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.

Who Is The Official Receiver & Do They Affect My Bankruptcy?

 26 Jan 2015
Official-receiver-bankruptcy-OSB

There’s something about adding the word “official” to a title that can intimidate a person right off their seat. This is often true with the Official Receiver (OR) in a bankruptcy, a participant in the bankruptcy process. Sometimes, all it takes to knock the associated fear factor down a few notches…

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Your Income Affects How Long You Will Be Bankrupt

 12 Jan 2015
How Long Bankrupt

What is Surplus Income? The Superintendent of Bankruptcy issues standards regarding the required payments for a bankruptcy based on whether the bankrupt has  surplus income and whether their net income is more than $200 over the predetermined government threshold.  If you fall into this category, the length of your bankruptcy…

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Thinking of Going Bankrupt? Here’s What You Should Know

 15 Dec 2014
going bankrupt

There is so much to think about when deciding whether or not you should declare bankruptcy that we thought it might be helpful to outline some of the important pieces of the puzzle.  Here are the basic answers to some common questions and where you can find more information. How long…

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What Filing Bankruptcy in Canada Can Do, And What It Can’t

 01 Dec 2014
filing bankruptcy canada

No-one wants to file bankruptcy. But for some, it’s the best way out of a bad situation. If you can’t afford to pay your debts, here is what you should know about how bankruptcy can help, and where it can’t. What Debts Are Included in Bankruptcy? Bankruptcy in Canada deals…

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Bankruptcy’s Automatic Stay of Proceedings

 17 Nov 2014

One of the benefits of filing a consumer proposal or personal bankruptcy is something called a “Stay of Proceedings”.  This is a legal term, but what it means is that the people you owe are stopped (stayed) from continuing any legal actions against you. How A Stay of Proceeding Works…

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Why You Need To Meet With A Bankruptcy Trustee In Person

 03 Nov 2014

Do you really need to book a consultation to talk to a bankruptcy trustee or debt advisor to help you with your financial problems?  Can’t you just discuss your situation over the phone, via e-mail or even on-line? Call centres are fine for technical support questions when your cable TV service has…

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When Is Doing Nothing A Possible Bankruptcy Strategy?

 20 Oct 2014

It’s an interesting dilemma. You owe money to creditors but don’t have enough money to keep up with the payments. You are on a limited income and don’t even know if you have enough money to file for bankruptcy.  In those circumstances what can you do?  Is a do nothing strategy…

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Voluntarily Giving Up Your Car in A Bankruptcy

 06 Oct 2014

It’s not unusual for someone to find one of the reasons for their debt is having purchased beyond their means. In particular, we often see individuals who purchase more car or more home than they can afford. Could be their situation changed, or perhaps they over-purchased initially. Filing bankruptcy is…

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I’ve Defaulted On My Student Loans. Is Bankruptcy The Answer?

 22 Sep 2014

Student loans and the education that they pay for may be one of the great tragedies of our time.  Your degree or diploma is no guarantee of a job, but the debt has to be repaid.  In some cases the amount of debt that has been amassed is so great,…

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Considering Bankruptcy? 7 Things To Think Through

 08 Sep 2014

Roughly ½ of 1% of the Canadian population files a consumer proposal or declares bankruptcy each year. In real numbers we’re talking 125,878 in 2016 people and roughly 62,500 of those were consumer proposals. That got me wondering how people learn about consumer proposals and personal bankruptcy, and the laws that govern them. It’s…

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