Tag Archives: how to file bankruptcy

What Types Of Personal Bankruptcy Are There In Canada?

03 Mar 2014

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…

Questions To Ask A Bankruptcy Trustee At Your Initial Interview

11 Nov 2013

If you are like most people, you never thought there might come a time when you needed to speak to someone about your debts. Something has happened that has made what used to be a manageable debt load into something overwhelming. You are not alone in this crisis. In excess…

What To Expect At Your Bankruptcy Consultation

16 Oct 2013

If you are considering filing for bankruptcy in Canada you may be wondering what you can expect when you meet with a Bankruptcy Canada Trustee for the first time? What will they ask? Will you need to bring anything with you? Your Bankruptcy Debt Assessment The purpose of your initial…

How Does A Joint Bankruptcy Filing Work?

11 Sep 2013

One of the most common questions posted to the internet chat groups about filing for personal bankruptcy in Canada has to do with spouses and whether or not if one files for bankruptcy, do they both have to. The short answer is no, each spouse is free to decide what…

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Do I Have To File My Tax Returns Before Filing Bankruptcy?

28 Aug 2013

Most trustees in bankruptcy, myself included, will tell you that you should file all of your outstanding tax returns before filing bankruptcy in Canada – but do you really have to? The filing of income tax returns is required under the Income Tax Act. There is actually no requirement under…

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6 Advantages Of Filing Bankruptcy in Canada

07 Aug 2013

One of the first things I am asked by just about everyone I see professionally is: “Is filing bankruptcy the right thing for me to do?” Since every person’s situation is unique, this is not a question that can be easily answered, but what I can do is provide you…

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5 Things To Do Before Declaring Bankruptcy

29 Jul 2013

So, you’ve decided that the best way to solve your financial problems is to file for bankruptcy. It was a tough decision, but you don’t see any other way out… Before declaring bankruptcy in Canada here are 5 things that you should do: Change your bank accounts. This is something…

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Should You Open a New Bank Account After Filing Bankruptcy?

19 Jun 2013

The best advice we can give is that you should open a new bank account BEFORE filing bankruptcy or a consumer proposal rather than waiting to open an account until after you file. We suggest you do this for your own protection. Filing bankruptcy in Canada eliminates your unsecured debts,…

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How Often Can You File Bankruptcy?

13 May 2013

For most people, filing for bankruptcy is a “once in a lifetime” event. Unfortunately, sometimes things happen and you may be finding yourself once again facing financial hardship and looking at the possibility of filing bankruptcy a second time. If so, you are not alone. Approximately 10% of bankruptcies are…

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When To File For Bankruptcy

25 Mar 2013

Clients often ask ‘when should I file for bankruptcy?’ Is there any specific timeline to wait to declare bankruptcy or a consumer proposal? Is there anything I should consider before I file? The first thing to do if you are in financial trouble is to talk to a bankruptcy trustee…