Filing for bankruptcy is a legal process, and thus what you do before filing is subject to review. Read about specific actions to avoid entirely before declaring bankruptcy and helpful tips to follow before you file.
Taking on another payday loan to pay back existing payday loans is not the answer. Learn how a bankruptcy or consumer proposal can eliminate payday loan debt and get the help you need to break the cycle.
Does your employer need to know that you are filing for bankruptcy or consumer proposal? Doug Hoyes answers the most common questions people have about whether your job will be affected by filing bankruptcy.
It’s not uncommon for someone holding a professional designation to face personal debt problems. After all, financial trouble can happen to anyone regardless of career or income. Anyone may be concerned about how bankruptcy affects... Read more »
Once a bankruptcy or a consumer proposal is filed in Canada, a “stay of proceedings” kicks in. What is a stay of proceedings? People file insolvency to eliminate debt and to stop creditor actions while... Read more »
When you declare bankruptcy in Canada, in exchange for the elimination of your debts, you are agreeing to undertake certain responsibilities and duties. Without performing these duties, your discharge from bankruptcy can be delayed or... Read more »
Apart from the many legal consequences, filing for bankruptcy or defaulting on debt comes with an emotional and social burden that often overwhelms spouses in a relationship. From a strictly legal perspective, your spouse is... Read more »
Canadian bankruptcy law is governed by federal legislation, the Bankruptcy & Insolvency Act, and filing bankruptcy is a legal process. The concept behind personal bankruptcy is simple: you assign all non-exempt assets you own and... Read more »
I am often asked how long a bankruptcy or consumer proposal remains on a credit report. In Canada there are two large credit reporting agencies, or credit bureaus, Equifax and Trans Union, and they each... Read more »
How Long Will You Be Bankrupt? In most circumstances a first time bankrupt will be eligible for discharge after nine months. How long your bankruptcy will last can be extended if you have been bankrupt... Read more »
We understand that there is a lot of information to consider before filing for bankruptcy in Canada. If you have more unsecured debt than you can afford to repay on a monthly basis, bankruptcy could... Read more »