Filing Bankruptcy in Canada

Navigating Financial Challenges: Filing for Bankruptcy on Long Term Disability A comprehensive guide on managing finances while on long term disability. Introduction In the face of a debilitating injury or illness, financial stability often takes a hit. Dealing with reduced income while on long term disability adds an extra layer of stress to an already … Read more

The Impact of Preferential Payments Navigating the turbulent sea of debt can be a daunting task. In this journey, one often finds themselves entangled in a web of financial terms and regulations. One of these terms is preferential payments. This article aims to shed light on this topic and guide you on the path of … Read more

It’s crucial, particularly in the realm of insolvency, to comprehend the concept of Priority of Creditors in Bankruptcy. This article delves into the dynamics at play when a debtor is declared insolvent, the hierarchy of creditors, and the implications of the Bankruptcy and Insolvency Act (BIA). The Role of the Bankruptcy and Insolvency Act (BIA) … Read more

In the intricate world of investments, the question “What happens to my shares if a company goes bankrupt?” often arises. In times of economic instability, this query becomes increasingly pertinent, and the short answer isn’t very encouraging. In most cases, your shares would likely become valueless and unmarketable. However, the long answer involves a more … Read more

The Comprehensive Guide to the Statement of Financial Affairs In the realm of financial management and insolvency, the Statement of Financial Affairs plays a pivotal role. It might sound intimidating initially, but essentially, it’s a well-devised budget. Let’s delve into what it is, its significance, who gets access to it, and what data you need … Read more

Decoding Bankruptcy Protection Under the Bankruptcy Act Bankruptcy protection is a term often heard when discussing bankruptcy. This article aims to demystify the meaning of protection under the Bankruptcy & Insolvency Act (BIA). This protection is applicable to both personal bankruptcy and consumer proposals, hence any points mentioned here will apply to both these procedures … Read more

Understanding Bankruptcy: Your Role in a Creditors Meeting Filing for bankruptcy can be an overwhelming process. One of the responsibilities that may arise is appearing at a creditors meeting in a bankruptcy. While this may seem intimidating, it is important to understand that this is not a common occurrence, particularly for personal bankruptcies. The Purpose … Read more

Bankruptcy is a legal process that provides an individual or a business the opportunity to reset their financial situation, albeit with serious consequences. It’s crucial to fully understand your rights around declaring bankruptcy to make an informed decision. This comprehensive guide will help you in doing so. Voluntary Bankruptcy: The Basics Bankruptcy typically commences voluntarily … Read more

Understanding the Cost of Bankruptcy Filing Filing for bankruptcy is a critical financial decision that requires a thorough understanding of the associated costs. It’s not a free process as many presume. The costs involved, your income, family size, assets, and other factors significantly influence the total amount you’ll have to pay. This guide aims to … Read more

Understanding the Financial Implications of Personal Bankruptcy When it comes to financial struggles, the prospect of personal bankruptcy is a reality for many individuals. Thus, the question that often arises is: How much does it cost to declare personal bankruptcy? This article will guide you through the financial implications associated with filing for personal bankruptcy … Read more

Securing a Home Loan Post-Bankruptcy: A Comprehensive Guide Filing for bankruptcy doesn’t have to mean the end of your dream of owning a home. It may seem like a daunting task, but with the right guidance and planning, securing a mortgage post-bankruptcy is achievable. The Possibility of a Mortgage with Just 5% Down Payment Even … Read more

Understanding the Downside of Bankruptcy In the world of finance, the term bankruptcy often carries a lot of weight. It’s viewed as a last resort for individuals and businesses who are unable to meet their financial obligations. However, declaring bankruptcy can sometimes be the only solution to a mounting debt problem. But, before you consider … Read more

Personal Bankruptcy in BC – What You Need to Know Understanding personal bankruptcy in British Columbia (BC) involves delving into its eligibility requirements, benefits, drawbacks, and overall impact on a person’s financial future. By exploring these dimensions, one can make an informed decision about whether this legal debt solution is the most appropriate for their … Read more

Filing for bankruptcy is a daunting experience that most individuals hope they only have to endure once in their lifetime. The primary goal is to eliminate the burden of overwhelming debts and to pave the way towards a debt-free future. However, life’s unpredictable nature can sometimes lead to a second encounter with bankruptcy. So, Can … Read more

Understanding the Financial Implications of Declaring Bankruptcy a Second Time in Canada As a Canadian citizen, one might be under the impression that filing for bankruptcy a second time would entail similar rules and costs as the first. However, this is far from the truth. The reality is that there are distinct differences in terms … Read more

Understanding Bankruptcy Declarations in Canada Are you wondering about the workings of bankruptcy in Canada, especially how many times one can file bankruptcy? Theoretically, you are allowed to declare bankruptcy multiple times in Canada. However, with every subsequent filing, the consequences intensify, and obtaining a discharge from bankruptcy becomes more challenging. This article aims to … Read more

Understanding Bankruptcy Cancellation Welcome to this extensive guide on bankruptcy cancellation. If you’ve ever asked yourself, “Can I cancel my bankruptcy?” then you’re in the right place. We’ll explore the various aspects of bankruptcy cancellation, its implications, and the factors that may affect your eligibility. Introduction When faced with overwhelming debt, individuals often consider bankruptcy … Read more

In the wake of bankruptcy, getting back on our feet can seem like a daunting task. However, it’s not impossible. One of the main challenges that individuals face post-bankruptcy in Canada is securing a loan. This comprehensive guide will walk you through the process of obtaining loans after bankruptcy in Canada. Understanding Bankruptcy in Canada … Read more