Home Archive by category 'Personal Bankruptcy' (Page 9)

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.

How Does Bankruptcy Affect My Credit Rating?

09 Oct 2013

Your credit report is maintained by one of two major credit rating agencies in Canada: Equifax and Trans Union. When you apply for a loan, whether a credit card or a mortgage, your lender will review your credit report. This report contains information about whether or not you have unpaid…

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Tell Your Bankruptcy Trustee Everything

07 Oct 2013

Bankruptcy is your chance to start over. In exchange for your debts being ‘discharged’ you give up your assets and make a monthly payment during your bankruptcy. This is the cost to you of eliminating your debts once and for all so you can begin to rebuild your credit and…

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Does A Bankruptcy Trustee Seize Your Bank Account?

30 Sep 2013

When you file for bankruptcy, your trustee is required to seize your assets and distribute them to your creditors. While technically any money in your bank account is an asset to be surrendered to your bankruptcy trustee, in most cases your trustee will not automatically seize your bank account if…

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My Bank Account Was Frozen. Will Bankruptcy Help?

23 Sep 2013

You need to pick up a few things on your way home so you stop at a bank machine to withdraw some cash, only the machine won’t let you make a withdrawal. You step inside and the teller informs you that your bank account has been “frozen”. What does that…

Second Time Bankruptcy. What Rules Apply?

18 Sep 2013

In Canada, about 15% of people that have filed for bankruptcy end up declaring bankruptcy a second time. Since approximately 60,000 Canadians will be declaring bankruptcy this year that means 9,000 of them likely have done so before. The number of people filing second bankruptcies is large enough that in…

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Bankruptcy and Payday Loans

16 Sep 2013

I want to start with a disclaimer – I really hate these guys. When we opened our bankruptcy practice in 1999 we saw very few payday loan companies. Then, within a couple of years, they started appearing on every file we saw. In 2005 we published a composite of the…

How Does A Joint Bankruptcy Filing Work?

11 Sep 2013

One of the most common questions posted to the internet chat groups about filing for personal bankruptcy in Canada has to do with spouses and whether or not if one files for bankruptcy, do they both have to. The short answer is no, each spouse is free to decide what…

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Do I Have To File My Tax Returns Before Filing Bankruptcy?

28 Aug 2013

Most trustees in bankruptcy, myself included, will tell you that you should file all of your outstanding tax returns before filing bankruptcy in Canada – but do you really have to? The filing of income tax returns is required under the Income Tax Act. There is actually no requirement under…

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Personal bankruptcy and property taxes. Are they discharged?

26 Aug 2013

Property taxes are one of the least understood obligations that home owners have – people recognize they have to be paid, but most people don’t realize the special rights that property taxes have been granted under Canadian law. Let’s start with the fundamentals – property taxes represent a charge on…