2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2010-02-18
Author: Bradley Milne
Hello,
Any credit cards, including those with zero balances, should be given to the Trustee at the time you are filing for bankruptcy.
Generally speaking, obtaining further credit while in bankruptcy is discouraged. However, the Bankruptcy & Insolvency Act does state that if you are borrowing funds greater than $1,000 you must disclose to the lender that you are in bankruptcy. So you can see that you are not prohibited from getting credit, however, in my view (and that of the Registrar in our jurisdiction), obtaining further credit is not encouraged.
As an alternative, some people obtain a secured credit card where you put down a deposit and have use of the card up to that amount.
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
Lifestyle Debt Debt Solutions
You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.