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.
2014-06-30
That is a question that we get a lot as Trustees. Every situation is different but generally speaking, the answer is a three-step process:
Now what if you receive more money than the total amount that you owe your creditors? In this case, you have some options. One option is to give the money to your Trustee, as required by the law, and the Trustee will pay off your creditors in full. Any monies left over after paying all your debts and fees, would be given back to you.
Another more interesting option is to change or convert your bankruptcy to a consumer proposal. A consumer proposal is generally a new deal or arrangement that you make with your creditors to pay them a certain amount of money over a certain amount of time. If the creditors agree, then once you pay the terms of the proposal, then your bankruptcy would be annulled or cancelled and would no longer appear on your credit record as a bankruptcy.
The key is always to let your Trustee know what is going on during your bankruptcy. Your trustee will be able to guide you and explain to you what needs to be done, so that at the end of the day, you will get your discharge and be free of debt.
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.