Canada Bankruptcy - Trustees and Information

Canada Bankruptcy

Personal bankruptcy in Canada is a complex legal process. If you live in Canada and are considering declaring bankruptcy we suggest you contact a Bankruptcy Trustee to review all your options. Licensed by the federal government, these Canada Bankruptcy Trustees offer free initial consultations to answer any of your bankruptcy related questions or other financial options that may be available to you.

Our qualified Canada bankruptcy trustees are familiar with all aspects of Canadian bankruptcy law. Bankruptcy trustees can help solve your money problems and address any debts or other concerns that might lead to personal bankruptcy.

This site provides free information about personal bankruptcy in Canada and personal bankruptcy alternatives in Canada, including answers to common personal bankruptcy questions.

Canada Bankruptcy Trustees

Bankruptcy by Province
BC Bankruptcy
Alberta Bankruptcy
Saskatchewan Bankruptcy
Manitoba Bankruptcy
Ontario Bankruptcy
Quebec Bankruptcy
Newfoundland & Labrador Bankruptcy
Nova Scotia Bankruptcy
New Brunswick Bankruptcy
PEI Bankruptcy
Northwest Territories Bankruptcy
Yukon Bankruptcy
Nunavut Bankruptcy

Canada Bankruptcy News

Bankruptcies on the rise; Record year in 2009 likely to be worse in 2010
Kelowna.com
January 25th, 2010
Even if the local economy picks up, "there are still a significant number of people grappling with unemployment and lots of debt."
Read the article ...
Debt threats
Canada.com
Credit-loving Canadians are finding themselves increasingly in hock. It's not a crisis yet, but warning signs are plentiful.
Bankruptcy trustee Guylaine Houle: "A lot of young people are going bankrupt as a result of not finding work in their field after they graduated. Some have student loans and the banks are harassing them."
Read the article ...
Some long-term costs of declaring personal bankruptcy
The Globe & Mail
May 14, 2009
I may be joining the growing list of individuals who declare personal bankruptcy. What are the long-term consequences of doing this, after I get back on my feet?
Read the article ...
Canada Bankruptcies Jump 52 Percent in March as Economy Shrinks
The Globe & Mail
May 12, 2009
Canadian bankruptcies jumped in March from a year ago as more consumers struggled to pay their bills amid the country’s first recession since 1992.
Read the article ...

canada bankruptcy questions

Request a Callback

Our Alberta Bankruptcy Trustees can call you at your convenience to discuss your situation.
Click here to get a confidential callback from one of our Alberta Bankruptcy Trustees!
Note: Callbacks for other Canadian provinces will be available soon.

canada bankruptcy Q&A Forum

Post a Question Online

Alberta residents may post a question to our Bankruptcy Q&A Forum.
Click here to ask a question in the Alberta Bankruptcy Q&A Forum
Note: The Bankruptcy Q&A Forum for other Canadian provinces will be available soon.

Bill C-12, a bill to amend the Bankruptcy & Insolvency Act. Click here for a summary of the most significant changes to the Canada Bankruptcy and Insolvency Act.

Bankruptcy Questions & Answers - Canada

The bankruptcy questions and answers below are from some of our clients. They are just a small sample of the many questions that are asked during our clients' free initial consultation.

Hello- I have a question? If you file for bankrupcy and miss payments to the trustee- what happens? I am under the understanding that you would not recieve a discharge from the courts. If you do not a get a discharge can the creditors start to collect the debt? If you do not recieve a discharge and owe money to the trusee do you obtain a discharge once paid in full? Thanks

This question relates to my rights if any as a creditor. I am a preferred creditor for alimony and support. My ex-husband just recently filed for bankruptcy. He will be given an automatic discharge on July 16th, 2009. Could you tell me what a preferred creditor is and am I entitled to arrears support payments? Also what happens going forward? Thank you.

My husband wants to file for bankruptcy. We have a joint line of credit and a credit card account which I am a secondary card holder (different card number than his). The rest of our debts are separate credit cards. Our house is in my name only and has no equity in it. If he files what happens to my credit? As well, what happens to the line of credit and credit card we share? Thank you so much!

My husband owns a business. How it can be affected by personal bankruptcy?

My husband wants to file for bankruptcy. We have a joint line of credit and a credit card account which I am a secondary card holder (different card number than his). The rest of our debts are seperate credit cards. Our house is in my name only and has no equity in it. If he files what happens to my credit? As well, what happens to the line of credit and credit card we share? Thank you so much!

I am expecting CRA to 'freeze' my bank account in the near future, and remove funds that are owed to them ... can they remove funds into my overdraft? a line of credit? my son's resps? my rrsps? Basically, what is protected and what is up for grabs? Thanks!

Hi there, I have a debt of around 90,000- dollars from credit cards and line of credits. I cannot pay back, I am the only earning member of a family of 5. If during my bankruptcy my wife would like to start a job to help the family be stable, will her earning will be considered a part of family income and subject to deduction or payment by the trustee? I believe for a family two adults and three kids, if my earnings are beyond 3800 dollars I have to pay whatever is higher than the said amount. Regards.

How do I discharge from bankruptcy?

I have been treated very unjustly by my trustee in Bankruptcy. Could I file a complaint and get reimburssed for the money that was taken and expensed to me unfairly? What type of a lawyer do I need to help me? Thanks.

Can you file bankruptcy for someone else. My sister and brother in law had a business that went bad. Ashamed of what had happened, they left their house, business, cars, and just left, never to be seen again. The problem is that the creditors keep on calling me asking if i have heard from them . I'm sure that someone took possession of all those but i don't know who, or how much is still owing, . How do i find out , and if they ever wanted to return to the country, what could they do. Thanks.

