Filing Bankruptcy While In Prison?
April 7th, 2022 by Anonymous
Can you file for bankruptcy while in prison? Can someone who is currently in jail declare bankruptcy? What do you need to do to go through with it?
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.
Most Recent ‘Q&A’ Posts
If I filed for bankruptcy in 2019 and I lost any tuition carryforward due to bankruptcy. Am I still able to claim my tuition I paid in 2020 if I have not been discharged ? Or I do I lose it like I did the 2019 amounts?
Overpayment on Social Assistance
January 29th, 2022 by Anonymous
Due to a delay submitting my papers on an appeal due to a family member being sick and in hospital I was cut off my social assistance and they have given me an overpayment of $77000 to pay back but I will never be able to do this with what I make and trying to […]
I recently read that it is advised that you close your present bank account and obtain a new account (with a bank you have never dealt with) before you actually declare bankruptcy. I have no credit cards or a bad history with my present bank. Is this step really necessary?
How Often Can You File Bankruptcy?
October 21st, 2021 by A Licensed Insolvency Trustee
Many of us have experienced financially challenging times – especially recently. In a typical year, over 100,000 Canadians file for bankruptcy or consumer proposal. Some of these consumers have been bankrupt before and this lends itself to three important questions: Can you file for bankruptcy twice?How often can you file for bankruptcy in Canada? Is […]
Gambling, online shopping, dating, gaming… I could go on. He’s spending thousands he does not have. How will this affect equalization and funds held in trust from sale of matrimonial home? We are in year 3 of separation, nothing happening, several court dates. How do I protect myself & any monies owed to me in […]
Hi, I was stopped at the airport by Health Canada and I refuse their hotel and the test pcr, I took one just before my flight to Canada, so they gave me fines 5000.00 per day =15000.00 + 5000.00 for the pcr test + 5000.00 because I removed my mask 2 minutes to make a […]
How Will a Consumer Proposal Get You out of Bankruptcy?
May 10th, 2021 by A Licensed Insolvency Trustee
How does a consumer proposal work? Well, it’s not hard, but you can’t do it alone, you need the help of a Licensed Insolvency Trustee. A Consumer Proposal keeps you out of bankruptcy by avoiding it altogether. The goal of a consumer proposal is to combine all your existing debt with different banks, creditors, or […]
Do I Become Debt-free When I Declare Bankruptcy?
May 9th, 2021 by A Licensed Insolvency Trustee
The short answer is “no”. When you declare bankruptcy in Canada, there are still some types of debt that you will need to pay later on. The goal of declaring bankruptcy isn’t to create a clean slate and wipe your debt record, but instead to alleviate your burden and make the remainder of your debts […]
How to Stop Wage Garnishment in Canada
November 25th, 2020 by A Licensed Insolvency Trustee
Wage garnishment can be devastating. You’re already paying overwhelming debts and then suddenly your paycheck is smaller and you’ve got to cope with less money and mounting bills. So how can you stop wage garnishment in Canada? There are a number of resources available to you if your wages are being garnished and several ways […]