Bankruptcy Canada Trustee Blog

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…

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6 Advantages Of Filing Bankruptcy in Canada

 07 Aug 2013
Advantages of Bankruptcy

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…

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Fastest Way To Rebuild Credit During and After A Consumer Proposal

 05 Aug 2013
rebuild credit after bankruptcy

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…

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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…

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5 Things To Do Before Declaring Bankruptcy

 29 Jul 2013
Advantages of Bankruptcy

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…

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What If Your Financial Situation Improves During Bankruptcy?

 24 Jul 2013
consumer proposal during bankruptcy

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…

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Can I Apply For Bankruptcy Online?

 22 Jul 2013
apply for bankruptcy online

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…

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How Is Bankruptcy a Fresh Start If It Is On My Credit Report?

 17 Jul 2013

If you were to ask me what the single most misunderstood aspect of the Canadian financial industry is, without hesitation I would say, “The credit reporting system”. Every adult Canadian that has been employed, operated a bank account, or ever tried to access credit has more than likely been reported…

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Debt Problems And Saving Your RRSP

 15 Jul 2013

For years, the government and the big banks have been encouraging Canadians to set aside as much money as possible in their RRSPs each year. This has created a strange situation – people may be having debt problems and at the same time they have savings for retirement that they…

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What Does It Mean To Be Insolvent?

 10 Jul 2013

If you are insolvent, you either are not able to pay your obligations when they are due, or your debts are larger than your assets. It’s important to understand that the meaning of bankrupt is not the same as insolvent, although the words are often used interchangeably. Insolvency is often…

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