Schedule a free confidential consultation with our licensed professionals.
The following must apply:
Pursuant to Section 178 of the Bankruptcy and Insolvency Act some of the following debts survive, a consumer proposal:
Each province has specific legislation that outlines which assets are exempt from seizure in a bankruptcy. For the Province of Ontario they are:
Once an individual files for bankruptcy the debtor is required to deliver to the Trustee all their credit cards.
Not in all cases. Depending on the amounts owed to the mortgagee and the equity available for your creditors. You do not automatically lose your house once you file bankruptcy.
The Office of the Superintendent of Bankruptcy provides annual standards as to what a family or individual will earn before surplus is paid to the Trustee.
As a part of the bankruptcy process, the Trustee notifies all your creditors of the bankruptcy. Canada Revenue Agency (CRA) is also advised of the bankruptcy. If there is a wage garnishment, the Trustee will notify your employer so that the garnishment can be stopped.
If you have ceased being a full or part-time student for more than seven years then you can include your student loan debts alongside your other unsecured debts in a bankruptcy filing.
The meeting of creditors only takes place if it is requested by the creditors or the Superintendent of Bankruptcy.
We are here to help.