2025-06-03
How to set financial goals with your spouse
It can be difficult to discuss your finances with a spouse. These five steps can help you set and achieve financial goals together.
2011-10-25
In order to file bankruptcy, an individual must sign various documents (prepared by the trustee), which disclose the individual’s assets and creditors, income and expenses, and other pertinent information. The trustee then files these documents with theOffice of the Superintendent of Bankruptcy. The bankruptcy becomes effective upon the filing of these documents. Upon filing, the bankrupt individual is under creditor protection (called a “stay of proceedings”), meaning that no creditor can take any action to collect outstanding debts. Bankruptcy protection applies to most unsecured creditors, such as credit cards and lines of credit, unsecured loans, income taxes, student loans, and miscellaneous other debts. Bankruptcy protection doesn’t apply to certain creditors. Some examples include creditors that hold security over assets of a bankrupt (e.g., mortgage, car loan); and child or spousal support. Upon filing, all assets of a bankrupt vest in the trustee for the benefit of the bankrupt’s unsecured creditors. Certain assets are exempt from bankruptcy, and these assets may vary from province to province. Click here for a list of the provincial exemptions.More from this series:Step 1 - Meet with a Trustee to Review Your Options
2025-06-03
It can be difficult to discuss your finances with a spouse. These five steps can help you set and achieve financial goals together.
2025-06-03
Lifestyle Debt
As more Canadians explore digital currencies, it’s essential to understand the risks. Learn how to protect your investments from volatility, scams, and legal pitfalls, and make informed decisions with this practical guide.
2025-05-27
Lifestyle Debt
Here’s a comprehensive guide on how to budget for a summer vacation, ensuring you make the most of your trip without overspending.