2017 Surplus Income Standards

2017 Surplus Income Standards On February 22, 2017 the Superintendent of Bankruptcy recently released the following new standards for the calculation of surplus income for bankrupt individuals via Directive No.11R2-2017. When an individual files for personal bankruptcy the trustee will calculate whether or not he Read More...

December 2016 Bankruptcy & Consumer Proposal Statistics

On February 28, 2017 the Office of the Superintendent of Bankruptcy released its most current statistics on bankruptcy and consumer proposal filings for Canadian debtors. Canada – there were 63,372 personal bankruptcies and 62,506 consumer proposals filed in the 12-months ended December 31, 2016 for Read More...

What Are the Different Types of Bankruptcy Administrations?

What Are the Different Types of Bankruptcy Administrations? For those us who watch American television programs, we are likely more familiar with the terms Chapter 7 and Chapter 13, with regard to bankruptcy, than we are with the Canadian terminology.  Here in Canada there are two types Read More...

Announcement – New Designation for Insolvency Professionals

Announcement - New Designation for Insolvency Professionals On December 2, 2015 the Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion and communications related to Read More...

Will Bankruptcy Take Care of Judgments?

Will Bankruptcy Take Care of Judgments? There are two types of judgments. The first, is one that a creditor can obtain against you through the courts to enforce an outstanding debt.  The judgment is typically registered against any property that you own and you cannot Read More...

Using RRSPs to Pay Down Debt

Using RRSPs to Pay Down Debt Dealing with debt can be very stressful and people often resort to casing in their RRSPs or other investments to pay down or pay off debt. Before you cash in your savings you should consider the following: The time value of Read More...

Receiving a Windfall While Bankrupt

Receiving a Windfall While Bankrupt When we talk about a “windfall”, we are talking about something that you become entitled to after you have filed for personal bankruptcy but before you are discharged from bankruptcy.  Examples of a windfall are:   lottery winnings; inheritances; or Read More...

My Bank Account Is Always In Overdraft

My Bank Account Is Always In Overdraft Many Canadians have overdraft on their personal bank account as a means of insurance against their account getting overdrawn which can result in expensive non-sufficient funds (NSF) charges from their bank.    However, too many consumers rely on their Read More...

Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

Will My Separation Agreement Protect Me If My Ex Goes Bankrupt? When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Typically, the assets (house, vehicles, pensions, furniture) Read More...

Does My Bankruptcy/Proposal Trustee Work For Me or My Creditors?

Does My Bankruptcy/Proposal Trustee Work For Me or My Creditors? Trustees are professionals who are licensed and governed by the federal government under the Bankruptcy and Insolvency Act (BIA).  Most Trustees are also members of the Canadian Association of Insolvency and Restructuring Professionals (CAIRP) which Read More...