We live in Alberta and have accumulated $140K in debt. My husband owns a small business that is struggling and has been for the past year. It is a sole proprietorship. We “own” a home in which the value is $440K, but the outstanding mortgage and secure line of credit are $310K. We spoke with […]
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
- 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?
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.
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January 8th, 2016 by Questions
My wife owns 99% of our home and I own 1%. She works and has no debt. I am deeply in debt and will probably have to file for bankruptcy. Will she have to pay anything or will it affect our home?