I am on disability. 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 I can’t work anymore. Can […]
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
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 […]
I have been living abroad for 2 years and no longer can make payments to any debts I have. I have a credit card that has gone to collections and have been told I have 2 weeks to come up with the total debt balance in which I cannot come up with the money. I […]
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 […]