Bankruptcy Canada Trustee Blog

Calculating Surplus Income Step-by-Step

 09 Dec 2013
understand surplus income threshold

If you’ve read about what goes into determining the cost of your bankruptcy in Canada, you know that one of the factors is something called Surplus Income. Conceptually surplus income in a bankruptcy says that the amount you pay is more if your income is higher. There is a base amount…

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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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How Can I Go Bankrupt If I Have No Money?

 02 Dec 2013
cost of bankruptcy Canada

Question: How much does it cost to go bankrupt? And why? Seems to me if your going bankrupt it’s because you have no money. Bankruptcy Does Cost, But What’s Your Alternative? You are correct; it does cost money to go bankrupt, for two reasons. First, there is a small cost…

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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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4 More Paydays until Christmas. How Much Will You Be Left With?

 25 Nov 2013
christmas-debt-bankruptcy

Do you believe it? Christmas is just around the corner and if you are anything like me, you’re not ready. It is a month away – that’s 2 paydays for those of us paid bi-weekly, 4 if you get paid every week. It hardly seems like enough time. There’s definitely…

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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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Is There A Debt Minimum For A Consumer Proposal?

 13 Nov 2013
minimum debt consumer proposal

We are often asked, “Is there a minimum amount I can file a proposal for?”  The answer depends on how you interpret the question. We’ll answer that question by looking at: Is there a minimum debt amount to be eligible to file a consumer proposal? Is there a minimum amount…

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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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