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.


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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How do I fix a mistake on my credit report?

If there is an error on your credit report, fixing it should be of the utmost importance.  Lenders will often refuse credit even if it is clear an error has...

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What is my personal liability with respect to business debts?

If your business is incorporated then you are not responsible for the business debts unless you personally guaranteed the debts or, if you are a Director of the Company, you...

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Can bankruptcy help me with my tax problems?

Income tax debts are unsecured debts and, as such, the debt will be extinguished as a result of bankruptcy.    

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I cannot afford my bill payments but I do not want to lose my house. Should I consolidate my debts with a new or a second mortgage?

Using equity in your home to consolidate high interest debts into one lower payment is an option.  However many people become worse off because they cannot afford the higher mortgage...

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What can bankruptcy do for me?

Most people focus on the negative aspects of bankruptcy.  However, our bankruptcy laws are intended to provide a number of benefits to an “honest, but unfortunate” debtor.  The Bankruptcy laws...

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Is there anything I can do to prepare for building (rebuilding) credit?

Before attempting to obtain and build credit you should make sure your financial house is in order.  This involves maintaining both a positive life style and establishing positive banking habits.

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I suspect that one of my friends or family is suffering from financial difficulty. What can I do to help?

The most important thing you can do to help someone that is suffering from financial difficulty is to talk with them about it.

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When should I call a Trustee?

In most cases people wait until the last possible minute before they call a Trustee in Bankruptcy.

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If I declare bankruptcy, will the Trustee dictate how I’m allowed to spend my money?

This is a question that we get asked frequently. No, the Trustee in Bankruptcy will not dictate how a bankrupt is permitted to spend his or her money.

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Are bankruptcy fees based on how much I owe?

No. The amount you pay for bankruptcy is based on your income and your assets.

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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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