Filing Bankruptcy in Canada

Filing Bankruptcy Without Any Assets Many clients who get in touch with bankruptcy trustees for the first time fear that without assets they can’t file for bankruptcy. They assume that they need to have existing and valuable assets that can be sold to repay their debts if they decide to file bankruptcy in Ontario. While … Read more

Financial checks and credit reports are part of essential validation processes in some professions, such as financial roles or career paths with licensing organizations. If you are an insurance agent in Ontario, you are licensed with the Financial Services Commission of Ontario, which, by law, is required to review your license in case of insolvency. … Read more

Support Payment Debt in Bankruptcy In Canada, bankruptcy can help you clear most of your unsecured debts. However, certain things aren’t affected by bankruptcy. This includes other financial obligations, like support payments. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation What are support … Read more

Bankruptcy is seen as the last resort by many people in need of financial help. It is a dramatic step to take, completely altering your financial life. Did you know that bankruptcy stays on your credit report for 6 years, even after you’ve been discharged? This can severely impact your life, which is why many … Read more

What is the Minimum Amount of Debt Needed to Go Bankrupt? Should you file for bankruptcy in Canada? More specifically, do you qualify for this? Are there any terms you must meet before you go through the bankruptcy process? It’s an extreme solution to debt problems, ensuring that you clear most of your debts and … Read more

What Can I Keep in an Ontario Bankruptcy? There are lots of misconceptions surrounding bankruptcy in Ontario. Primarily, you may fear that you lose everything you own. The reality is that you can still maintain ownership of some possessions if you file for bankruptcy in Ontario. Yes, some things will be lost, but that doesn’t … Read more

Tips on Dealing With Creditors Following Bankruptcy One of the most important things to remember before, during and after your bankruptcy is that your Licensed Insolvency Trustee is the best advisor you could wish for. Whenever you’re unsure, it’s always best to seek the advice of your trustee. Dealing with creditors after your bankruptcy has … Read more

The main thing to remember about your bankruptcy is that the process primarily exists to give a fresh start – being bankrupt is not about being punished, and the process won’t last too long. The point at which your remaining debts eventually get cancelled is the point when you receive a discharge from the process. … Read more

What Happens if a Creditor Opposes the Bankruptcy Discharge? Bankruptcy should never be considered as the first step if you are struggling with debt. There are multiple other steps that should be taken first. These options are going to be far more beneficial to you. However, there will be some cases where bankruptcy can be … Read more

Does Everyone Know I’ve Gone Bankrupt? Most people get a feeling of dread deep in their stomach when they think about their friends and family finding out they have filed for bankruptcy. However, contrary to popular opinion, a notice of insolvency isn’t likely to be filled in the local paper, telling everyone you have ever … Read more

What Are The Canadian Bankruptcy Laws? If you’re experiencing debt problems and you want to resolve your financial issues, it’s important to consider every possible option. By learning more about Canadian bankruptcy law, you can understand the pros and cons associated with filing with bankruptcy and determine whether it’s the right course of action for … Read more

Surplus Income & Bankruptcy in Canada In 2016, nearly 126,000 Canadians either filed for bankruptcy or a consumer proposal. When most people think of what a bankruptcy actually is, the words ‘surplus income’ probably don’t come to mind. But, it’s important to know what a surplus income is, and how it can impact your bankruptcy. … Read more

Traveling and Bankruptcy – When Do I Need To Be in Canada? If you’ve filed for bankruptcy, or you’re considering a consumer proposal, you might be worrying about whether your financial situation will affect your ability to travel. This guide has all the answers you’re looking for. It’s common for people who are thinking about … Read more

Bankruptcy & Your Employment When filing for bankruptcy, you may worry that it will have knock-on effects on your employment. Bosses, you fear, might view it as a slur on your record and deny you job opportunities. In general, filing for bankruptcy should not affect your employment situation at all. In many cases, there is … Read more

Filing Canadian Bankruptcy From a Different Country Like many countries around the world, Canada has strict rules and laws when it comes to finances. You will sign complex contracts when you take on debt, binding you to agreements that dictate how much you have to pay back each month. Of course, though, these contracts will … Read more

Filing Bankruptcy In Ontario – What You Should Know Filing bankruptcy is a way to get rid of your debts when you are having problems paying them. By surrendering your assets, you can repay some of your creditors and have your debts discharged. While bankruptcy is not without consequences, it can be the best option … Read more