Delve into the fundamentals of bankruptcy in Canada, a legal process designed to relieve individuals overwhelmed by debt. Understand what bankruptcy entails, who can file, and the immediate benefits such as the stay of proceedings. Learn about the role of a Licensed Insolvency Trustee in guiding you through the bankruptcy process. Explore key concepts like dischargeable debts, exempt assets, and surplus income payments. Discover how bankruptcy affects your credit score and for how long. Get answers to common questions about life after bankruptcy, including rebuilding credit and financial recovery. This section provides essential information to help you understand if bankruptcy might be the right solution for your financial situation.
Quick Guide Link: Need a quick primer? Our Guide to Personal Bankruptcy covers all the essentials.
Do you still have questions about bankruptcy? Book a free consultation with Hoyes Michalos. Our expert Licensed Insolvency Trustees will explain the process in simple terms and help you explore all your options.
When facing debt problems in Canada, knowing which professional to turn to is crucial for getting the right help. Learn the key differences between a Licensed Insolvency Trustee and bankruptcy lawyer, and discover when you need each one.
Are you considering filing for insolvency and are curious how the process stops your creditors? Find out what a stay of proceedings is and how quickly it starts helping your financial situation.
Are you delaying bankruptcy because you’re scared of what it entails or what it may change in your life? Find out what can happen if you continue to delay the process and why you don’t need to be afraid.
Understand the difference between the terms insolvency and bankruptcy in Canada. Learn about consumer proposals, the bankruptcy process, and how to choose the right debt relief option for your financial future.
Two credit counselling sessions are mandatory if you decide to file for insolvency. Doug Hoyes explains why they are a required duty of you and what you will learn in these sessions.
Student loans have special treatment in a bankruptcy or consumer proposal. We explain the 7-year rule, what it means for your student loan to be discharged and how to find your end of study date.
Finding credible information and resources about bankruptcy and personal insolvency can be difficult. In this blog and podcast, Doug Hoyes, Licensed Insolvency Trustee discusses 15 common bankruptcy myths.
Wondering when to declare bankruptcy in Canada? Learn the signs, explore alternatives, and understand the process. Get expert guidance on making this crucial financial decision.
The government sets a limit on how much income you can keep before you have to make extra bankruptcy payments. This limit is updated each year. Learn more about this threshold.
If you decide you want to file for bankruptcy, that doesn't necessarily mean you can stop making debt payments. It'll depend on the debt and when you plan to file. Also, some debts can't be included in a bankruptcy. Learn which debts you can and can't stop paying before filing.
Filing for bankruptcy is a legal process, and thus what you do before filing is subject to review. Read about specific actions to avoid entirely before declaring bankruptcy and helpful tips to follow before you file.
Does your employer need to know that you are filing for bankruptcy or consumer proposal? Doug Hoyes answers the most common questions people have about whether your job will be affected by filing bankruptcy.
Here is your guide to understanding what happens with unpaid debt if your business closes. Learn about restructuring debts, government debts, if you can still run your business, and more.
Does filing for insolvency as an insurance broker in Ontario have a negative impact? Learn about what happens to your registration if you file and what we believe is the best option for you.
What are the repercussions of filing insolvency as an insurance agent? Find out what is required of you if you file, if your license will be revoked and if you can become an insurance agent after.
Mortgage brokers or agents filing for insolvency may be able to keep their job titles. Find out reasons why a license would be revoked in a bankruptcy and how a consumer proposal can affect you license.
Doug Hoyes explains the difference between a business and personal bankruptcy and what business debts are eliminated by filing personal bankruptcy and which remain.
Financial struggles can occur in any situation, even those with certified designations. Find out if a bankruptcy or consumer proposal impacts your professional license, from Lawyers to Medical Doctors.
Are you a medical doctor in Canada and experiencing overwhelming financial hardship? Will you still be able to practise and what debt relief options are best for you? Ted Michalos explains.
If you are filing for insolvency in Ontario and you are a real estate agent, you have specific notification requirements to your board. Find out what circumstances can result in a revoked licence.
What difference does filing for bankruptcy or a consumer proposal have on your ability to practice law? If you're a lawyer facing debt problems here's what you need to know before choosing.
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