Filing Bankruptcy in Canada

Many people have questions about what life will be like after they have filed for bankruptcy. It is often assumed that bankruptcy means losing everything, but this is not the case. In fact, bankruptcy is a solution, which is designed to encourage and enable people who have experienced severe financial issues to recover and start … Read more

Keeping your money under control is never as easy as it sounds. Even with all of the planning in the world, it will be impossible to avoid the unexpected with your finances, and a lot of people end up in trouble with this side of their life. Filing for bankruptcy is a common approach to … Read more

When you’re assessing your financial situation, it’s important to include all types of income and expenditure. Similarly, you’ll need to remember every debt you have so that you can ensure they’re repaid or resolved appropriately. Bankruptcy is an increasingly popular form of debt resolution but it’s not one that’s particularly well understood. Before filing for … Read more

Are you thinking about filing for bankruptcy as a way to escape your debt? You’re not alone, many people who are struggling with heavy bills will eventually turn their attention to this possibility. Indeed, for some with insurmountable levels of debt, it can be the only option. But it’s important to approach this the right … Read more

Bankruptcy is seen as an effective way to get out of severe debt. It can settle all of your unsecured debts and the process can take anywhere from 9 to 21 months depending on your circumstances. However, the process can differ depending on your circumstances and it’s important to understand how you actually get discharged … Read more

Bankruptcy is often the most reliable way to help you deal with severe debt. If you’re facing a difficult financial situation and see no way out of it by budgeting, then filing for bankruptcy is one of the more effective ways to completely eliminate your unsecured debts and start a fresh financial life. Unfortunately, it’s … Read more

Filing for bankruptcy is one of the best ways to get a fresh financial start. You can settle all of your unsecured debts while also retaining the majority of your possessions. Most people find that they’ll be able to keep their car, personal belongings, work-related items and even their home if it meets certain conditions. … Read more

You filed your tax return and got the news that every taxpayer dreams of… your refund is on its way. While it’s easy to see this as some unexpected free money from the government, the truth is that the government is simply giving your own money back to you. What you do with it now … Read more

Going Bankrupt When You Own a Home If you’re in debt but you own a house, one of the first questions you might ask a Licensed Insolvency Trustee or other financial professional is if you can go bankrupt. The short answer is yes. There are cases in which your debt can cause you to go … Read more

Consumer insolvencies in Canada increased by 9.8% in the 12-month period leading up to January 2020. If you’re thinking about filing for bankruptcy, it’s critical to understand what the process entails and which debts can and cannot be discharged. In this article, we’ll look at 5 debts that cannot be included. Need Help Reviewing Your … Read more

In October 2019, personal insolvencies in Canada hit a 10-year high. With financial pressures increasing and more and more people worrying about money, it’s likely that bankruptcies and consumer proposals will become more commonplace in the future. If you’re considering filing for bankruptcy, it’s important to be aware of common terms and phrases. Need Help … Read more

Filing for bankruptcy can be daunting enough without the added anxiety of thinking about going to court. An Ipsos survey suggests that around half of Canadians fear that they are on the brink of insolvency. Some people who are considering bankruptcy may assume that they have to appear in court, but in the majority of … Read more

Many of us look forward to the day we can down tools and enjoy a well-earned break after decades of hard work. The trouble is that a growing number of Canadians are facing financial pressures in later life. Rather than making the most of the golden years of retirement, many are facing bankruptcy. According to … Read more

What does realizing and distributing assets actually mean? In January 2020, the number of insolvencies in Canada was 10.7% higher than in January 2019. When you file for bankruptcy in Canada, you appoint a Licensed Insolvency Trustee (LIT) to act on your behalf. One of the primary roles of the LIT is to realize and … Read more

By definition, wage garnishment is used by creditors to recover the money they are owed – either partially or completely. Typically, creditors will need to take you to court to obtain legal authorization, called a garnishment order. However, if you have filed a voluntary wage assignment form, you have already agreed that this creditor can … Read more

We appreciate that when your debt situation becomes overwhelming, it can be difficult to ask for help. Many of our first-time clients admit that they intentionally delay making their first meeting with a Licensed Insolvency Trustee. They are nervous about what could happen. At Bankruptcy Canada, our trustees are here to help you regain control … Read more

For a lot of clients, filing for bankruptcy is a delicate decision. However, when the decision is taken, our clients expect debt forgiveness. They understand that the bankruptcy process is short. It can be as quick as 9 months, at the end of which, the debt is officially discharged and forgiveness. However, sometimes, the situation … Read more

Every adult in Canada has a credit file, regardless of whether you currently have any credit or not. When you apply for credit, such as a loan, companies will check your credit file to determine whether or not you are perceived as a low-risk applicant. The better your credit rating is, the more likely you … Read more

If you’re thinking about filing for personal bankruptcy, it’s important to know how the process works and what to expect. Although your Licensed Insolvency Trustee (LIT) will guide you through the procedure, it’s helpful to have as much information as possible. There are lots of elements to consider when deciding if bankruptcy is the right … Read more