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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.

Consumer Proposal or Bankruptcy: What’s The Difference

11 Apr 2013

Filing a consumer proposal or bankruptcy will deal with your debts. Both procedures were created by federal bankruptcy law, and are legally binding on your creditors, so once your consumer proposal or bankruptcy is completed the creditors cannot pursue you for those debts. Both solutions deal with your debts, but…

Alberta Bankruptcy Exemptions – What can I keep?

08 Apr 2013

One of the biggest misconceptions about filing for bankruptcy in Alberta, or anywhere in Canada, is that you will lose everything you own. This just isn’t the case. Like in all provinces in Canada, there are Alberta bankruptcy exemptions for what are generally considered necessities of life. In fact, in…

When Will Creditors Stop Calling After I File Bankruptcy?

04 Apr 2013

When you file for bankruptcy in Canada you immediately receive court protection. This protection is called a Stay of Proceedings and is the legal reason why your creditors stop calling after you declare bankruptcy. Filing bankruptcy prevents your creditors from being able to contact you, garnish your wages, seize your…

Canada Bankruptcy Law – What You Need To Know

01 Apr 2013

Personal bankruptcy law in Canada is governed primarily by the Bankruptcy & Insolvency Act (“BIA”). There are two primary reasons Parliament created Canadian bankruptcy law: To rehabilitate the honest but unfortunate debtor in order to allow him to gain a fresh financial start; and To provide for a fair and orderly…

What If My House Has Equity And I Declare Bankruptcy?

28 Mar 2013

What happens if your house has equity and you decide to file for bankruptcy? While the bankruptcy exemption laws are slightly different in each province, the basic concept is the same. You can’t keep a house in bankruptcy if there is substantial equity in your home at the time you…

When To File For Bankruptcy

25 Mar 2013

Clients often ask ‘when should I file for bankruptcy?’ Is there any specific timeline to wait to declare bankruptcy or a consumer proposal? Is there anything I should consider before I file? The first thing to do if you are in financial trouble is to talk to a bankruptcy trustee…

Does bankruptcy affect a joint bank account?

18 Mar 2013

You can keep your bank account while bankrupt in Canada but whether you have a joint bank account, or not, there are some things to consider. Opening A New Bank Account Before filing bankruptcy in Canada, we strongly recommend that you open a new bank account at an institution where…

Myth #5: I’ll Never Get Credit After Bankruptcy

14 Mar 2013

Many people are concerned that if they file for bankruptcy they will ruin their credit forever and never be able to apply for a loan or any form of credit after bankruptcy. Myths: My credit will be ruined. I will never be able to apply for credit after filing bankruptcy….

Myth #4: All My Debts Are Discharged In Bankruptcy

11 Mar 2013

Bankruptcy is not an easy way out. People who file bankruptcy are not walking away from their debts with no consequences. In addition, despite popular belief, not all debts can be discharged by claiming bankruptcy. Bankruptcy and debt can be complicated. Myth: Bankruptcy erases all of your debts. Truth: Personal…

Myth #3: A Bankruptcy Trustee Only Does Bankruptcies

07 Mar 2013

A good bankruptcy trustee provides advice on how to deal with your debts. You may need to go bankrupt, however your trustee will explain all options available to you.