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.
How Bankruptcy Can Help You Clear Your Unsecured Debts When you claim personal bankruptcy the goal is to get debt relief if you are dealing with an overwhelming debt problem you cannot clear on your own so it is important to be aware of the debts eliminated by your bankruptcy discharge. Fortunately, personal bankruptcy laws … Read more
Many people dealing with financial problems and high levels of debt often think “I need financially help immediately!” Fortunately, there is help available from government licensed debt consultants. You can meet with one of our Licensed Insolvency Trustees, who will explore all of the options that could work for your debt and personal debt relief … Read more
If you have serious debt problems, will declaring bankruptcy solve them? This is a question we often receive from Canadians with money issues. Bankruptcy is a topic that most people have a very basic understanding of. You may understand the gist of declaring bankruptcy, but how will this affect your debts and your future? What … Read more
Whether you’re in a good financial place of in a state where you may need some professional debt relief help, the following bankruptcy-related terms are ones every Canadian should know and can help clarify any confusion. Here are the Top 6 Bankruptcy Terms Every Canadian Needs to Know: Bankruptcy If you are completely insolvent, a … Read more
Personal insolvencies reached a 10-year high in Canada in 2019. If you’re considering filing for bankruptcy, one of the first steps is to meet with a Licensed Insolvency Trustee (LIT). A LIT will discuss your situation and circumstances with you, and they will ask you to disclose information about all the assets that belong to … Read more
If you’re married, and you’re thinking about filing for bankruptcy, it’s natural to have questions about how your financial situation will impact your partner. In 2019, there are over 14 million married people living in Canada. It’s understandable to assume that debts are shared when you say ‘I do,’ but this is not always the … Read more
Coping with an insolvency situation can be stressful, but when the process overlaps with family law issues such as a spousal claim, it’s important to understand how it interacts with things such as liability for equalization payments. So to help you out, we’ve put together this article that explains some of the concerns you should … Read more
Data suggests that around one in five people who file for bankruptcy or a consumer proposal are going through marital or relationship breakdown. Therefore, many want to know how these legal mechanisms deal with things like child and spousal support. Are Child And Spousal Support Discharged During Bankruptcy? Many people going through a separation or … Read more
When you lose your spouse, the last things you want to have to worry about are debt or whether your matrimonial home will be taken from you. Spousal debt is a serious problem, and unfortunately, many seniors from the Baby Boomer generation don’t like to talk about their financial issues. Unfortunately, not talking about them … Read more
Finding yourself in debt can be scary, and bankruptcy is often the first word that pops into people’s minds when they think of ways to get out of that debt. In 2018 alone, 128,846 insolvencies (including bankruptcies) were filed with the Office of the Superintendent of Bankruptcy (OSB). That number was up over 2% from … Read more
What does it mean when bankruptcy rates drop, while consumer proposal filings rise? When people find themselves in significant debt, one of the first steps people take it to max out their credit cards, which causes higher monthly payments in which individuals are paying on the interest, and rarely pay down much of the principal. … Read more
A bankruptcy self diagnosis can help you understand if filing bankruptcy is right for you. Are you late to the bankruptcy party? More often than not, people who are in severe debt want to pay back their debt. It was never their true intention to simply purchase items with no repayment plan. Because of their … Read more
Why You Need to Beware of Preferential Payments If you are in a scenario where you owe your friends and family a great deal of money, the ideal solution is to sell some assets and pay them back, right? Well, maybe. However, what happens if you owe your friends and family upwards of tens of … Read more
Something all business owners should be aware of is how to protect themselves in a bankruptcy. It’s not always pleasant to consider that something terrible could befall your business and you could be in serious financial trouble, but in order to ensure you don’t lose everything you have worked hard for, knowing how to protect … Read more
For a lot of people, filing for bankruptcy is something that they do once in a lifetime. Unfortunately, though, sometimes things happen, and you may end up finding yourself facing financial hardship. 10% of people who file bankruptcy end up filing for a second time, and this can be devastating. Consequences of Filing More than … Read more
What are the rules surrounding child support and bankruptcy in Canada? Specifically, what happens if you are paying child support and you choose to go bankrupt? Some people assume that these support payments are wiped out during bankruptcy, but that’s not the case. Allow us to explain exactly what happens and what you can do … Read more
Does age make a difference when it comes to debt? It turns out that seniors are particularly prone to experiencing insolvency and bankruptcy. In 2016, the number of senior Canadian families with debt was 42%, a large increase from 27% in 1999. The median amount of debt per household in 2016 was $25,000, compared to … Read more
Many people avoid bankruptcy for as long as they can because they worry that it will put their assets (like their home) or income at risk. The truth, however, is that filing does the precise opposite. In Canada, bankruptcy is a tool you can use to maintain your wealth and continue living where you are, … Read more
There are thousands of Canadians that find themselves in a difficult financial situation, unable to pay their debts. It’s far more common than people realize because the economy is struggling and the cost of living is on the rise. When your finances are stretched, borrowing is often the only option and this can quickly lead … Read more
We all like to think that we have job security but the reality is, there is always the chance that your employer could file for bankruptcy. Even if you have been with the company for a long time and you are an asset to the business, you are still vulnerable if the company is in … Read more
