Category Archives: Personal Bankruptcy

As a general rule if you file for bankruptcy in Canada it does not directly affect your spouse.  What you will find is that your debts are yours and yours alone.  However, there are some instances where your spouse may be affected. If your spouse has co-signed, or guaranteed a…

Under Canadian bankruptcy law, a first bankruptcy lasts for a minimum of nine months. A second bankruptcy lasts for a minimum of 24 months (2 years). If you have surplus income, a second time bankruptcy will extend for 36 months (3 years). A first bankruptcy appears on your credit report…

If you have a lot of debt and you are thinking about bankruptcy as a solution, there are four factors you should consider. Bankruptcy will eliminate most of your debts, but not all debts. Bankruptcy discharges your unsecured debts, such as credit cards, payday loans, bank loans, and even income…

It is an unfortunate fact of life that many people can’t pay all of their bills. For one reason or another, they have accumulated more debt than they can deal with and they need a plan to deal with their debts. For some, that may mean filing for bankruptcy, but…