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.

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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Does Bankruptcy Discharge Payday Loans?

 06 Nov 2013
bankruptcy payday loans discharged

The process of personal bankruptcy in Canada discharges most unsecured debt, including payday loans. If you have payday loans and you are considering claiming bankruptcy, here are the issues to consider: Do you have other debts?  The average payday loan is usually $1,000 or less, so if your only debts…

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Severe Debt Is A Financial Disability. Find a Good Debt Doctor.

 30 Oct 2013
debt doctor bankruptcy

Obviously debt is not a medical condition, but as a bankruptcy trustee I can say from experience that severe debt can be a financial disability, with significant negative consequences.  If you are sick you see a doctor.  If you have excessive debt, you need to see a debt doctor, such…

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What To Expect At Your Bankruptcy Consultation

 16 Oct 2013
bankruptcy consultation with trustee

If you are considering filing for bankruptcy in Canada you may be wondering what you can expect when you meet with a Bankruptcy Canada Trustee for the first time? What will they ask? Will you need to bring anything with you? Your Bankruptcy Debt Assessment The purpose of your initial…

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5 Things To Do During Your Bankruptcy

 14 Oct 2013
during bankruptcy

In a previous post we talked about the top 5 things you should do to prepare for your bankruptcy. Once you have filed for bankruptcy, there are also activities you should do to ensure that your bankruptcy goes smoothly. Complete your duties. After you have declared bankruptcy you have a…

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