for me to do?” Since every person’s situation is unique, this is not a question that can be easily answered, but what I can do is provide you…

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5 Things To Do Before Declaring Bankruptcy

 29 Jul 2013
Advantages of Bankruptcy

So, you’ve decided that the best way to solve your financial problems is to file for bankruptcy. It was a tough decision, but you don’t see any other way out… Before declaring bankruptcy in Canada here are 5 things that you should do: Change your bank accounts. This is something…

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Can I Apply For Bankruptcy Online?

 22 Jul 2013
apply for bankruptcy online

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…

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How Is Bankruptcy a Fresh Start If It Is On My Credit Report?

 17 Jul 2013

If you were to ask me what the single most misunderstood aspect of the Canadian financial industry is, without hesitation I would say, “The credit reporting system”. Every adult Canadian that has been employed, operated a bank account, or ever tried to access credit has more than likely been reported…

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