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Many people believe that bankruptcy is the best solution for their money woes, but there are a variety of options a person in debt can explore. Bankruptcy will stay on your credit record for several years following your completion and can initially make it significantly harder to get credit until you have restored your lender’s confidence.  Read More

In Canada, the laws governing bankruptcy and insolvency are regulated by a statute known as the Bankruptcy and Insolvency Act (BIA). This statute covers laws relating to bankruptcy, commercial and consumer proposals, and also receiverships.  Read More

A bankruptcy trustee is an individual or corporation who is officially given the power to distribute a bankruptee’s property among creditors, in line with the rules laid out under the Bankruptcy and Insolvency Act. In other words, the trustee controls all aspects of your bankruptcy.  Read More

It’s absolutely possible for a creditor to pursue repayment through wage garnishment. Unless you have payments outstanding to a government agency, department of government, or court ordered child/spousal support, your creditor will need file a lawsuit to have access to your wages.  Read More

A department of government, government agency, and court-ordered spousal or child support may seize your bank account to recover amounts owed. Other creditors must go through a civil suit and be awarded access to your bank account, otherwise your salary and assets are safe regardless of what the collection agency might say.  Read More

A collection agency’s main interest is recovering the amount owed to the original creditor. In addition to the stress of dealing with a collection agency, revealing your personal finances can be embarrassing or even threatening to your career.  Read More

If you have mounting debts which you are unable to pay, your creditors could use a collection agency to chase you for payment. These collection agencies could threaten you with court action, or threaten to seize your assets.  Read More

If your financial situation is so dire that you are considering seeing a lawyer about your debt problems, you should first make a thorough assessment of your finances. You may be able to solve your financial problem yourself, but if not you need to know where to go for help.  Read More

In Canada, consumer proposals or personal bankruptcies must be administered by a licensed bankruptcy trustee. Bankruptcy trustees are not lawyers. Bankruptcy lawyers do not—unlike in the US—administer bankruptcies. If you decide to declare bankruptcy, a bankruptcy trustee must file the paperwork for you.  Read More

Under Canadian law, you have the right to open a bank account regardless of a lack of a job, a lack of money to put into the account right away, or past bankruptcy.  Read More