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.

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
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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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Guide To Filing Personal Bankruptcy in Canada

 07 Apr 2014
filing for personal bankruptcy in Canada

The decision to file for personal bankruptcy does not have to be complicated. Our easy to read infographic walks you through the decision process about how to declare bankruptcy by describing: What is personal bankruptcy? What is is means to talk to a bankruptcy trustee What your bankruptcy duties will…

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Wage Garnishment Laws & Declaring Bankruptcy

 31 Mar 2014
stop wage garnishment bankruptcy

If your wages are being garnisheed by a creditor then filing bankruptcy and/or a consumer proposal can stop the garnishee. In fact, a wage garnishment is affected by an automatic feature of the law called a stay of proceedings. How To Stop A Wage Garnishment When You File Bankruptcy In…

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How To Survive Bankruptcy In Canada

 26 Mar 2014
surviving bankruptcy in Canada

Filing for bankruptcy is as much an emotional decision as a financial one.  Too many people equate “what they have” with “who they are” and that can lead to real problems, including bankruptcy. How can you survive bankruptcy in Canada?  One day at a time.  If you always keep in…

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Can I Keep my House and Mortgage in Bankruptcy?

 24 Mar 2014
keep house bankruptcy

It is possible to keep your house and continue to pay your mortgage if you declare bankruptcy in Canada, subject to certain rules. Keeping Your Payments Current Under Canadian bankruptcy law a secured lender, like a mortgage holder, is not permitted to cancel their loan simply because you have declared…

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Bankruptcy & Insolvency Act: What You Need To Know

 19 Mar 2014

All bankruptcies and consumer proposals in Canada are administered under the Bankruptcy & Insolvency Act (BIA or the Act). This is a federal piece of legislation that governs all aspects of your bankruptcy or proposal. Bankruptcy law was put in place to allow the ‘honest but unfortunate debtor’ to be released…

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What Debts Are Eliminated By Filing Bankruptcy

 12 Mar 2014
debts eliminated in bankruptcy

One of the most common questions we receive is about what debts can be covered in a bankruptcy or a consumer proposal. Most unsecured debts may be included, but what exactly is an unsecured debt? These are the ones that do not have collateral or items held in security against…

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