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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.


What are early warning signs of business financial difficulty?

Financial difficulty can often creep up unnoticed because no one is really watching for the early warning signs until they become so obvious that it may be too late.

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My elderly mother has a lot of credit card debt but no mortgage on her house. Are there options to help her?

Yes. Presumably your mother wants to stay in her home but is living on a fixed income and cannot afford the minimum payments on her bills as well as regular...

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Who does the Trustee work for, me or my creditors?

Neither. A Trustee is an officer of the Court and therefore should be neutral and even handed.

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What is a reasonable amount of debt to have?

A reasonable amount of debt allows you to make your monthly payments on time and in full while allowing you to maintain your other expenses.

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Should I use my RRSP to pay debts?

Before withdrawing money from your RRSP, you should consider the following:

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How can I save on bank fees?

Most bank accounts permit you to make a set number of debit transactions or ATM withdrawals per month.

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I heard that I need to open a new bank account if I file for bankruptcy. Is this true?

We strongly recommend that those who file for bankruptcy open a bank account at a new bank if they owe money to their current bank, or have automatic withdrawals set...

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I have been told I should set financial goals. How do I start?

Setting financial goals will help you know where you stand now financially, where you want to be in the future and can guide you to getting there. 

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The Cost of your Morning Commute

Like many Canadians, I look forward to some breakfast on my morning drive to work. My preference is to have something simple: a breakfast sandwich and coffee.

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What debts are discharged in a bankruptcy?

When someone declares bankruptcy, they have an obligation to disclose all of their creditors to the Bankruptcy Trustee.

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What can the Canada Revenue Agency (“CRA”) do if my company owes them money?

A company would typically owe CRA for HST, payroll remittances and income taxes.  Arrears on any of these debts usually occur when the company is having financial difficulty.

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Who has access to my credit report?

Every time you apply for credit, you will have to give authorization by filling out an application form.

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What is meant by patterns of negative debt behavior?

One major form of “negative debt behavior” is the overuse or misuse of credit.  This could be credit in the form of credit cards, loans, overdrafts, and/or lines of credit. ...

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I’m getting a raise at work. How should I change my budget?

Getting a raise at work is a great opportunity to reconsider your finances because of your new cash flow.

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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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