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.

Can Collection Agencies Call My Work or Employer?

 15 Jan 2014
collection calls to employer

Yes, if you owe money, a collection agent is permitted to call your work, or call your employer. Collection agencies are provincially regulated, so the rules are slightly different in each province in Canada.  For example, you can read the Collection Agencies Act of Ontario here. However the legislation is…

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Are Credit Card Rewards An Asset in Bankruptcy?

 13 Jan 2014
credit card rewards bankruptcy

Many cards come with some sort of “rewards” program attached to them.  There are cards that collect points that you can redeem for products and services, air miles on travel cards, there are even cards that give you a cash rebate once a year.  What happens to these credit card…

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Bankruptcy and Surplus Income Calculation For A Family

 08 Jan 2014
surplus income bankruptcy and family

*Please note this article has been updated with the 2018 numbers When you file for bankruptcy, part of the cost of filing is based on how much income you earn. Depending on your income, you may be required to pay something called Surplus Income. Where it get’s confusing for many…

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3 Things to Know about Surplus Income in Bankruptcy

 06 Jan 2014
understand surplus income threshold

Surplus Income is the name the government has given to the calculation that trustees are required to do when someone files personal bankruptcy to determine what their monthly payments are going to be.  It is a mathematical exercise based on a specific set of rules.  It is not intended to…

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Being Sued or Threatened Over A Debt? Should You Consider Bankruptcy?

 16 Dec 2013
being sued and bankruptcy

Suing you is the final “threat” that a collection company makes when they are trying to pressure someone to make payments towards an overdue debt.  In reality, very few people are ever sued, but the threat certainly gets your attention. Before discussing how filing for bankruptcy or a consumer proposal…

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Why Get A Debt Evaluation From A Bankruptcy Trustee?

 04 Dec 2013
debt evaluation experts | bankruptcy trustee

The idea for this article was taken from an anonymous e-mail someone sent to one of the public chats that I write responses on. My first reaction, was to compare a debt evaluation from a bankruptcy trustee to a visit to the dentist’s office when you have a sore tooth….

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Stop a Wage Garnishment. Bankruptcy or No?

 27 Nov 2013
stop wage garnishment bankruptcy

You may have been working to balance your debt payments with your living expenses for the last little while, then the worst happens. You are advised that a creditor has notified your employer to garnish your wages. Now you are facing both the embarrassment of your employer knowing you are…

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What if you Forgot to List a Creditor on your Bankruptcy Forms?

 20 Nov 2013
forgot creditor bankruptcy forms

Filing for bankruptcy is a stressful time. As part of the process you are asked to provide your bankruptcy trustee with a list of your creditors, how much you think you owe on each debt and a list of your assets. Can you forget one or two? It happens, and…

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How To Preserve An RESP In A Bankruptcy

 18 Nov 2013
resp and bankruptcy

When you file bankruptcy in Canada you sign over the things that you own in exchange for the elimination of your unsecured debts subject to some exemptions.  The bad news is that RESPs, or Registered Education Savings Plans, are not on any of the provincial or federal bankruptcy exemption lists. …

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Questions To Ask A Bankruptcy Trustee At Your Initial Interview

 11 Nov 2013
bankruptcy questions trustee

If you are like most people, you never thought there might come a time when you needed to speak to someone about your debts.  Something has happened that has made what used to be a manageable debt load into something overwhelming. You are not alone in this crisis. In excess…

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