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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.


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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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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