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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.

Myth #2: Will I Lose Everything If I Declare Bankruptcy?

04 Mar 2013

One of the first questions asked when people are thinking about declaring bankruptcy is “Will I lose everything” after I file for bankruptcy. It’s often assumed that a trustee will seize everything you have and sell it when you go bankrupt. Myth: I will lose everything by declaring bankruptcy. The trustee…

Myth #1: Everyone Will Know I Filed Bankruptcy

27 Feb 2013

Bankruptcy is a scary word. We know it. But we also know that part of the problem is that there are a lot of misconceptions and untruths about bankruptcy in Canada. To vanquish the monsters in the closet, we have pulled together some of the most common bankruptcy myths we…

Bankruptcy Services and Your Canadian Bankruptcy Trustee

23 Feb 2013

A Canadian Bankruptcy Trustee provides more than bankruptcy services. As an expert in debt management, a licensed trustee is qualified to offer you advice on a wide range of debt relief services. While the most common bankruptcy service will be the filing of a bankruptcy, there are many other insolvency services…

Can you Declare Bankruptcy on Taxes Owing?

18 Feb 2013

The short answer, for most people, is yes you can declare bankruptcy on taxes owing. In fact, 50% of the people that file personal bankruptcy include some form of tax debt. It is usually personal income tax, but also includes HST, source deductions, as well as director’s liability for corporate…

Bankruptcy Lawyer or Bankruptcy Trustee? Who Do I Need?

13 Feb 2013

In Canada, a personal bankruptcy or consumer proposal is administered by a Bankruptcy Trustee, not a bankruptcy lawyer. No one else has the ability to file a bankruptcy for you. You cannot declare bankruptcy through a lawyer, an accountant or a debt consultant unless they are also a trustee in…

Is Filing Bankruptcy in Canada a Good Option for Tax Debt?

06 Feb 2013

We continue our Good Debt Relief Options series today by talking about bankruptcy and tax debt. If you owe money to the Canada Revenue Agency, or worse have already received a Requirement to Pay or had your bank account frozen, will bankruptcy help? What other bankruptcy alternatives may be best for tax debts. Most people don’t realize…

Is Filing Bankruptcy in Canada a Good Option for Seniors?

27 Nov 2012

The second in our series on Good Debt Relief Options – today we will talk about seniors and bankruptcy. We will look at how seniors are affected by debt, whether bankruptcy is a good debt relief option and what other bankruptcy alternatives may be best for seniors. Like many Canadians,…

Is Filing Bankruptcy In Canada A Good Option for Student Loans

20 Nov 2012

Student loans and bankruptcy in Canada is a confusing topic. Will my student loans be discharged in a bankruptcy or not? What is the 7 year rule for student loans and bankruptcy about? Can I declare bankruptcy with student loans? In looking at your debt relief options, we will tackle the…

After Filing Bankruptcy in Canada, How Long will it be on my Credit Report?

07 Nov 2012

How long will bankruptcy show on credit reports in Canada for the first time bankrupt after receiving a bankruptcy discharge? There are two large credit reporting agencies in Canada: Equifax and Trans Union. Unfortunately neither of them is very forthcoming with regards to their credit reporting practices. A few years…

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Key Benefits of Filing Bankruptcy

06 Apr 2012

With the skyrocketing prices of goods and services, many people are finding themselves in difficult financial situations with overwhelming debts and are considering filing bankruptcy in Canada as the solution to thier problems. If this sound like you, you need not to fret as there are many people who are…