Category Archives: Personal Bankruptcy

If you are insolvent, you either are not able to pay your obligations when they are due, or your debts are larger than your assets. It’s important to understand that the meaning of bankrupt is not the same as insolvent, although the words are often used interchangeably. Insolvency is often…

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…