Tag Archives: assets in bankruptcy

How Does Bankruptcy Work – Before, During and After?

 03 Jan 2018
how does bankruptcy work | bankruptcy canada

Before Bankruptcy The first step to declaring bankruptcy in Canada is to determine if bankruptcy is the correct debt management solution. Book a debt assessment with a bankruptcy trustee. This is a chance to review your assets, debts and personal budget to understand what a bankruptcy will cost and compare bankruptcy to…

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What Happens To My Leased Car In A Bankruptcy?

 11 Jul 2017
car-lease-in-bankruptcy

Bankruptcy and consumer proposal laws deal with a person’s unsecured debts – things like your credit cards, lines of credit, personal loans, income tax debts, etc, etc, etc. Bankruptcy and consumer proposals do not normally deal with your secured debts – things like your mortgage, car loan, secured lines of…

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Gifts During Bankruptcy. How Are They Treated?

 01 Aug 2016

Part of the process of filing bankruptcy in Canada requires that the licensed insolvency trustee of the bankruptcy estate seize any non-exempt assets, sell them, and distribute those proceeds fairly to the creditors.  This would include any asset owned as of the date of bankruptcy and any assets received after the date of filing for bankruptcy….

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Home Equity, Mortgage Arrears and Debts. Should You File Bankruptcy?

 02 May 2016

Here’s a debt scenario that presents a challenge – what do you do if you have equity in your home but are behind on mortgage payments, owe other money, are getting collection calls and need protection? Should you file bankruptcy or are there other options? How to deal with debts…

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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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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…

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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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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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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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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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