Bankruptcy Canada Trustee Blog

Bankruptcy & Insolvency Act: What You Need To Know

 19 Mar 2014

All bankruptcies and consumer proposals in Canada are administered under the Bankruptcy & Insolvency Act (BIA or the Act). This is a federal piece of legislation that governs all aspects of your bankruptcy or proposal. Bankruptcy law was put in place to allow the ‘honest but unfortunate debtor’ to be released…

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Which is Better For Your Credit Report? Consumer Proposal or Bankruptcy?

 17 Mar 2014
bankruptcy or consumer proposal and credit report

The fact that you filed a consumer proposal will stay in the legal section of your credit report for up to three years after you complete your proposal. This is in contrast to the 6 years that a bankruptcy will be reported. Of course the comparison is not that simple. …

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What Debts Are Eliminated By Filing Bankruptcy

 12 Mar 2014
debts eliminated in bankruptcy

One of the most common questions we receive is about what debts can be covered in a bankruptcy or a consumer proposal. Most unsecured debts may be included, but what exactly is an unsecured debt? These are the ones that do not have collateral or items held in security against…

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Is There Still A Social Stigma About Filing Bankruptcy?

 10 Mar 2014
social stigma embarrassed bankruptcy

In the “old days”, twenty or thirty years ago, there was definitely a social stigma about filing bankruptcy. Much of the media stories about bankruptcy involved companies and not individuals. Canadians believed that if you borrowed money you should pay it back and this belief was reinforced with stories about…

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Who is Filing Bankruptcy in Canada?

 06 Mar 2014
who's declaring bankruptcy in Canada?

After peaking in 2009 at over 150,000 consumer insolvencies in Canada, personal bankruptcy and consumer proposal filings appear to have leveled off at just over 118,000 in both 2012 and 2013. Our infographic at the end of this article highlights these and other facts about bankruptcies and consumer proposals in…

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Bankruptcy and Traffic or Parking Tickets. Are They Included?

 05 Mar 2014
parking and traffic tickets in bankruptcy

Tickets and fines are not debts that are dealt with by the Bankruptcy and Insolvency Act. This includes parking tickets, speeding tickets or any court imposed fine as a result of an offence.  These are debts specifically excluded under section 178 (1) of the Bankruptcy and Insolvency Act. The only way I…

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What Types Of Personal Bankruptcy Are There In Canada?

 03 Mar 2014
personal bankruptcy Canada

Bankruptcy in Canada is governed by the Bankruptcy & Insolvency Act (BIA or the Act). Individuals who are having personal debt problems have the option under bankruptcy law to file personal bankruptcy or a consumer proposal in order to eliminate their debt. Bankruptcy is seen as the solution of last…

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Student Loans: The 5-Year Hardship Provision

 26 Feb 2014
student loans bankruptcy hardship

As a follow-up to our post about how the 7-Year Student Loan Rule works if you file bankruptcy or a consumer proposal, we thought we would explain in more detail how a student can reduce the waiting period to five (5) years under certain specific conditions. Under the Bankruptcy & Insolvency…

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Student Loans: The 7-Year Rule Explained

 24 Feb 2014
student loan bankruptcy 7 year rule

One of the most complicated areas of bankruptcy law is the rules surrounding bankruptcy and student loans. Almost everyone by now knows that there is a 7-year bankruptcy rule for student debt. This rule has been around since 2008, but is commonly misunderstood. The Bankruptcy and Insolvency Act, specifically section 178….

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Dealing With Creditors After Your Bankruptcy Is Finished

 19 Feb 2014
dealing with creditors after bankruptcy

There are many periods during which you, and your trustee, will need to talk to your creditors about your bankruptcy. Before filing, you may be receiving collection calls and need to take advantage of the Stay of Proceedings offered by filing bankruptcy. Once you have filed bankruptcy or a consumer…

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