How to Stop CRA Garnishment After Receiving an RTP Demand Payment Letter

Ever felt the stress of unexpected financial setbacks? How to stop CRA garnishment is a question many Canadians face when dealing with debt issues and a RTP (Requirement To Pay) from the Government of Canada. Understanding the steps to halt this process can alleviate a significant amount of stress and help you regain control over […]

How Many Times Can You Do A Consumer Proposal

Ever felt like you’re stuck in a financial maze with no exit in sight? Debt can weigh you down, making every day feel like an uphill battle. But what if there’s a way to reset and start fresh? How many times can you do a consumer proposal? The straightforward answer is that you can file […]

Who Can Put a Lien on Your House in Canada?

Liens can significantly impact property ownership in Canada, often catching homeowners off guard. Understanding liens—what they are, the types that exist, and who can place them on your property—is crucial for any homeowner. This article unpacks the complexities of liens, explores potential lien holders, and discusses the consequences they can have on property sales. It […]

FILL OUT THE FORM BELOW AND RECEIVE A NO-OBLIGATION CONSULTATION

"*" indicates required fields

Name*

Phone Number*

Email*

This field is hidden when viewing the form

What's the best time to contact you?*

Location*

What city do you live in?*

This field is hidden when viewing the form

Source

How can we help you?

Agreement*

I understand that Bankruptcy-Canada.ca does not provide debt relief services directly and agree to securely share this information with a local Licensed Insolvency Trustee (LIT) for a free, confidential consultation.

Name

This field is for validation purposes and should be left unchanged.

Select Trustee By Province

Bankruptcy -vs- Bankruptcy Protection

What is the difference for a Canadian Corporation in Bankruptcy -vs- Bankruptcy Protection

Share this post:

X (Twitter) Facebook LinkedIn Email

One Response to “Bankruptcy -vs- Bankruptcy Protection”

Barton Goth, GCO Inc. Bankruptcy Trustees said...

When people refer to â€œBankruptcy Protection,â€ they are typically referring to the â€œStay of Proceedingsâ€ that comes into effect upon filing one of the variety of options available within the Bankruptcy & Insolvency Act (BIA). The Stay of Proceedings is what stops or postpones the ability of ones creditors to make any collection activity for outstanding debts. In contrast, when a company files for bankruptcy this is a specific type of action under the BIA that sets out a legislated process that must be completed for an individual or a corporation to deal with the debts in question. One of the components of this process involves an automatic Stay of Proceedings that protects the debtor and permits him the space necessary to complete the requirements of the bankruptcy itself.