Filing Bankruptcy in Canada

This is a process that releases the bankrupt person from the debts they owed at the time the bankruptcy claim was filed. After the absolute discharge, the person is not bankrupt and they also don’t have outstanding dues. The only debts that this person may have are: –      Court fines and penalties; –      Child or spousal support … Read more

Bankruptcy records in Canada are public records, meaning they can be accessed by the public. When an individual or business declares bankruptcy, a record is created and maintained by the OSB – Office of the Superintendent of Bankruptcy Canada. Bankruptcy is a legal method that frees honest debtors from the burden of their debts, provided … Read more

RRSPs & Bankruptcy What is an RRSP and how does being bankrupt affect your RRSP? We discuss this and more below. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt Relief Evaluation Schedule Your Free Consultation What Does RRSP Stand For? An RRSP or Registered Retirement Savings Plan is an … Read more

I Owe Lots Of Money To Canada Revenue Agency Collections Owing “a lot” of money to the Canada Revenue Agency Collections office depends on your situation. For instance, a tax debt of $20,000 is insurmountable for a person who earns $40,000 a year and who also supports a family. This person may need to hire … Read more

A question that constantly lingers on your mind when a debt collection agency is pursuing you to collect the debt is – “Can a debt collection agency take me to court?” Many people think what they are in no way obliged to pay a debt collection agency. After all, they are not the original company … Read more

Filing for bankruptcy is often the last resort if you cannot pay your bills and dues. However, this option is not always the easy way out for you. Rather, there are various costs of bankruptcy, that can impact your life for years to come. So, it is advisable to understand the obligations which come from … Read more

If you have fallen behind on paying your rent, and are no longer in a position where you can pay off your rent arrears, then eviction may be a real concern. Your landlord has the legal authority to issue a notice of termination if your rent arrears have accumulated and has become a reason to … Read more

Ever heard of a person being denied being released from his/her bankruptcy status by Court Order? They are probably being held under “Conditional Discharge in Bankruptcy”. Want to know what this term means and what its implication are? Read on below. Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free Debt … Read more

Keeping a Leased Car During Bankruptcy What happens if you are currently leasing a car, but need to file for bankruptcy in Canada? Is there a way to keep your vehicle and continue making lease payments, even after you’ve declared bankruptcy? The answer is yes, although the specific rules vary from province to province. In … Read more

It seems so easy to become trapped in credit card debt with everything going on in the world these days. It also may seem even more difficult to rid yourself of that debt. If you are finding yourself in this position, here are some ideas about how you can handle paying off your credit card … Read more

You may not be purchasing a property, but, a bad credit score can still ruin your dreams of renting a fabulous property. Landlords look at your credit history before shortlisting you as a prospective tenant. They are interested in your credit history because they want to know if you are at any financial risk and … Read more

Selling Assets to Pay down Debt The decision to sell your assets to pay down debt is very difficult. Depending on the asset you’re thinking about selling, you might be faced with unexpected costs. Selling your home or cashing out your savings account may not be the best way to resolve your debt issues. There … Read more

What is the Bankruptcy Assistance Program? Bankruptcy is a legal process that frees you from all your debts (with few exceptions, such as child support, spouse support, and court fines). It is considered a last resort when dealing with debts. It offers you honest but unfortunate protection you’re your creditors and a ‘discharge’ of all … Read more

How Does Bankruptcy Impact Unsecured and Secured Debts? When an individual or business is going through the bankruptcy process, it’s important to note that their bank, debt advisor and licenced insolvency trustee will treat their secured and unsecured debts differently. Remember, a bankruptcy discharge eliminates debts, however, this doesn’t mean it eliminates liens. When it comes to Canadian … Read more

Drowning in Debt That sinking feeling you get when you’re drowning in debt does not discriminate, it affects everyone. The important thing to remember is, you aren’t alone – we are here to help you figure out the best way to get your finances back on track. If you’re in a situation where we can’t … Read more

Insolvency vs Bankruptcy Many people use the words ‘insolvency’ and ‘bankruptcy’ interchangeably when talking about a person or business that can no longer meet their debt obligations. While both terms pertain to serious debt challenges, they are actually two different conditions, which we’ll review in detail below. What Is Insolvency? To file for bankruptcy in … Read more

Having a good credit score means you can borrow at favourable rates. However, it goes deeper than that. If you do not have a good credit score you will not be able to get a credit card. You need a credit card, in order to rent a car, even if you are going to pay … Read more

Insolvency means that you are in the state of being insolvent which means you have the inability to pay your debts as they become due and you must also owe at least $1,000 to your creditors. When you go insolvent you are either going to declare bankruptcy or make a consumer proposal to your creditors; … Read more

How Bankruptcy Canada Can Provide Filing Bankruptcy Help (or Help With a Consumer Proposal) We are the largest network of Licensed Insolvency Trustees (a bankruptcy trustee) with 426 trustee offices in every province and territory in Canada. Each of Bankruptcy Canada’s trustees offers a free, no obligation consultation so you can get the answers to your … Read more