Bankruptcy Advice Blog

Question: We are a numbered company. We have been struggling to keep our trucking business afloat, but going further behind each month. If our corporation files bankruptcy do we lose our personal assets, like our house and car? Answer: If a corporation goes bankrupt, the owners of the corporation do…

Question: What happens after a second bankruptcy in Ontario and how common are they? Can you ever get credit after a second bankruptcy? Answer: Exact statistics are not available, but experts estimated that over 10% of all people who declare bankruptcy will do so more than once. In a first bankruptcy…

Statistics Canada estimates that problem gamblers make up 0.6% of the Canadian population. Last year in Ontario over 40,000 people filed a bankruptcy or a consumer proposal, so statistically less than 250 people who went bankrupt in Ontario were problem gamblers. Based on data from our own database of bankruptcies…