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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.


If a creditor puts a judgment against my house what are my options?

A creditor can register a judgment against property to help enforce payment of an outstanding debt.

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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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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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