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Bankruptcy Blog

We'd like to introduce our Bankruptcy blog. We're taking questions we hear the most often and answering them online on a regular basis. If you have a question, please contact us online or call us at 1-888-455-6060.


How can I save money buying school supplies for my children?

September can be an expensive month for parents.  Plan ahead before you head to the store. Take stock of what you already have and make a list of what you need.

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Does the fact that my separation agreement states that my spouse is responsible for certain debts protect me if these are not paid?

No, you may still be responsible for the debt. If you are liable, you are at the mercy of the solvency and good faith of your former partner to pay...

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I am retired. Can I go bankrupt or make a proposal?

Yes you can. Anyone who owes more than $1,000 and is unable to pay their debts is eligible to file for bankruptcy or file a proposal.

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If I go bankrupt, will I lose my house?

Most people who go bankrupt do not lose their house. 

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If a business goes bankrupt, will its employees get paid?

Employees of a bankrupt business get paid by the Wage Earner’s Protection Program Act. WEPP is designed to pay employees of an employer that is bankrupt or subject to a...

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Can I collect CPP while I am still working?

Yes. You can apply for CPP as young as age 60. 

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If I file for bankruptcy who will know?

Your bankruptcy will not be publicized unless it is one where there are significant assets.  A bankruptcy proceeding is a matter of public record, which means that it is not...

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I find I’m always using the overdraft on my bank account. What should I do?

Overdraft protection is designed to permit people a bit of leeway to ensure that they don’t end-up with bounced cheques and incur NSF fees.

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I have lost my job and will receive a severance package. Should I pay off my debts or keep it for a rainy day?

There are many reasons in this situation to take your time before quickly spending the severance on existing debt.  Severance is designed to assist in funding living expenses until income...

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Are there ways to manage my financial risk?

Businesses that are successful take the job of managing risk very seriously.  They have a plan to achieve their goals and take actions to try to minimize the risks which...

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How does bankruptcy work?

Bankruptcy works by providing an honest but unfortunate debtor with a fresh financial start. The decision may be difficult but the process is straight forward.

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I can’t afford my bills, what should I do?

You owe it to yourself and your loved ones to give your financial situation some time and attention.  This is especially the case if your situation is one which is...

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I have a motorcycle, snowmobile and ATV, will I lose these if I go bankrupt?

Not necessarily. If there is a loan against your recreational equipment, you may continue making the monthly loan payments if you can afford to do so.

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I’m the executor of an estate. There doesn’t seem to be enough assets to pay all the bills. What should I do?

An executor has to be cautious while administering the estate of the deceased person. This is particularly true if the debts of the estates are more than its assets.

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I have concerns with my business, when should I come see a trustee?

If you have concerns about your business’ finances, you should consult a Licensed Insolvency Trustee as early as possible.

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Is it a good idea to get a “consolidation loan” to pay out my credit cards and line of credit?

Getting a “consolidation loan” may not be the best solution to getting your debts resolved.

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The bank told me I couldn’t open a new account, is that because I have bad credit?

It doesn’t matter if you have bad credit. The bank must allow you to open a bank account even if you have previously filed for Bankruptcy or if you aren’t...

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I’ve already been bankrupt once in the past. Can I declare bankruptcy again?

Yes, you can declare bankruptcy again if you’ve been bankrupt in the past.

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I am in financial difficulty. Are my RESP’s at risk?

RESP’s are assets of the plan holder, usually the parents.  RESP’s are not an exempt asset in bankruptcy.

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Who does my income tax if I file for bankruptcy?

Your Trustee does your income tax return for you when you file for bankruptcy. In the year that you file for bankruptcy your Trustee does 2 separate returns.

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Why do people tell me that going bankrupt is such a bad thing?

People are often intimidated by the bankruptcy process. This fear is typically based upon misinformation that the person received from the media or from family and friends.

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How do I teach my kids about credit?

Start now. Don’t wait until they are old enough to apply for credit. People will handle credit cards more wisely when money management is taught early.

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I have high income but am still having trouble paying my bills. Can I still declare bankruptcy?

Yes, you can file for bankruptcy if your income is high. To qualify for bankruptcy, you need to be insolvent which means you are unable to make your payments as...

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What is the best way to plan for financial emergencies?

Financial emergencies can come in many different forms. You could lose your job, lose your health, your basement can flood, the transmission can fall out of your car or something...

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