Leamington
Declaring Bankruptcy in Canada
Are you struggling with debt? Are you considering filing bankruptcy to deal with your creditors? Do you feel overwhelmed with your options and are unsure whether declaring bankruptcy is right for you?
Are you worried about how bankruptcy works or if there is a viable alternative to filing bankruptcy available? You are not alone. In fact, over 100,000 Canadians use the services of a Trustee to get out of debt by filing bankruptcy or making a consumer proposal. A consumer proposal is the most popular alternative to personal bankruptcy in Canada.
Bankruptcy Canada can help. We can help you understand what bankruptcy is, how it will impact your personal situation, when it makes sense to avoid bankruptcy with a consumer proposal, and how the Canadian bankruptcy laws can help you get out of debt.
Learn About Bankruptcy and Then Contact a Trustee
What is Bankruptcy in Canada?
What do I Have to do While Bankrupt?
How Long Will My Bankruptcy Last?
Does Filing Bankruptcy Affect my Spouse?
Who Will Know that I’ve Gone Bankrupt?
What is Surplus Income?
Learning about bankruptcy on this site is a good start, but it is important that you speak with a licensed Canadian bankruptcy expert. How bankruptcy works will depend on your situation such as your assets and income and whether you are married with a family or not. A Licensed Insolvency Trustee is the only debt relief professional who can provide bankruptcy services in Canada.
In order to get all the bankruptcy information you need, the team of Trustees of Bankruptcy Canada offers a free, no obligation consultation so you can discuss your situation with a debt professional who can help you determine if bankruptcy is right for you.
Understanding the Impact of Severance Pay on Your Surplus Income In the event of job loss during bankruptcy, you may be entitled to severance pay. As severance pay is a form of income, it could potentially influence your bankruptcy payments and surplus income calculations. This article aims to provide a comprehensive understanding of how severance … Read more
In an economic climate where financial stability can feel elusive, stories such as that of Perri, a single mother who found solace in bankruptcy, shed light on the potential benefits of taking bold, albeit intimidating, financial steps. This article delves into Perri’s journey, illustrating her struggles, decisions, and ultimate victory over insurmountable debt. The Struggle … Read more
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Understanding the Impact of Bankruptcy Or a Consumer Proposal on Your Job In the realm of personal finance, the discussion around bankruptcy or a consumer proposal often brings up a slew of questions, particularly relating to current and future employment. Understandably, the process can be daunting, and the concern for job security often adds to … Read more
Why Emergency Funds Are An Important Part of Financial Planning Unexpected financial situations may arise at any point in our lives, catching us off guard. A sudden health issue, job loss, or an urgent car repair bill are just a few examples of such unforeseen circumstances. In these situations, an emergency fund plays a crucial … Read more
Navigating through Divorce and Bankruptcy Law in Canada Navigating the labyrinth of Divorce and Bankruptcy Law in Canada can be a complex task, with several overlapping areas that require careful consideration and understanding. This article aims to provide comprehensive insight into the nuances of these laws, unpacking the implications of divorce and bankruptcy on joint … Read more
Understanding Bankruptcy in Canada: Impact on Spouses When faced with a financial crisis, declaring bankruptcy might be your last resort. While it helps you wipe out most of your debts, it’s important to understand the potential effects before taking this drastic step. One common concern is, “Does filing for bankruptcy in Canada affect my spouse?“. … Read more
The Essential Guide: Eight Key Rules of Personal Finance Managing personal finances can seem like venturing into a labyrinth with no map. However, with some simple strategies and rules, you can find yourself navigating this maze with ease and proficiency. Herein lies the key to unlocking financial stability and growth, leading you towards becoming your … Read more
Analyzing the Cost Differences Between Consumer Proposals and Bankruptcies In the world of financial distress, two major solutions often come into the limelight: Consumer Proposals and Bankruptcies. Both hold their unique pros and cons, and each is suitable for different circumstances. However, the cost differences between consumer proposals and bankruptcies are a critical factor that … Read more
Understanding Co-signing: Why a Co-Signer is Still on the Hook After Bankruptcy Co-signing a loan is a significant financial responsibility. It involves the agreement where a person – the co-signer – guarantees a loan for another person who may not qualify for a loan by themselves. But what happens when the primary borrower files for … Read more
The decision to declare bankruptcy is a significant one. It’s a decision that not only affects your financial position but also your assets, including your home. One of the most frequent queries from those considering bankruptcy is, “Can I sell my home during a personal bankruptcy?” Here, we delve into this complex issue. Evaluating Your … Read more
The digital world has revolutionized many aspects of our lives, and bankruptcy procedures are not exempt. The on-going pandemic has necessitated a shift toward online platforms, making it possible for Canadians to file for bankruptcy from the comfort of their homes. This article provides a thorough guide on how you can effectively file for bankruptcy … Read more
Filing a Consumer Proposal After Bankruptcy: A Comprehensive Guide Bankruptcy and insolvency are complex subjects that demand a thorough understanding. What happens when you need to file a consumer proposal after bankruptcy? Is it even feasible? This guide will delve into the details to provide you with a clear understanding of the process and its … Read more
One of the critical junctures in the process of bankruptcy is the credit counselling stage. This stage is designed to help you pave the way towards a financial fresh start. Generally, you will go through two sessions of credit counselling as part of your bankruptcy. The Importance of Credit Counselling Credit counselling is vital for … Read more
How to Avoid Paying Surplus Income Bankruptcy Payments Dealing with debt can be an overwhelming experience, particularly when repaying what you owe seems like an insurmountable task. If you’re drowning in such a financial crisis, personal bankruptcy could appear as a beacon of hope, offering a chance to alleviate your debt burden and start afresh. … Read more
How to Avoid Using Payday Loans In the intricate landscape of personal finance, payday loans are a dilemma for many Canadians. Struggling to keep up with bills before payday is not an unusual situation, but resorting to payday loans can lead to a devastating cycle of debt. So, what are the potential alternatives? Here, we … Read more
Tips on Beating Financial Stress Financial stress can be a relentless whirlwind that originates from life occurrences such as divorce, job loss, or health problems, as well as life’s hard-earned lessons like overspending and insufficient budgeting. The mounting debts and financial obligations can lead to an escalating cycle of anxiety, fear, anger, and depression. This … Read more
The Ultimate Guide to Effortless Money Saving Strategies Managing finances effectively is crucial, yet it can be challenging. A significant part of this challenge is curbing the urge to spend money on non-essentials. This comprehensive guide will enlighten you on Easy Ways to Avoid Spending Money and equip you with strategies to keep your finances … Read more
Strategies To Reduce Your Debt and Avoid Bankruptcy in Canada In today’s world, credit access is commonplace. Nevertheless, managing and diminishing that debt can often pose a significant challenge. A common misconception among individuals grappling with escalating debt is that bankruptcy is the sole solution. However, in reality, there are numerous strategies one can adopt … Read more
Understanding Surplus Income in Bankruptcy: A Comprehensive Guide The concept of Surplus Income in Bankruptcy is a vital, yet often misunderstood aspect of the bankruptcy process. In this guide, we will break down the complexities of surplus income, its implications in bankruptcy, and the rights you hold in this context. Definition of Surplus Income … Read more
