New Surplus Income Limits for 2026
The government sets a limit on how much income you can keep before you have to make extra bankruptcy payments. This limit is updated each year. Learn more about this threshold.
Category: Bankruptcy Basics
Bankruptcy in Canada: Basics, Process & Benefits
Delve into the fundamentals of bankruptcy in Canada, a legal process designed to relieve individuals overwhelmed by debt. Understand what bankruptcy entails, who can file, and the immediate benefits such as the stay of proceedings. Learn about the role of a Licensed Insolvency Trustee in guiding you through the bankruptcy process. Explore key concepts like dischargeable debts, exempt assets, and surplus income payments. Discover how bankruptcy affects your credit score and for how long. Get answers to common questions about life after bankruptcy, including rebuilding credit and financial recovery. This section provides essential information to help you understand if bankruptcy might be the right solution for your financial situation.
Quick Guide Link: Need a quick primer? Our Guide to Personal Bankruptcy covers all the essentials.
Do you still have questions about bankruptcy? Book a free consultation with Hoyes Michalos. Our expert Licensed Insolvency Trustees will explain the process in simple terms and help you explore all your options.
What Does It Cost To File For Bankruptcy In Ontario?
We explain the three factors that affect how much you may have to pay to file bankruptcy in Ontario: income, assets and if you have filed before.
Category: Bankruptcy Basics
6 Key Bankruptcy Rules in Canada Explained
Bankruptcy is a legal and regulated process governed by federal legislation. Here are the top 6 bankruptcy rules you should know before filing bankruptcy in Canada.
Category: Bankruptcy Basics
How Long Does Bankruptcy Last in Canada (& Ontario)
Are you filing a first or second bankruptcy and have questions about how long you will be bankrupt? Learn about the typical length of a bankruptcy, factors that may affect this length and if there are alternatives.
Category: Bankruptcy Basics
Will Bankruptcy Take My Tax Refund?
We explain how tax refunds and tax returns are treated in a bankruptcy in Canada and what options you have to keep your refund.
Category: Bankruptcy Basics
Filing Bankruptcy With a Mortgage in Canada
Many homeowners struggling with debt worry about what happens to their mortgage if they decide to file for bankruptcy. Will you lose your home? Can you catch up on missed mortgage payments? This article explains how bankruptcy in Canada treats a mortgage, how a Licensed Insolvency Trustee (LIT) calculates your home equity, and what options... Read more »
Category: Bankruptcy Basics
What is a Stay of Proceedings? How it Stops Creditor Actions
Are you considering filing for insolvency and are curious how the process stops your creditors? Find out what a stay of proceedings is and how quickly it starts helping your financial situation.
Category: Bankruptcy Basics
What Happens to My Wages When I File for Bankruptcy?
You keep your wages in a bankruptcy but your salary does come into play when calculating potential surplus income in a bankruptcy. Learn how your income is affected when filing bankruptcy in Canada.
Category: Bankruptcy Basics
When to Declare Bankruptcy in Canada
Wondering when to declare bankruptcy in Canada? Learn the signs, explore alternatives, and understand the process. Get expert guidance on making this crucial financial decision.
Category: Bankruptcy Basics
Should You File for Bankruptcy If You’re Unemployed?
Can you file for bankruptcy if you're unemployed? Yes - but timing matters. Learn how unemployment affects bankruptcy eligibility, required payments, and what happens if you find a new job during bankruptcy.
Category: Bankruptcy Basics
Personal vs Business Bankruptcy? Understanding Small Business Bankruptcy
Doug Hoyes explains the difference between a business and personal bankruptcy including what business debts are eliminated by filing personal bankruptcy and which remain. Read our FAQs on what happens when a small business files for bankruptcy in Canada.
Category: Bankruptcy Basics
Should I File Personal Bankruptcy If My Business Closes?
Here is your guide to understanding what happens with unpaid debt if your business closes. Learn about restructuring debts, government debts, if you can still run your business, and more.
Category: Bankruptcy Basics
Do You Need a Bankruptcy Lawyer or a Licensed Insolvency Trustee?
When facing debt problems in Canada, knowing which professional to turn to is crucial for getting the right help. Learn the key differences between a Licensed Insolvency Trustee and bankruptcy lawyer, and discover when you need each one.
Category: Bankruptcy Basics
The Consequences of Delaying Filing For Bankruptcy
Are you delaying bankruptcy because you’re scared of what it entails or what it may change in your life? Find out what can happen if you continue to delay the process and why you don’t need to be afraid.
Category: Bankruptcy Basics
Insolvency vs Bankruptcy. What Is The Difference?
Understand the difference between the terms insolvency and bankruptcy in Canada. Learn about consumer proposals, the bankruptcy process, and how to choose the right debt relief option for your financial future.
Category: Bankruptcy Basics
Bankruptcy Counselling Sessions: What to Expect
Two credit counselling sessions are mandatory if you decide to file for insolvency. Doug Hoyes explains why they are a required duty of you and what you will learn in these sessions.
Category: Bankruptcy Basics
Student Loans, The 7-Year Rule and Your End of Study Date
Student loans have special treatment in a bankruptcy or consumer proposal. We explain the 7-year rule, what it means for your student loan to be discharged and how to find your end of study date.
Category: Bankruptcy Basics
Debunking 15 Common Bankruptcy Myths in Canada
Finding credible information and resources about bankruptcy and personal insolvency can be difficult. In this blog and podcast, Doug Hoyes, Licensed Insolvency Trustee discusses 15 common bankruptcy myths.
Category: Bankruptcy Basics
Can You Stop Paying Bills Before Filing Bankruptcy?
If you decide you want to file for bankruptcy, that doesn't necessarily mean you can stop making debt payments. It'll depend on the debt and when you plan to file. Also, some debts can't be included in a bankruptcy. Learn which debts you can and can't stop paying before filing.
Category: Bankruptcy Basics
What Not To Do Before Declaring Bankruptcy
Filing for bankruptcy is a legal process, and what you do before filing is subject to review. Read about actions to avoid before declaring bankruptcy and helpful tips to follow before you file.
Category: Bankruptcy Basics
Will a Bankruptcy or Consumer Proposal Affect My Employment or Professional Designation?
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.
Category: Bankruptcy Basics