The Bankruptcy and Insolvency Act requires that all Bankruptcies be filed by a Licensed Insolvency Trustee.

If a debt included in your Bankruptcy has been co-signed or guaranteed, the co-signer / guarantor will be responsible for making the payments in full.

Chapter 11 is a section of the United States Bankruptcy code (law) which is used by businesses to obtain protection from creditors while it restructures its operations so that it can sustain itself in the future. This law is similar to the two Acts that apply to companies in Canada, the Bankruptcy and Insolvency Act and the Companies’ Creditors Arrangement Act (CCAA) .

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...

Like many loans after Bankruptcy, it is likely you will need a co-signor to obtain a mortgage, although this will largely depend on your credit rating at the time of applying for a mortgage. To improve your chances of being approved for a mortgage, you should save as much money as possible for the down payment. If you can show steady, reliable employment income, this will also help.

These terms do not mean the same thing. Bankruptcy is a formal legal process whereby you assign your non-exempt assets to a Licensed Insolvency Trustee in order to be relieved of your unsecured debts. Insolvency is a term that means you are unable to pay your debts as they come due or your total assets are worth less than the amount of all of your debt. You must be insolvent in order to file for Bankruptcy but you are not automatically bankrupt just...

If you declare Bankruptcy in the Northwest Territories, you can keep: Household Goods – $5,000 Clothing – unlimited Food – for the next ensuing 12 months Tools of Trade (other than motor vehicles) – $12,000 Hunting Tools (including ATVs, but excluding other vehicles) – $15,000 Residence – up to $50,000 Vehicle – up to $6,000 Medical Aids – unlimited

If you declare Bankruptcy in Newfoundland and Labrador, you can keep: Motor vehicle of the debtor up to a value of $2,000; Appliances and household furnishings up to a value of $4,000; Clothing up to a value of $4,000; Sentimental items up to a value of $500; Debtor’s equity in principal residence as defined up to $10,000; Specified personal property used for earning income up to a value of $10,000; All...

Anyone filing personal Bankruptcy must attend two financial counselling sessions. The first session will be one to two months after you filed for Bankruptcy, while the second will be within seven months of filing. Your first session will focus on budgeting, money management and goal setting. In your second session, you will learn more about the Bankruptcy cycle, identify non-financial reasons that may have caused your problems and ways to repair your...

Filing for Bankruptcy should not affect your job. Some professional bodies may require you to disclose your Bankruptcy. If you’re bonded in your current position, you may want to contact your Human Resources department to confirm if there will be any impact on your job / duties.