The length of the Bankruptcy process will depend on any asset repurchase and on your final calculated surplus income, if any. Where the total household income exceeds the standards set by the federal government, then additional payments called ‘surplus income’ must be made to your Licensed Insolvency Trustee during your Bankruptcy (Directive 11R, Bankruptcy and Insolvency Act ). If you meet and fulfill your duties and payments in a timely manner,...

Once your Bankruptcy is accepted, you will typically make monthly payments to your Licensed Insolvency Trustee, as agreed upon by you and the Licensed Insolvency Trustee. Your Licensed Insolvency Trustee will distribute any funds received through the Bankruptcy to unsecured creditors at the end of the Bankruptcy as required under the Bankruptcy & Insolvency Act . Click here to learn more about how those payments may be determined.

There are certain debts that survive a Bankruptcy filing as outlined in Section 178 of the Bankruptcy and Insolvency Act . These include: Court fines, penalties and restitution orders; Alimony, child support and maintenance; Any award by the Court for intentional bodily harm, sexual assault or wrongful death; Any debt or liability arising out of fraud, embezzlement, misappropriation or misconduct while acting in a fiduciary...

Once you have been discharged from Bankruptcy, the process of rebuilding your credit begins. Establishing a new credit history and earning the trust of potential creditors will take some time. You will have to show you have the ability to meet your obligations and repay debt when it is due. If you make your payments on time, do not bounce cheques, get and use a secured credit card or borrow money from a bank and pay the loan off in a short period...

As mentioned above, if you are approved for a credit card after Bankruptcy, expect a low credit limit and make sure that balances are paid off every month. Obtaining a secured credit card is also an effective means to improve your credit rating and accelerating your ability to get an unsecured credit card after Bankruptcy.

When you file for Bankruptcy, unsecured creditors will be given the chance to file a claim with the Trustee for the amount they are owed in order to receive their share of any funds distributed in your Bankruptcy. Your creditors will deal directly with the Licensed Insolvency Trustee and are required by law to immediately stop contacting you regarding collections. If a creditor persists in contacting you, you should notify your MNP Licensed Insolvency...

If you declare Bankruptcy in the Yukon, you can keep: Household furniture, utensils, and equipment that are contained in and form part of the permanent home of a debtor not exceeding in value of $200; The necessary and ordinary wearing apparel of the debtor and the debtor’s family; The food, fuel an other necessaries of life required by the debtor and the debtor’s family for the next ensuing 12 months; Live-stock, fowl,...

If you declare Bankruptcy in Quebec, you can keep: Household possessions (such as household furnishings to the extent of $7,000 in Quebec, medical aids, personal items and tools or equipment required for the purpose of earning a living); RRSPs with the exception of any contributions made by the debtor within the (12) month period preceding the Bankruptcy; Cash surrender value of a life insurance policy provided the beneficiary...

If you declare Bankruptcy in Nova Scotia, you can keep: One motor vehicle up to a value of $6,500 or an amount of $6,500 if required for your employment and where there is not a loan outstanding specifically for the purchase of the vehicle ; Furniture, household furnishings and appliances used by a debtor or a dependent up to a value of $5,000 and where there is a not a loan outstanding specifically for their purchase; Tools...

If you declare Bankruptcy in New Brunswick, you can keep: One motor vehicle having a realizable value of not more than $6,500 at the time the claim for exemption is made, or not more than any greater amount that may be prescribed, if the motor vehicle is required by the debtor in the course of or to retain employment or in the course of and necessary to the debtor’s trade, profession or occupation; Furniture, household furnishings and...