Bankruptcy Canada Trustee Blog

What Filing Bankruptcy in Canada Can Do, And What It Can’t

01 Dec 2014

No-one wants to file bankruptcy. But for some, it’s the best way out of a bad situation. If you can’t afford to pay your debts, here is what you should know about how bankruptcy can help, and where it can’t. What Debts Are Included in Bankruptcy? Bankruptcy in Canada deals…

(2) commentsRead more

Bankruptcy’s Automatic Stay of Proceedings

17 Nov 2014

One of the benefits of filing a consumer proposal or personal bankruptcy is something called a “Stay of Proceedings”. This is a legal term, but what it means is that the people you owe are stopped (stayed) from continuing any legal actions against you. How A Stay of Proceeding Works…

(54) commentsRead more

Why You Need To Meet With A Bankruptcy Trustee In Person

03 Nov 2014

Do you really need to book a consultation to talk to a bankruptcy trustee or debt advisor to help you with your financial problems? Can’t you just discuss your situation over the phone, via e-mail or even on-line? Call centres are fine for technical support questions when your cable TV service has…

Comment (1)Read more

When Is Doing Nothing A Possible Bankruptcy Strategy?

20 Oct 2014

It’s an interesting dilemma. You owe money to creditors but don’t have enough money to keep up with the payments. You are on a limited income and don’t even know if you have enough money to file for bankruptcy. In those circumstances what can you do? Is a do nothing strategy…

Voluntarily Giving Up Your Car in A Bankruptcy

06 Oct 2014

It’s not unusual for someone to find one of the reasons for their debt is having purchased beyond their means. In particular, we often see individuals who purchase more car or more home than they can afford. Could be their situation changed, or perhaps they over-purchased initially. Filing bankruptcy is…

(16) commentsRead more

I’ve Defaulted On My Student Loans. Is Bankruptcy The Answer?

22 Sep 2014

Student loans and the education that they pay for may be one of the great tragedies of our time. Your degree or diploma is no guarantee of a job, but the debt has to be repaid. In some cases the amount of debt that has been amassed is so great,…

Considering Bankruptcy? 7 Things To Think Through

08 Sep 2014

Roughly ½ of 1% of the Canadian population files a consumer proposal or declares bankruptcy each year. In real numbers we’re talking 125,878 in 2016 people and roughly 62,500 of those were consumer proposals. That got me wondering how people learn about consumer proposals and personal bankruptcy, and the laws that govern them. It’s…

(10) commentsRead more

What You Need To Disclose To A Bankruptcy Trustee

18 Aug 2014

On the day you sign your bankruptcy paperwork you will be required to “swear” before a Commissioner of Oaths that the information contained on your Statement of Affairs is true and complete. To do that, you must disclose various information to your bankruptcy trustee, including the following information about: what…

(10) commentsRead more

A Bankruptcy Trustee. Setting the Record Straight.

11 Aug 2014

Most people don’t really understand what a bankruptcy trustee is, who they work for, or how they get paid. It is not complicated, but there’s so much misinformation on the internet that I thought it was worth a few minutes of our time to set the record straight. First and…

(6) commentsRead more

Does Vacation Pay Count When Calculating Surplus Income?

04 Aug 2014

vacation pay and cost of bankruptcy in Canada

Part of the cost of filing bankruptcy in Canada is the requirement to pay surplus income. In determining how much you may have to pay, all sources of income are included in the calculation of surplus income, including vacation pay. While you are bankrupt you are required to provide your trustee…