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.
2009-11-25
The recent amendments to the Bankrutpcy and Insolvency Act now require that a first time bankrupt stay in bankruptcy a minimum of nine months (unchanged from before) and that a second time bankrupt stay in bankruptcy a minimum of 24 months (a change from before - there was no required minimum - a court application was required). However, a bankrupt with surplus income (e.g. net monthly take home income in excess of certain guideline amounts) is required to add an additional twelve months to the above totals. Accordingly, a first time bankrupt who has surplus income will be in bankruptcy for 21 months, will be paying surplus for those 21 months and will be filing monthly income and expense statements for those 21 months. A second time bankrupt with surplus will be doing the same for thirty six months. The intention of the above was, I believe, the encourage more insolvent debtors to file proposals, rather than bankruptcy, and, based on my experience since the amendments on September 18th, this appears to be happening. As always, please feel free to contact us for a free initial consultation to review your options. Ian Schofield MNP Regina 306-790-7904
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.