When you file for Bankruptcy you will need to turn over all of your credit cards to your Licensed Insolvency Trustee. At that time, they will be cancelled on your behalf as your credit will be reset once you declare Bankruptcy. You will be unable to obtain new credit cards until after your discharge. However, you may be able to obtain either a prepaid or a secured credit card for use during your Bankruptcy. Note that only a secured credit card will...

A secured credit card is ideal for people with low or no credit. In order to obtain one, you must make a deposit, which is essentially treated as collateral. For example, if you deposited $1,000 you should be able to charge up to $1,000 on your account. From there, a secured credit card essentially works like a regular credit card, with required minimum monthly payments. You will be able to make purchases online and in-stores, plus you’ll be able...

In order to file for Bankruptcy, certain conditions must be met: Debt must be at least $1,000.00; Debtor must be discharged from a previous Bankruptcy; Debtor must reside, carry on business or have property in Canada; Debtor must be unable to meet regular payments as they become due; Property owned by the debtor must be insufficient to enable payment of all debts.

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.

If you need a personal loan after Bankruptcy, you will likely have to obtain a co-signor depending on the state of your credit. A co-signor is an individual that promises to pay your debt if you cannot pay it yourself.

Assuming you have a regular source of income, you should be able to obtain a loan to purchase a vehicle after the discharge from your Bankruptcy. However, the interest rate that is payable on that loan will likely be higher to reflect the higher credit risk as a result of your Bankruptcy.

It can be found in our Forms section. Please keep in mind we do not require you to fill these out prior to your appointment. If you have any questions about any of the forms, feel free to contact us .

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,...

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...