Bankruptcy Advice Blog

This is a very common question and causes significant concern when people have co-signed debts and are considering claiming bankruptcy in Ontario.  Normally, the co-signer is a family member or a close friend. The potential impact of the borrower deciding to file personal bankruptcy can put an added strain on…

If you are in financial difficulties, one of the first things you will do is look for ways to reduce your expenses. If you have a mortgage or a car payment that is costing you more than you think you can afford, you may consider getting rid of one, or both,…

The simple answer is yes, however that’s not to say all your debts will be affected or discharged by the bankruptcy. There’s generally two types of debt – secured and unsecured. Although notified as part of the bankruptcy process, a secured creditor’s rights are not affected by a bankruptcy unless…

When you file for personal bankruptcy you are declaring yourself to be “insolvent”.  To be insolvent you must: owe at least $1,000, and your assets (things you own), if sold, would not cover your debts and you are unable to pay your debts as they are due. Is Any Debt Amount…