My husband passed away we had all assets and bank accounts joint. Everything was passed to me, no probate. He had 3 credit cards in his name only, I never co-signed. I would like to know if I am responsible for these debts now? What course of action do the credit card companies have against me?

I am considering filing for personal bankruptcy. I am married and the owner of a home. What impact would this have on my wife and the house. Could I go to the bank and have my name removed from the mortgage?

If I owe money to both credit cards companies and banks for personal loans, how long before they write off their bad debt, or do they carry the debt for life on the individual? If the person never claims bankruptcy does the debt stay for life?

If you owe $25,000 in income tax, does this survive bankruptcy? Can Revenue Canada later oppose the discharge? Under what circumstances can they be successful?

I have not made a payment on a student loan debt in over six years, but before the six year period ended, I had made an overpayment on my outstanding taxes, and the money was diverted towards that specific student loan debt. Does this automatically restart the limitation period, or does it not, as I never intended for that money to go towards the student loan debt? Does the indirect payment constitute an acknowledgement of the student loan debt?

My husband and I have been separated for aprox. 1 year. Durring our marriage he racked up his credit cards due to gambling and also put us at out limits with borrowing from the bank. He just declared bankruptcy my issue is that 2 of his credit cards I was a secondary card holder and a loan I was attached too. I was a stay home mom and never paid on them during the marriage and turned my back on them after i left him. I understand that I will loose my vehicle that was tied into the loan but can the credit card companies come after me for payment? Do I need to declare bankrupcy too to avoid this situation?

I have a bit of a complicated question but I think it is worth asking. I am a director of an incorporated company that has failed and now owes payroll taxes and GST. It is my understanding that even if we file for corporate bankruptcy these debts have to be payed. Is this true and would we have to pay the full amounts?? Also the numbered company in question owns part of another business that is currently operating,would the shares of that company simply go vacant if the failed company was to go bankrupt? Would it make more sense for us to disolve the failed company...and would that clear any debts? Again if we disolve would the shares of the operating company go vacant? Thank you for your attention.

What happens if you leave Canada to look for a job in another country and prior to leaving file for bankruptcy. Are you allowed to file for bankruptcy while not employed? How are the bankruptcy charges calculated? Thanks

If you have a Judgment against you for a student loan, and you graduated in 2000, what happens to the Judgment if your Division I Proposal is accepted ? What happens to it in the event of bankruptcy ? Under both circumstances, can it later be revived after the conclusion of each ? I read a case where a girl had a Judgment against her and then declared bankruptcy, only to have the creditor later get it revived in court. The judge said that the courts are loathe to allow people to escape Judgments by declaring bankruptcy.

How to File Bankruptcy in Canada

Briefly, the steps are:

Choose a Canada Bankruptcy Trustee.

The Canada Bankruptcy Trustee will help you prepare a Statement of Affairs which lists all of your assets, creditors, income, expenses, and other pertinent information

After you file bankruptcy in Canada, most creditors are no longer able to pursue you for collection of their accounts.

You may be requested to attend a bankruptcy interview in Canada with the Official Receiver who is a government official.

In some Canadian provinces/territores, you will be required to attend two financial counselling sessions.

If you have any assets which you will not be allowed to keep, you will be expected to help the Trustee sell them.

You will report your income and expenses on a monthly basis to your Canada Bankruptcy Trustee. You may also be required to pay some money to the Canada Bankruptcy Trustee each month depending upon how much you earn, the size of your family and your circumstances.

You will be automatically discharged from bankruptcy in Canada in 9 months if this is your first bankruptcy and there are no objections. You will have no further obligations for the debts covered in your bankruptcy.

Your company, partnership, or business may also file bankruptcy or make a proposal if it meets the above requirements.
You should be aware that any unsecured creditor to whom you owe more than $1,000 could try to force you into bankruptcy. This is called a petition in bankruptcy. In this case, the creditor must prove that you have committed an act of bankruptcy, such as not paying your bills as they came due. The court reviews the facts and, if the petition is allowed, issues a receiving order which places you in bankruptcy with a trustee selected by the petitioning creditor.

Credit Repair Debt Consolidation Consumer Proposals Debt Management Dealing with CCRA Bankruptcy Danger Signals - What Are They? Possible Solutions Filing Bankruptcy or Making a Proposal Debts Not Discharged from Bankruptcy What is bankruptcy? What is a Proposal? FAQ about Bankruptcy in Canada FAQ about Proposals in Canada Exempt Assets - Will I Lose Everything if I Declare Bankruptcy? My Spouse/Partner - How are They Affected by my Bankruptcy? Student Loans and Bankruptcy Credit Ratings Rebuilding Credit Opening a Bank Account After Bankruptcy Secured Creditors Income Tax Debt and Bankruptcy Farmers in Financial Difficulty Excerpts from the Bankruptcy and Insolvency Act Who else can help?

Advertise on This Site Privacy Policy Legal Disclaimer Site Map Home

Site maintained by Bankruptcy Alberta Trustee - Alger & Associates Inc. - Calgary Bankruptcy, Edmonton Bankruptcy, Red Deer Bankruptcy.

Canada Bankruptcy - Trustees and Information

All About Bankruptcy in Canada

Alternatives to Bankruptcy in Canada

Bankruptcy by Province/Territory in Canada

Canada Bankruptcy

Canada Bankruptcy Trustees

Canada Bankruptcy News

Request a Callback

Post a Question Online

Bankruptcy Questions & Answers - Canada

How to File Bankruptcy in Canada