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Declaring Bankruptcy in Canada

Are you thinking of declaring bankruptcy? Are you having trouble understanding whether you should consider filing bankruptcy? Not sure how a bankruptcy operates, or what would be expected in your situation? You’re not alone, each year there are over a 100,000 Canadians who file a bankruptcy or proposal in Canada and hundreds of thousands more who are still struggling with unmanageable debt but do not know where to turn.

This is where we can help. We are committed to helping you understand what bankruptcy is, when it makes sense to file a bankruptcy, how the Canadian bankruptcy laws and rules will impact you.

The first step is to do your homework. Take a little time and read up on filing personal bankruptcy in Canada. Learn about the process, what you can expect and the various alternatives to filing a bankruptcy. Here is a list of resources that should help you understand what to expect.

Learn About the Bankruptcy Process and Then Contact a Trustee

Educating yourself is a good start, but the second step is to talk to someone who is trained and qualified. How a bankruptcy unfolds is dependent on the specifics of your situation. So you need to get professional advice. A Licensed Insolvency Trustee is the only professional who is federally licensed and qualified to provide advice about bankruptcy and the other legislated options to a bankruptcy. A Trustee will provide you a free, no obligation consolation that is designed to make sure you understand what to expect. So meet with a professional, get the guidance you need so you are properly equipped to determine what direction is best for you to proceed.

Once you have educated yourself about bankruptcy and what to expect, and then made sure you have met with a Licensed Insolvency Trustee, you should have all the information you need to determine if a bankruptcy is the best option for you.

Most Recent ‘Bankruptcy’ Posts

I filed for bankruptcy in Sept 30 2008 and will be discharged June 30 2009…I gave all my income tax information to the trustee as directed, and they just sent me a `post bankruptcy tax return` document stating i owe CRA $400…I file my taxes every year and have always received a refund, even tho […]

Is it fraud when you apply for a credit card and say you make more money than what you do? Posted from: Saskatchewan

What if some household items didn`t belong too me when I moved in to my current spouses home, my name is not on the property at all and I didn`t move in with much do they consider all furnishings etc. to be mine because we are married as well or just what is mine, my […]

Just have a question regarding a quarterly profit share my company gives if there is a profit and how does it affect my monthly surplus. I had read if you make over a certain amount over the 9 month period your bankruptcy can be extended to 24 months even for a first time bankrupt person. […]

I was unemployed when I claimed bankrupcy….now I am returning to work. Should I fill out the TD1 form to the best of my ability? Or should I just leave it as a basic deduction? Posted from: Ontario

My spouse purchased our home before we got married. Around 3 yrs ago I had to co-sign for the mortgage because we refinanced, so my name is now on the mortgage and house. I want to get separated, can my spouse refinance again by himself (so my name gets removed)before we separate? I don`t want […]

My new employer wants to direct deposit my paycheque but I have been refused an account at the bank because I am in bankruptcy. What can I do? Posted from: Alberta

1.DOES BANKRUPCY EFFECTS APPLICATION TO CANADA CITIZENSHIP AND CITIZENSHIP STATUS. 2.CAN AFTER FILLING BANKRUPCY APPLICATION PERSON CAN TRAVEL OUT OF CANADA. 3.ARE INDEPENDENT CHILDREN LIKE STUDENT OR DOING JOB AT THEIR OWN LEVEL BUT WITH LIVING WITH PERSON WO HAVE FILED BANKRUPCY EFFECT THOSE FAMILY MEMBERS Posted from: Alberta

I am still in bankruptcy and I have a savings of approx. $1,000 from surplus income. I would like to invest it a TFSA to purchase stocks however I am wondering if any dividends or capital gains I may receive while I am still in bankruptcy will go to my creditors? Posted from: British Columbia

Does the trustee and/or the creditor(s) have legal right to request bank records, ask for employee records or anything of that nature? Or does this remain anonymous throughout the process? Posted from: British Columbia

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