Bankruptcy Canada Trustee Blog

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…

(6) commentsRead more

Cancelling Contracts As Part Of Your Bankruptcy

21 Aug 2013

One of the least known aspects of bankruptcy law in Canada is that when you file bankruptcy you may break any contract you have as part of the restructuring of your financial situation. The most common contracts that are terminated relate to cell phones and cable services, but it is…

How To Avoid A Second Bankruptcy

14 Aug 2013

Here is a chilling statistic: somewhere in excess of 10% of the adult Canadian population will file for bankruptcy at some point in their life. Of those, 15% will have to file a second bankruptcy. The reasons people file for bankruptcy range from poor financial management, a relationship breakdown, a…

CRA Has Frozen Your Bank Account. What To Do.

12 Aug 2013

You’ve discovered that the Canada Revenue Agency has obtained a court order to seize your assets in payment of overdue taxes and the first step they took was to freeze your bank account. In most cases, CRA freezes your bank account for one simple reason: to get your attention. In…

(41) commentsRead more

6 Advantages Of Filing Bankruptcy in Canada

07 Aug 2013

One of the first things I am asked by just about everyone I see professionally is: “Is filing bankruptcy the right thing for me to do?” Since every person’s situation is unique, this is not a question that can be easily answered, but what I can do is provide you…

(2) commentsRead more

Fastest Way To Rebuild Credit During and After A Consumer Proposal

05 Aug 2013

Question: If I file a consumer proposal what is the quickest way to rebuild my credit? Should I save up for a secured credit card or just pay off the proposal as fast as possible first? Also, during a consumer proposal, is it possible to get a loan for a…

(183) commentsRead more

Avoid Bankruptcy By Filing A Consumer Proposal

31 Jul 2013

If you find yourself completely buried in debt and you don’t think you have any choice but to file for bankruptcy, you may be able to avoid bankruptcy by filing a consumer proposal. I have to be honest with you – our firm has been a big proponent of consumer…

5 Things To Do Before Declaring Bankruptcy

29 Jul 2013

So, you’ve decided that the best way to solve your financial problems is to file for bankruptcy. It was a tough decision, but you don’t see any other way out… Before declaring bankruptcy in Canada here are 5 things that you should do: Change your bank accounts. This is something…

(4) commentsRead more

What If Your Financial Situation Improves During Bankruptcy?

24 Jul 2013

Have you heard the expression, “it’s not over ‘til it’s over?” It applies to bankruptcy in Canada as much as anything else. If you have filed an assignment in bankruptcy and your situation changes for the better, you don’t have to remain bankrupt. You have the right to file a…

(8) commentsRead more

Can I Apply For Bankruptcy Online?

22 Jul 2013

Unfortunately, it is not currently possible under Canadian law to file for bankruptcy on-line. In order to make a bankruptcy application you must meet in person with a licensed trustee in bankruptcy for something called the “assessment”. There are many different paths that people follow in order to get to…