I am on disability since the end of 2012. A couple of months ago I received a letter from Long Term Disability (LTD) to pay them back around $ 50,000.00. I am not able to pay this amount. I asked many different financial institutions to get a loan. But my request was declined everywhere because […]
Declaring Bankruptcy in Canada
Are you thinking of declaring bankruptcy but are not sure if that is the right choice in your situation? – Here’s what you need to know, for starters: Filing personal bankruptcy in Canada allows you to eliminate most debts, and get a fresh start. Once you file bankruptcy, collection-calls and wage garnishments stop, and you can begin rebuilding your financial life.
Learn About the Bankruptcy Process & then Contact a Trustee
- What is personal bankruptcy in Canada?
- What am I required to do while I am bankrupt?
- How long will I be bankrupt in Canada?
- What happens to my debts when I go bankrupt in Canada?
- Will tax debts and Revenue Canada debts be discharged in a bankruptcy in Canada?
- Does filing for Bankruptcy affect my spouse?
- Who will know that I filed bankruptcy in Canada?
- What are the causes of bankruptcy in Canada?
- How many people go bankrupt in Canada?
- What is the Bankruptcy and Insolvency Act?
- What is surplus income?
- Should I feel guilty if I go bankrupt?
If you’re considering declaring bankruptcy we recommend you contact a trustee near you for a free consultation: your first meeting will be free of charge or obligation.
Most Recent ‘Bankruptcy’ Posts
My ex. left me three years ago, and I have been paying the mortgage on my own, and he won’t resign the mortgage. I can’t pay the mortgage as it is a high-interest rollover and if I go bankrupt am I liable for any debt if he sold the house or goes bankrupt himself. We […]
Wondering what happens if we file bankruptcy, and we have a secured line of credit with my mother in law? We have a $30000 line of credit that my mother in law secured with her savings, but we are faced with filing for bankruptcy and want to know what will happen to her and her […]
When I was 19, my husband and I filed a consumer proposal. We have had perfect credit since then. Our scores were well above average. We bought our first house three years ago. All was good for the first two years. Year 3 full of unexpected trouble. Mortgage company offered to refinance to consolidate, then […]
My wife’s ex. declared bankruptcy. He spent two years obtaining as much $ in loans and credit that he could while all the while sending her emails that he was going to destroy her financially. All she was asking for was that he either buy out her share of the condo or sell it on […]
My name is the only name on my mini home. My husband and I both have our names on our truck. Both are secured. How do we keep them? I do have equity in my home but not much. We have never missed payments on either of them. How do I keep my home? What […]
Andy and Cynthia are a smart young couple, but they’ve gotten into trouble with consumer credit. Like most people, they certainly didn’t see money troubles around the corner when they started their small business. They were filled with optimism! And, things went well for a couple of years. Sales were actually better than they had […]
My spouse is currently in bankruptcy. She is not in the title to my home, which I am currently in the process of selling. Can any of the equity I receive from the sale of my home be seized under her bankruptcy to be distributed to her creditors?
What are the criteria for claiming bankruptcy? Have a friend, not entirely literate, so trying to help out. Incurred a lot of debt (40k), owns a house (trailer (40k)), and has zero income now, or in the foreseeable future. Lost his job three years ago, and has been living on credit since then. 59 years […]
March 7th, 2016 by NSS Admin
Statistics Canada keeps close tabs on the economic status of Canadian consumers, and publishes its findings yearly. Similarly, the Office of the Superintendent of Bankruptcy Canada (OSB) records statistics specifically on insolvency. Drilling down into the data reveals both cautionary and inspiring trends. Note that Statistics Canada defines a consumer as an individual with more […]