Personal Bankruptcy and Filing Late Tax Returns

Late Tax Returns & Bankruptcy in Canada Filing for personal bankruptcy in Canada isn’t a straightforward process in which you have unsecured debts discharged from your record. It is a significant legal procedure that impacts your financial status and prospect for several years. Consequently, you will need to satisfy several requirements before entering the bankruptcy … Read more

10 Questions About Surplus Income

Surplus Income FAQs Have you ever had a burning question about surplus income and how it works? This post will help you find out everything you need to know about this often tricky and confusing subject. What Is Surplus Income? If you file for bankruptcy, you must make contributions to your past debts from your … Read more

5 Surefire Ways To Go Broke

Watch Out For These Signs You’re Heading Towards Being Broke Some people who lose all their money are just unfortunate. Life deals them a bad hand, and that’s the end of the matter. Most, though, fritter away their wealth by making basic errors and financial mistakes. Here are the top five culprits. Need Help Reviewing … Read more

5 Things you Didn’t Know About Bankruptcy

What You Don’t Know About Bankruptcy Laws Could Hurt You If you’re investigating bankruptcy in BC, you will naturally have questions about how the process works. After all, filing is a significant financial decision. Unfortunately, there’s a lot of misinformation out there about bankruptcy. People associate the process with stigma instead of seeing it as … Read more

Bankruptcy and the Filing of Taxes

Filing Taxes When Going Bankrupt When you go through bankruptcy, your primary concern is to stop debt collectors harassing you with phone calls and letters. The matter of filing taxes for the year, however, doesn’t automatically go away. You still have to report to the CRA (Canada Revenue Agency). But how does it work in … Read more

Consumer Proposal/Bankruptcy – “The Easy Way Out”? Why It’s Not

Is a Consumer Proposal or Bankruptcy “The Easy Way Out”? If creditors are chasing you for money you don’t have, it can be stressful. Fortunately, there are two legal mechanisms that you can use to free yourself from endless phone calls, letters and threats of legal action: bankruptcy and consumer proposals. Both these facilities provide … Read more

Does Vacation Pay Count When Calculating Surplus Income? Find Out

Calculating Surplus Income With Vacation Pay Bankruptcy trustees have a legal right to collect any surplus income you make to repay your creditors. But do you also need to include surplus income in this calculation? Most people receive a fixed paycheque each month that includes vacation pay. However, some companies do payroll accounting differently, handing … Read more

Gifts During Bankruptcy – How Are They Treated?

How Are Gifts Treated During Bankruptcy? When you file for bankruptcy, it is only natural to wonder whether the people working on behalf of your creditors can collect the gifts you receive. Canadian law permits insolvency agencies to collect all “non-exempt assets” and then distribute the funds they generate to creditors equitably. In some cases, … Read more

What’s the Difference Between Consumer Proposals and Bankruptcy?

Consumer Proposals and Bankruptcy: Is There a Difference? One of the first steps towards paying off your debt is to explore all of your options. And through this process, you might have come across two options – a Consumer Proposal and bankruptcy. But what’s the differences and similarities between the two? In order to decide … Read more

Can Creditors Repossess My Car?

Car Repossession & Unpaid Debts If you’re in debt, one of the main concerns that you might have is whether or not your creditors can take your assets as a way of accruing some or all of the payment that you owe them. And one of these assets could be your beloved car. A concern … Read more

Can I sell My Stuff Before Filing Bankruptcy?

Selling Belongings Before Going Bankrupt Bankruptcy is always going to change how you think about your personal affairs and specifically your personal finances. When you do file for bankruptcy, you will need to work with a trustee. They will be responsible for ensuring that you take the right actions here and that you are being … Read more

Personal Bankruptcy Vs Credit Counselling 

Personal Bankruptcy or Credit Counselling? Which is Right For Me? If you are struggling with debt there are numerous options for relief including bankruptcy and credit counselling. In this article, you’ll find the strengths and weaknesses of these two plans. Filing for bankruptcy is always going to be a major decision in your life. This … Read more

Duties in Bankruptcy Law

What Are My Duties Under Bankruptcy Law? If you’re struggling with personal debts, insolvency is one of the solutions available to help you improve your situation. Understanding more about the Bankruptcy & Insolvency Act can help you establish what are the duties in bankruptcy law, and whether or not it’s the right choice for you … Read more

Can Bankruptcy Stop The Canada Revenue Agency Collection Process?

CRA Collection Process: Is It Stopped By Going Bankrupt? Dealing with debt is often a stressful process, but it can be even more stressful when you’re dealing with the Canada Revenue Agency. Receiving a notice from the CRA can be upsetting, but it’s important that you understand your rights to understand what you can do … Read more