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.


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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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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