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.

What You Need To Disclose To A Bankruptcy Trustee

 18 Aug 2014

On the day you sign your bankruptcy paperwork you will be required to “swear” before a Commissioner of Oaths that the information contained on your Statement of Affairs is true and complete.  To do that, you must disclose various information to your bankruptcy trustee, including the following information about: what…

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A Bankruptcy Trustee. Setting the Record Straight.

 11 Aug 2014
bankruptcy trustee

Most people don’t really understand what a bankruptcy trustee is, who they work for, or how they get paid.  It is not complicated, but there’s so much misinformation on the internet that I thought it was worth a few minutes of our time to set the record straight. First and…

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It’s Critical to Complete Your Bankruptcy and Get your Discharge

 28 Jul 2014
no more debt means obtaining bankruptcy discharge

If you want your debts to be eliminated you need to keep your eye on the goal. That goal is obtaining your bankruptcy discharge. To get that discharge, and have no more debts at the end, you need to complete the process — all of the process. I can’t stress the importance…

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Declaring Bankruptcy Doesn’t Mean You Can’t Purchase A Home

 21 Jul 2014
declaring bankruptcy house

It is a popular misconception that if you go bankrupt you will never again be able to purchase a home. The reason for this misconception is that a bankruptcy has a negative impact on your credit report, and therefore with “bad” credit you won’t be able to qualify for a…

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Secured Debts Vs Unsecured Debts in Bankruptcy in Canada

 14 Jul 2014
treatment of secured and unsecured debt in bankruptcy in Canada

What is the difference between secured debts and unsecured debts when you declare bankruptcy in Canada? Bankruptcy is a chance to start over, and while it does eliminate most debts, it does not deal with them all. One of the biggest distinctions when filing bankruptcy is whether or not your debt is…

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Does A Bankruptcy Trustee Tell Me How To Spend My Money?

 07 Jul 2014
bankruptcy trustee

I recently meet with an individual considering personal bankruptcy who was under the impression that as a bankruptcy trustee I would tell them how they could spend their money. I did a double take and told her, “No. No-one has the right to tell you how to manage your money.”  I assumed she…

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Do We Have Chapter 7 or Chapter 13 Bankruptcy in Canada?

 30 Jun 2014
chapter 7 and 13 bankruptcy canada

I have always thought one of the disadvantages of living next to the largest economy (and media market) in the world is the fact that Canadians end up using American terms for things they may be looking for. The use of Chapter 7 and Chapter 13 bankruptcy wording is an excellent…

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Build New Money Skills With Credit Counselling During Your Bankruptcy

 23 Jun 2014
credit counselling sessions

Credit counselling is a very important event in the bankruptcy process, and it is essential to help you get a fresh start. You will be provided with two credit counselling sessions in your bankruptcy. Learning Money and Credit Management Your first session, which will happen between the 10th and 60th…

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What You Need To Know About Bankruptcy Discharge

 09 Jun 2014
bankruptcy discharge

There is only one reason for filing for bankruptcy: to get your bankruptcy discharge. Your debts are officially wiped out by a discharge from bankruptcy. That’s what “discharge” means: to eliminate your debts. While the process is easy, there are some things you need to know. Your Discharge Duties You will…

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Using Your Credit Card Before Bankruptcy. Is There Any Risk?

 02 Jun 2014
credit card debt bankruptcy

What would happen if you maxed out your credit cards and then went bankrupt? It sounds like a great idea. You go on a shopping spree and buy everything you need, and then go bankrupt so you don’t have to pay it back! Why stop there? Why not take some…

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