When you file for bankruptcy, one of your required duties will be to keep track of your monthly income and expenses during the period that you’re bankrupt. Your trustee will give you the forms for doing this, and each month,… Read the rest
If you’re facing the possibility of bankruptcy, you may be wondering what will happen to your possessions — will you lose everything you own, including your house and your car? Not necessarily.
The purpose of bankruptcy is to give “honest… Read the rest
When you file for bankruptcy, and depending upon your level of income, you will be required to make payments to your trustee during your bankruptcy period. When your income is over and above what the government says you need to… Read the rest
The costs of filing for bankruptcy are set both by the federal government and the trustee. This means that the fees you pay to a trustee for handling your bankruptcy will likely be the same across the country.
Generally speaking,… Read the rest
When you owe money to Canada Revenue Agency (CRA), they (like all creditors) will try to collect that debt from you. If the debt is significant and you fail to repay it or negotiate acceptable terms, CRA has the right… Read the rest
Dealing with debt can be difficult at the best of times, and it’s even more complicated and stressful in a divorce situation. If you and your spouse separate, you’ll need to divide your debts as well as your assets. How… Read the rest
Financial troubles don’t end at borders—or even oceans. If you’re a Canadian citizen no longer living in the country, and you still have debts in Canada that you are unable to pay, you may be wondering whether or not you… Read the rest
Your debts are piling up, you’re beginning to feel overwhelmed, and you want to turn your financial situation around. Congratulations on taking the first step! As fast as you want to make things better, however, we have to be honest… Read the rest
Bankruptcy and Consumer Proposals for High Income Earners
Contrary to what you might think, financial difficulties are not limited to low or middle income earners. In fact, many professionals with high incomes find themselves in financial hot water because their… Read the rest
In its simplest terms, bankruptcy is a legal procedure that is intended to clear you of your debts so you can make a fresh financial start. When you file for bankruptcy, a licensed trustee takes over any assets you may… Read the rest