Bankruptcy Canada Trustee Blog

Claiming Bankruptcy while in a Consumer Proposal

 08 Nov 2012

Question: My husband and I are currently in a Consumer Proposal and have not missed a payment. I am able to pay the proposal on my own without anything from him. The problem we have now is he has had to shut down his company and may have to claim…

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Are you Missing Loan Payments?

 07 Nov 2012
overdue bill and collection calls

Fewer Canadians are missing loan payments according to a report from Equifax Canada.  This despite the fact that overall Canadian debt levels continue to increase at an alarming rate. The number of Canadians missing loan payments fell to 1.22% in the third quarter 2012, the lowest level since the economic…

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After Filing Bankruptcy in Canada, How Long will it be on my Credit Report?

 07 Nov 2012
bankruptcy credit score

How long will bankruptcy show on credit reports in Canada for the first time bankrupt after receiving a bankruptcy discharge? There are two large credit reporting agencies in Canada: Equifax and Trans Union.  Unfortunately neither of them is very forthcoming with regards to their credit reporting practices. A few years…

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Bankruptcy Canada Statistics Released – Consumers Still Struggling

 31 Oct 2012
Bankruptcy and Consumer Proposals Canada Aug 2012

In some good news, the number of consumer insolvencies showed an overall decline in Canada for August 2012. The Office of the Superintendent of Bankruptcy Canada reported consumer insolvencies (bankruptcy and consumer proposals) for the 12-month period ending August 2012 were 5.1% lower when compared with the same period the…

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When are Student Loans Discharged in a Bankruptcy in Canada?

 22 Oct 2012
student-loans-bankruptcy

Question: I went bankrupt in 2009 and listed my student loan as a debt. I got the loans back in 1998. Are my student loans eliminated in a bankruptcy? or am I still liable? Please help as I am trying to rebuild my credit. Thanks J Answer: A student loan…

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Will Higher Interest Rates Drive You Into Bankruptcy?

 16 Oct 2012

The Bank of Canada, and in particular governor Mark Carney, have left little doubt about their intentions to use interest rates, if need be, to control what appears to be out of control debt borrowing by Canadians.  The central bank has commented on the rising level of consumer debt for…

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Credit Card After Discharge from Bankruptcy in Canada

 24 Sep 2012

Question: I filed bankruptcy in Canada and was discharged from debt after bankruptcy in 2008. How do I go about getting a credit card? How long do I need to wait before applying for a credit card after bankruptcy? Answer: There are a number of steps to take to repair your…

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Is Bankruptcy in Canada Caused By Not Worrying About High Debt?

 24 Sep 2012

Special guest commentary by Douglas Hoyes, CA, Bankruptcy Canada Trustee I am a bankruptcy trustee in Ontario, Canada, and many times each week when I talk to people on the phone and ask them how much they owe, they underestimate their total debt.  It’s only when they pull out all…

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When a Debt Consolidation Loan is better than Filing Bankruptcy in Canada

 03 Sep 2012

Question: How can I decide if it’s better to get a debt consolidation loan, or just consider filing for bankruptcy? Answer: If you qualify for a debt consolidation loan, and can afford to make the payments, a debt consolidation loan is better than bankruptcy.  If you can’t, then bankruptcy may be necessary….

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Surplus Income in Three Pay Month While Bankrupt in Canada

 03 Jul 2012

Note: the question in this article contains old surplus income limits. Click here to review the updated limits. Question: I have a three pay month the second month in bankruptcy, and those funds were already earmarked for car repairs. What happens if I can’t pay the surplus income for that…

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