Tag Archives: debts in bankruptcy

Will An Automatic Stay Of Proceedings Stop Canada Revenue Agency?

 12 Sep 2018
stay of proceedings bankruptcy cra

Filing a consumer proposal or bankruptcy creates an automatic “stay of proceedings” under federal law. That means that your creditors, the people you owe money to, cannot start or continue legal action to collect the debt.  No other consumer debt relief option can make that claim. A common question that…

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Judgements, Liens and Garnishments in Canada – No Need to Panic

 04 Apr 2016

Knowing your rights is always important, whether in good financial times or bad.  It is important to remember that no matter what, life will go on. This is also true with something that seems so final like a judgement, lien or even a wage garnishment. Even if a creditor gets…

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Everything You Need To Know About Payday Loans

 07 Sep 2015
payday loans debt

Payday loans are for many a vicious trap. We’ll take a look at how payday loans works and why they cause so much financial problems. The Payday Loan Process: The borrower visits a payday loan store to obtain a small loan that is payable in full, plus fees, on the…

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Maintaining A Business In Bankruptcy

 27 Jul 2015
bankruptcy small business debts

Most people will think that you cannot continue to run a business while in bankruptcy, which in reality, is simply not true.  Yes, the bankruptcy may make matters a little bit more complicated at first, however, once you pass those initial stumbling blocks, everything should run the same as before….

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Filing Bankruptcy Twice Costs More

 15 Jun 2015
cost second bankruptcy

Filing bankruptcy for a second time is not only longer, but it’s also more expensive.  This is especially true for individuals with surplus income, a threshold set by the government for the amount of income necessary for each household to maintain an acceptable standard of living.  For those that earn above…

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Common Debts Included In Personal Bankruptcy

 23 Mar 2015
debts included in bankruptcy

When looking at the reasons people file bankruptcy in Canada, similarities begin to emerge. Job loss, income reduction, illness and divorce are some of the most often cited reasons.  But did you know that who you owe and how you accumulate debt can be a risk factor as well?  We know…

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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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Recovering From Unexpected Financial Events

 09 Feb 2015
emergency fund

It can happen to the best of us. More than that, it does. Regularly. Responsible, financially solvent people leading productive, fruitful lives suddenly find themselves saddled with unexpected expenses that can bring them to their knees because they weren’t properly prepared for them. These are the stomach-curdling episodes. Things like a sudden…

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Secured Debts Vs Unsecured Debts in Bankruptcy in Canada

 14 Jul 2014
treatment of secured and unsecured debt in bankruptcy in Canada

What is the difference between secured debts and unsecured debts when you declare bankruptcy in Canada? Bankruptcy is a chance to start over, and while it does eliminate most debts, it does not deal with them all. One of the biggest distinctions when filing bankruptcy is whether or not your debt is…

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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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