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.

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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How Does Bankruptcy Affect My Credit Rating?

 09 Oct 2013
credit report and bankruptcy

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
canada bankruptcy law

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
bankruptcy bank account

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
frozen bank account and bankruptcy

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…

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Second Time Bankruptcy. What Rules Apply?

 18 Sep 2013
bankruptcy canada

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
Bankruptcy and Payday Loans

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…

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