Bankruptcy Canada Trustee Blog

Should RESP’s be Protected From Creditors?

 18 Feb 2014
resp and bankruptcy

Recently Alberta added registered education saving plans (RESPs) to their list of assets that are protected from a person’s creditors either through a Writ of Seizure and Execution or an Assignment in Bankruptcy. Immediately the call went out to add RESPs to the exemptions in every province across Canada. The…

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3 Most Asked Bankruptcy Questions

 17 Feb 2014
personal bankruptcy FAQ

While there are dozens of questions that people may ask when they are thinking of filing personal bankruptcy, the three most common are those that directly affect their day to day lives. Most want to know what happens to their car if they file bankruptcy because they need transportation to…

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What is the Credit Reporting Process For A Bankruptcy?

 12 Feb 2014
bankruptcy credit report

In Canada, credit reports are maintained by two main credit bureaus: Equifax Canada Inc. and TransUnion of Canada. Their objective is to collect information that lenders would consider important in making a decision about whether or not they should grant you a loan. What each credit bureau does is collect…

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Bankruptcy Does Not Discharge Support Payments

 10 Feb 2014
bankruptcy and support payments | child support | alimony

Filing bankruptcy does not discharge your obligation to pay court ordered alimony, spousal or child support payments. This includes both arrears and on-going payments. Unlike other unsecured debts, arrears for court ordered child support or alimony are not discharged by either a bankruptcy or a consumer proposal in Canada.  The…

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Yes Virginia, There Is Life After Bankruptcy

 05 Feb 2014
life after bankruptcy

The problem most people have with bankruptcy is that they just don’t know enough about it.  They don’t know what is involved, and more importantly, they don’t know how it ends, or if it ever ends… The Bankruptcy and Insolvency Act was created to allow the honest, but unfortunate debtor,…

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Will My Assets Be Sold if I File Personal Bankruptcy?

 03 Feb 2014
does bankruptcy trustee sell all my assets

When you file personal bankruptcy in Canada, you are permitted to retain certain assets while others are subject to seizure by your bankruptcy trustee. Your trustee has a responsibility to ‘realize’ on these non-exempt assets, which means that they have to turn the value of these assets into cash to…

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7 Options For Student Loan Debt Reduction

 29 Jan 2014
student loan debt reduction options

Student loans are discharged in a bankruptcy if they are more than 7 years old but what if you don’t want to file bankruptcy or your loans are less than 7 years old.  If you owe money on student loans, you have the following debt reduction options. Option 1 –…

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What If I Can’t Afford My Consumer Proposal Payments?

 27 Jan 2014
amend consumer proposal payments

Consumer proposals are becoming an increasingly popular alternative to bankruptcy in Canada. While there are many benefits to filing a consumer proposal there are two that stand out most: You can keep assets that you might lose if you were to file for bankruptcy, Your monthly payments may be less…

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What is an Orderly Payment of Debts or Consolidation Order?

 22 Jan 2014
orderly payment of debts OPD

Orderly Payment of Debts (OPD), often referred to as a consolidation order, is another alternative to bankruptcy that is available in a few provinces across Canada.  It is an excellent program for those who want to avoid a bankruptcy, can afford to pay everything in full but cannot qualify for…

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Debt Consolidation: Is It Your Best Option?

 20 Jan 2014
debt consolidation vs consumer proposal

I used to be an enthusiastic supporter of debt consolidation for anyone that could afford to repay their debts in full. The concept is understandable – take all of your high interest, high minimum payment debts, things like credit cards and unsecured loans and lines of credit, and pool them…

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