Category Articles: Bankruptcy FAQ

Bankruptcy Ontario was created as a free resource for residents of Ontario experiencing financial problems to find answers on to how best to deal with their debt. Based on our experience, the top 4 questions asked about personal bankruptcy in Ontario are:

How does the bankruptcy process work?
How much does it cost to go bankrupt in Ontario?
What will I keep if I declare bankruptcy?
How can I avoid bankruptcy or what are my alternatives?

However we know that each person’s situation is unique and that you have many questions. Below are more common bankruptcy questions answered by our bankruptcy trustees. Remember, you can always arrange for a free consultation with a personal bankruptcy expert near you and ask us about your situation.

What Are The Warning Signs Of Financial Trouble in Ontario?
By Bankruptcy Ontario Trustee
05 Oct 2013 | Category: Bankruptcy in Ontario | Bankruptcy FAQ | Leave a comment
warning signs bankruptcy

Most people know that they are having financial problems, but often they don’t realize how severe their debt problems really are. Here are some common ways to tell if you are in financial trouble in Ontario. You are afraid to answer the phone, because it might be a bill collector You…

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What Happens To An Inheritance and Windfalls In Bankruptcy
By Bankruptcy Ontario Trustee
20 Jul 2013 | Category: Bankruptcy FAQ | What You Keep or Lose | (14) comments
inheritance windfall and bankruptcy

Any assets that you become eligible to receive while you are an undischarged bankrupt are subject to seizure while you are bankrupt. This includes any windfall you might receive while bankrupt including: an inheritance while bankrupt, lottery winnings. Under the terms of the Bankruptcy and Insolvency Act if you receive…

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Can I Get A Loan While in a Consumer Proposal
By Bankruptcy Ontario Trustee
21 Sep 2011 | Category: Bankruptcy FAQ | Consumer Proposal in Ontario
qualification loan in consumer proposal

Once you file a consumer proposal (or personal bankruptcy) there is a note that goes on your credit report saying that you have filed a proposal.  So, when you apply for a loan and the lender does a credit check, they will know you are in a proposal, which makes…

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GST/HST Rebates and Bankruptcy in Ontario
By Bankruptcy Ontario Trustee
28 Jun 2010 | Category: Bankruptcy in Ontario | Bankruptcy FAQ
GST / HST rebate bankruptcy

Question: If I go bankrupt in Ontario, who gets the HST rebate cheque?  Me, or the trustee? HST rebates are automatically forwarded to the trustee. The standard answer is that the HST rebate cheque goes to the trustee.  It forms part of the proceeds in your estate, and is then…

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Do I Need A Bankruptcy Lawyer or Trustee?
By Bankruptcy Ontario Trustee
04 Mar 2010 | Category: Bankruptcy in Ontario | Bankruptcy FAQ
Ontario bankruptcy trustee or lawyer

Question: It is my understanding that the bankruptcy trustee works mainly for the creditors. Does that mean that I should see a lawyer before I consider discussing my debt and credit issues? A Bankruptcy Trustee can best be described as a referee in the bankruptcy process. Good question. It is…

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