Bankruptcy Canada Trustee Blog

Personal Bankruptcy vs Joint Bankruptcy. Which Should You Choose?

 01 Jun 2015

It is important to understand that if you file for personal bankruptcy it does not mean that your spouse has to declare bankruptcy as well. However if both spouses owe significant debts, either individually or together, it may be necessary for each spouse to consider bankruptcy as a way to…

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In Doubt About Talking To A Bankruptcy Trustee?

 04 May 2015
debt warning signs

Sun Tzu is given credit for stating, “If there is doubt then there is no doubt”.  If you think you “may need” to speak to a trustee – then you do need to speak to a bankruptcy trustee.  Sorry, but it is that simple. We are all very good at convincing ourselves…

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More Tax Considerations Of A Bankruptcy In Canada

 20 Apr 2015
Canada taxes bankruptcy

Most people get into financial trouble at some point in their lives. Many are able to work their way through their difficulties and recover. Some cannot, and they often end up filing for personal bankruptcy. The good news for these people is that bankruptcy deals with tax debts, as well…

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Common Debts Included In Personal Bankruptcy

 23 Mar 2015
debts included in bankruptcy

When looking at the reasons people file bankruptcy in Canada, similarities begin to emerge. Job loss, income reduction, illness and divorce are some of the most often cited reasons.  But did you know that who you owe and how you accumulate debt can be a risk factor as well?  We know…

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What You Keep Or Lose In Bankruptcy in Canada: Infographic

 09 Mar 2015

What you keep or lose in a bankruptcy is governed by both the Bankruptcy and Insolvency Act and provincial legislation. While each province has unique legislation, our infographic explains some of the key similarities in how your assets can be treated if you file for bankruptcy in Canada. You can…

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Secured Debts In Bankruptcy: How Does It All Work?

 23 Feb 2015
Secured Debts Bankruptcy Canada

Most potential bankrupts who own a home or have a car owe money to a secured lender against those assets. We’ll explore how this affects how these assets, and their debts, are dealt with in a bankruptcy or consumer proposal in Canada. What are Secured Debts? Secured debts are those debts…

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Recovering From Unexpected Financial Events

 09 Feb 2015
emergency fund

It can happen to the best of us. More than that, it does. Regularly. Responsible, financially solvent people leading productive, fruitful lives suddenly find themselves saddled with unexpected expenses that can bring them to their knees because they weren’t properly prepared for them. These are the stomach-curdling episodes. Things like a sudden…

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Who Is The Official Receiver & Do They Affect My Bankruptcy?

 26 Jan 2015
Official-receiver-bankruptcy-OSB

There’s something about adding the word “official” to a title that can intimidate a person right off their seat. This is often true with the Official Receiver (OR) in a bankruptcy, a participant in the bankruptcy process. Sometimes, all it takes to knock the associated fear factor down a few notches…

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Your Income Affects How Long You Will Be Bankrupt

 12 Jan 2015
How Long Bankrupt

What is Surplus Income? The Superintendent of Bankruptcy issues standards regarding the required payments for a bankruptcy based on whether the bankrupt has  surplus income and whether their net income is more than $200 over the predetermined government threshold.  If you fall into this category, the length of your bankruptcy…

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Thinking of Going Bankrupt? Here’s What You Should Know

 15 Dec 2014
going bankrupt

There is so much to think about when deciding whether or not you should declare bankruptcy that we thought it might be helpful to outline some of the important pieces of the puzzle.  Here are the basic answers to some common questions and where you can find more information. How long…

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