What is bankruptcy?
Bankruptcy is a legal process that permits a person who is unable to pay their debts to get a fresh start. In Canada, bankruptcy requires consultation with a federally licensed Trustee in Bankruptcy....
View ArticleDo I lose my furniture if I go bankrupt?
Generally not. Recent changes in legislation provide that no creditor may seize furniture or household goods (up to a resale, or garage sale) value of $11,300, even if the furniture has been pledged as...
View ArticleAre the assets of the consumer debtor’s spouse affected?
The bankruptcy affects only the person who goes bankrupt. However, if the consumer debtor conveys or transfers property to his or her spouse for a value that is lower than its fair market value within...
View ArticleBankruptcy Story #22 Tax Return Problems
Kenny took a job as a self-employed courier driver. The income was great. He was able to make the payments on his new van, meet the household bills and share occasional extra expenses with his wife....
View ArticleWhat is a Trustee in Bankruptcy?
A Trustee in Bankruptcy is a person who is licensed by the federal government to administer bankruptcy and consumer proposals in Canada. They are regulated by a division of Industry Canada called the...
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