Category Articles: Bankruptcy FAQ

Your discharge is important because it is your discharge that eliminates your debts, except those debts not discharged by a bankruptcy. Automatic Discharge You will receive an automatic discharge from a first or second bankruptcy if you: complete all of your duties and your trustee and your creditors do not…

Yes. In fact, we strongly recommended that you open a new bank account with a new bank before going bankrupt in Ontario. Why? Because you want all payments to your unsecured creditors to stop. You do not want to risk having one of your creditors attempt to take an unauthorized payment out of…

Several factors affect how long you will be bankrupt for in Ontario. The top four considerations: How many times you have been bankrupt. Whether or not  you have surplus income. Whehter or not you completed your duties? If your trustee or any creditor objects to your discharge. The soonest you…

Your creditors cannot continue to harass you when you go bankrupt in Ontario. Once you are bankrupt, your creditors are required to contact your trustee, not you. When you file for bankruptcy in Ontario, your trustee will notify all of your creditors that you have filed for bankruptcy. Within five days…

No. Filing for bankruptcy in Ontario does not directly affect your spouse. It is a common misconception that if you are married, you are automatically responsible for you spouse’s debts. That is not the case. You are only responsible for debts in your name, that you have signed for. Your spouse is…

There are two main credit reporting agencies in Ontario: Equifax and Trans Union. Information about your bankruptcy or consumer proposal is reported to these agencies by the Office of The Superintendent of Bankruptcy (OSB), not your trustee. The OSB will advise these agencies when you file a bankruptcy or proposal…