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.
Professional Designations & Insolvency Credit exists because our financial system needs it. Taking on debt isn’t in itself a bad thing – or even a mistake. The trouble with credit starts when we let things get out of control. That can sometimes happen just because we lead busy lives, debt is easy to obtain, and … Read more
Mutual Funds in a Bankruptcy Bankruptcy is an overwhelming concept, resulting in a plethora of questions. Many wish to understand what they can expect to lose and retain after filing. It helps to know that there are exemptions in place to allow you to keep certain assets. When you speak with a Licensed Insolvency Trustee, … Read more
Tax Returns & Bankruptcy Generally speaking, bankruptcy Trustees will inform you that it is prudent to file all tax returns prior to continuing with any bankruptcy proceedings. However, if you wish to know whether you must legally do so, there are some essential things of which to be aware. The first is that filing your … Read more
Calculating Bankruptcy Payments When you calculate the cost of bankruptcy, it is critical to understand all the nuances associated with the process. Individual to every situation, each bankruptcy process is different. The associated cost is determined by the size of their family, overall assets, expenses, and income on a monthly basis. The three different approaches … Read more
RRSP Withdrawals & Bankruptcy Payments Twelve years ago, the Canadian Parliament updated the Bankruptcy and Insolvency Act to allow for the protection of retirement savings plans (RRSPs). Now, any funds contributed before the year preceding bankruptcy filings are exempt from seizure. The goal behind this decision was to enable those in dire financial straits to … Read more
Bankruptcy Protects You From Debt Related Claims If you have already filed your bankruptcy proceedings and someone filed a claim against you, there are a few specifics to consider. The first is what’s referred to as a Stay of Proceedings. Immediately after you file either a bankruptcy or a consumer proposal, this is effective. It … Read more
Most Bankrupts Are Able to Keep All of Their Belongings Perhaps one of the most frequent inquiries relating to bankruptcy, it is important to get a thorough understanding of how bankruptcy actually works, and what you can keep when filing. In a state of bankruptcy, your assets become the legal property of your representing Licensed … Read more
Leased Cars in a Bankruptcy If you are experiencing financial challenges, it is especially overwhelming to consider the fate of your assets. It can be difficult to identify which are safe from seizure and what solution fits your situation best. A good solution is to speak with a Licensed Insolvency trustee in Canada. They can … Read more
Filing a Second Bankruptcy or Consumer Proposal: Is it a Good Idea? The decision as to whether a second bankruptcy or consumer proposal is better depends entirely on the individual financial circumstances. It is actually fairly common to consider the possibility of filing for a second bankruptcy. Nonetheless, there are ramifications of filing multiple bankruptcies. … Read more
Bankruptcy & Taxes Owing The goal of the Canada Revenue Agency is to determine and go about collecting the proper amount of taxes from people and companies in the country. However, based on circumstance or the size of your tax bill, it can happen that you are unable to pay for your tax debt. In … Read more
Are all Debts Discharged in Bankruptcy? Unfortunately, No. During times of economic hardship, many look to bankruptcy as a way to escape all of their struggles. The important thing to know and understand is that bankruptcy doesn’t give you a fresh start from scratch. There are very real ramifications to committing to a bankruptcy filing. In … Read more
Many people ask us whether they should get a debt consolidation loan or file for bankruptcy instead. Although bankruptcy is sometimes the best option, there are many situations when a debt consolidation loan is better than filing bankruptcy in Canada. If you qualify for a debt consolidation loan and you are confident that you are … Read more
What Personal Finance Ratios Should I Be Aware Of? Nobody intentionally gets into debt, but people end up in a bad financial situation because debt creeps up on you slowly. When you find that you are unable to pay your bills at the end of the month, you resort to borrowing. Even though people only … Read more
What to Do Before Declaring Bankruptcy When you find yourself in a difficult financial situation and dealing with significant debt, filing for bankruptcy can be a suitable solution to your problems. But bankruptcy is a big decision, and can impact you for several years to come. If you’re thinking about filing for bankruptcy in Canada, … Read more
What is the Bankruptcy Process In Ontario? Have you reached the point where you can no longer afford to repay your debts each month? And is your financial situation stressing you out, and that stress amplified with the deluge of debt collection letters and phone calls you reach virtually every week? If so, you’re not … Read more
Bankruptcy & Your Credit In Canada, there are various legal processes you can follow to get rid of debt. Bankruptcy is one of these processes, though it is widely considered the most extreme. When an individual files for bankruptcy, they are absolved of unsecured debts, but this comes at a price. Some assets may need … Read more
Options For an Undischarged Bankrupt Filing for bankruptcy is often the last resort but can be very helpful for those who have large outstanding debts that they are unable to pay. Although in many cases, at the end of a person’s bankruptcy proceedings their debts are extinguished when they are discharged, this is not always … Read more
What is the Difference Between Unsecured, Secured and Preferred Creditors? Sometimes, bankruptcy can seem like there’s a lot to take in. We all cope better when we feel like we’re in control of a situation – but often, that’s not the best solution to problems which have gotten out of control. Anything we can do … Read more
Who is Eligible to Go Bankrupt? Personal bankruptcy can help obtain debt forgiveness for a variety of unsecured debts, including government debts. For individuals who feel overwhelmed with financial difficulties, bankruptcy can provide the fresh financial start you need. However, nothing of this is of any use if you are not eligible for bankruptcy filings. … Read more
If you have government debts, you are probably aware that you can’t obtain effective debt relief through a credit counselling debt management plan or a personal debt settlement program. Government creditors do not negotiate with credit counsellors or individuals when it comes to debts. However, debt relief solutions administered by a Licensed Insolvency Trustee can … Read more
