Bankruptcy Canada Trustee Blog

Consumer Proposal or Debt Management Plan

 08 Jul 2013

If you have a lot of debt and you want to avoid bankruptcy, you may consider a consumer proposal or a debt management plan. What’s the difference between these two debt solutions? A debt management plan is administered by a not for profit credit counsellor, and they are often able…

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Meet Your Newfoundland and Labrador Trustees in Bankruptcy

 05 Jul 2013
Bankruptcy Newfoundland

Janes & Noseworthy Ltd. has been providing confidential, expert advice to consumer debtors across Newfoundland and Labrador for almost 30 years. Through our network of 6 staffed, satellite bankruptcy trustee offices across the island, we will meet with you face-to-face to discuss your situation and find a solution to your…

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Consumer Proposal Administrator – What They Do

 03 Jul 2013

Recently, many bankruptcy trustees have started calling themselves consumer proposal administrators without actually explaining what that term means. As the name suggests, a consumer proposal administrator manages the consumer proposal process. To the best of my knowledge, the government has not issued any consumer proposal administrator licences in Canada outside…

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Bankruptcy and Professional Designations

 01 Jul 2013
Stress over causes of bankruptcy

Question: I would like to file bankruptcy, but I’m currently in university and looking to eventually become a Chartered Accountant. If I file bankruptcy will I not be able to become designated in the future? Bankruptcy and Chartered Accountant Designation There is no specific rule that disqualifies you from becoming…

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Bankruptcy Statistics Jump In April

 28 Jun 2013

After falling fairly significantly for the past two months, insolvency statistics (Canadian bankruptcy and consumer proposal filings) increased again in April.  The increase was small, only 3.7% higher than the year before. On a year to date basis, total consumer insolvencies are still 5.5% below last year’s levels largely reflecting…

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Can I Keep My Car in a Bankruptcy?

 26 Jun 2013
keep car bankruptcy

Whether or not you can keep your car if you file bankruptcy depends on two factors. Do you own it outright? How much is it worth? Secured Car Loans and Leased Cars in Bankruptcy First, if your car is security for a car loan, you can keep your car, but…

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How Does Bankruptcy In Canada Affect Your Spouse?

 24 Jun 2013
bankruptcy and your spouse

As a general rule if you file for bankruptcy in Canada it does not directly affect your spouse.  What you will find is that your debts are yours and yours alone.  However, there are some instances where your spouse may be affected. If your spouse has co-signed, or guaranteed a…

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Should You Open a New Bank Account After Filing Bankruptcy?

 19 Jun 2013
bank account and bankruptcy

The best advice we can give is that you should open a new bank account BEFORE filing bankruptcy or a consumer proposal rather than waiting to open an account until after you file. We suggest you do this for your own protection. Filing bankruptcy in Canada eliminates your unsecured debts,…

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What Time Of Day Can Debt Collectors Call My Home?

 10 Jun 2013
overdue bill and collection calls

Many people are intimidated by the “thought” that a collection agent may contact them directly about money that they owe and haven’t been able to repay. The anxiety is caused from a lack of knowledge – what can and can’t a collection agency do? Very briefly, collection agencies are businesses…

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How Long Will My Second Bankruptcy Last?

 05 Jun 2013
how long does bankruptcy last

Under Canadian bankruptcy law, a first bankruptcy lasts for a minimum of nine months. A second bankruptcy lasts for a minimum of 24 months (2 years). If you have surplus income, a second time bankruptcy will extend for 36 months (3 years). A first bankruptcy appears on your credit report…

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