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.

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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5 Facts About Wage Garnishment

 19 May 2014
stop wage garnishment in Canada

Creditors can garnish your wages if you have stopped making payments towards your debt. In most cases they must obtain a wage garnishment order from the court and depending on the province can garnish up to 50% of your wages. If you are facing a a garnishee, read our tip…

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What Does It Mean To File For Bankruptcy?

 12 May 2014
file for bankruptcy

If you file for bankruptcy in Canada it means that your creditors may no longer pursue you directly. If your wages are being garnisheed due to a lawsuit or unpaid debt the garnishee will stop. If collectors are calling you and you file for bankruptcy then the phone calls will…

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Afraid To File Tax Returns Because of Tax Debts?

 21 Apr 2014
tax debt tax returns Canada Revenue Agency

Income taxes are a fact of life. You know this. Everyone knows this. And yet, there are still people that, for many reasons, don’t file and pay their taxes every year. The Canada Revenue Agency (CRA – formerly known as Revenue Canada) is what we call an involuntary creditor. CRA…

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Bankruptcy. What’s Protected and What’s Not.

 14 Apr 2014
what you keep bankruptcy

Bankruptcy scares everyone because they think they are going to lose everything. In truth, most bankrupts don’t lose any assets because often people in financial trouble don’t have assets of value. These have been liquidated long ago or they just could not afford them in the first place. However, in…

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