Bankruptcy Canada Trustee Blog

Calling Out Collection Agencies (and Calling On Your Creditors)

 16 Jun 2014

Your phone rings at all hours of the day and night.  Bill collectors are calling.  What can you say to stop them from calling? When it comes to dealing with collection agencies, knowledge is power – they have certain rules they must follow, and knowing what to say to them…

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What You Need To Know About Bankruptcy Discharge

 09 Jun 2014
bankruptcy discharge

There is only one reason for filing for bankruptcy: to get your bankruptcy discharge. Your debts are officially wiped out by a discharge from bankruptcy. That’s what “discharge” means: to eliminate your debts. While the process is easy, there are some things you need to know. Your Discharge Duties You will…

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Using Your Credit Card Before Bankruptcy. Is There Any Risk?

 02 Jun 2014
credit card debt bankruptcy

What would happen if you maxed out your credit cards and then went bankrupt? It sounds like a great idea. You go on a shopping spree and buy everything you need, and then go bankrupt so you don’t have to pay it back! Why stop there? Why not take some…

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Expecting A Windfall While Bankrupt? What You Need To Know.

 26 May 2014
windfalls & bankruptcy: lottery, inheritence, bonus

One of the more confusing aspects of bankruptcy law in Canada is that when you file for bankruptcy you sign over your interest in the things that you own on the day you file plus anything you may come to own before your bankruptcy is completed.  The law doesn’t apply to…

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5 Facts About Wage Garnishment

 19 May 2014
stop wage garnishment in Canada

Creditors can garnish your wages if you have stopped making payments towards your debt. In most cases they must obtain a wage garnishment order from the court and depending on the province can garnish up to 50% of your wages. If you are facing a a garnishee, read our tip…

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What Does It Mean To File For Bankruptcy?

 12 May 2014
file for bankruptcy

If you file for bankruptcy in Canada it means that your creditors may no longer pursue you directly. If your wages are being garnisheed due to a lawsuit or unpaid debt the garnishee will stop. If collectors are calling you and you file for bankruptcy then the phone calls will…

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How Your Income Impacts Personal Bankruptcy Payments

 05 May 2014
payments during personal bankruptcy in Canada

Income will impact two elements of personal bankruptcy in Canada: the amount you are required to pay, and the length of your bankruptcy. If your net income is below the surplus income thresholds set by the government, and if this is your first bankruptcy and there are no objections to…

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Afraid To File Tax Returns Because of Tax Debts?

 21 Apr 2014
tax debt tax returns Canada Revenue Agency

Income taxes are a fact of life. You know this. Everyone knows this. And yet, there are still people that, for many reasons, don’t file and pay their taxes every year. The Canada Revenue Agency (CRA – formerly known as Revenue Canada) is what we call an involuntary creditor. CRA…

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Bankruptcy. What’s Protected and What’s Not.

 14 Apr 2014
what you keep bankruptcy

Bankruptcy scares everyone because they think they are going to lose everything. In truth, most bankrupts don’t lose any assets because often people in financial trouble don’t have assets of value. These have been liquidated long ago or they just could not afford them in the first place. However, in…

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Guide To Filing Personal Bankruptcy in Canada

 07 Apr 2014
filing for personal bankruptcy in Canada

The decision to file for personal bankruptcy does not have to be complicated. Our easy to read infographic walks you through the decision process about how to declare bankruptcy by describing: What is personal bankruptcy? What is is means to talk to a bankruptcy trustee What your bankruptcy duties will…

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