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.
One of the most common questions we get from our clients is “how long will the insolvency last on my credit report?” Learn how many years Canadian credit bureaus will report your bankruptcy or consumer proposal.
Category: Bankruptcy Basics
Are you concerned about long-term implications of filing bankruptcy? There are misconceptions of how it affects your future. Explore our top 10 tips on how to get your life back following bankruptcy.
Category: Bankruptcy Basics
Does having a current or past bankruptcy affect your ability to sponsor someone immigrating to Canada? Find out if and when you are able to be a sponsor during insolvency and alternative options you may have.
Category: Bankruptcy Basics
About 1/5th of insolvencies in Canada are due to medical debts. Find out the primary factor contributing to medical bankruptcy and issues that arise with it, as well as if insolvency can eliminate these debts.
Category: Bankruptcy Basics
Bankruptcy is not right for everyone, we know that. We explain 5 reasons why bankruptcy may not be your best choice, from when it may be too costly or when you might not be eligible and more.
Category: Bankruptcy Basics
Are you thinking about filing for bankruptcy and want to know more about what this form of debt relief requires from you? Learn about the duties you are responsible for in order to clear your debts.
Category: Bankruptcy Basics
If you are considering filing for a bankruptcy, it is important to be knowledgeable about the process and have answers to any of your questions. Here are the top 10 facts you should definitely know.
Category: Bankruptcy Basics
To be discharged from a bankruptcy there are certain duties that need to be completed first, one of which may include surplus income payments. Find out what surplus income is and 5 reasons it’s important.
Category: Bankruptcy Basics
Did you know that bankruptcy law does eliminate most tax debt? Learn about when your tax debts can be discharged through insolvency and the implications of a CRA bankruptcy.
Category: Bankruptcy Basics
Bankruptcy deals with unsecured and secured creditors differently. We define each type of creditors and explain how these debts are handled in a bankruptcy or consumer proposal.
Category: Bankruptcy Basics
We explain what you need to know about credit card use before bankruptcy, when you can get a credit card after filing bankruptcy and more in this guide to credit cards and bankruptcy.
Category: Bankruptcy Basics
