Monthly Archives: April 2015

What are my duties in bankruptcy?

In an uncomplicated first bankruptcy, as long as you fulfill certain obligations, your bankruptcy will be automatically discharged in nine months, and you’ll be released from your debts. Any failure or delay in fulfilling those obligations can delay or prevent your discharge. So, what are those obligations? As per the Bankruptcy and Insolvency Act, bankrupts […]

Read More

What happens after Bankruptcy?

Before you make the decision to declare bankruptcy, you should know what you can expect when the process is over. The very best thing that happens is that after your bankruptcy is discharged, you’re absolved of your responsibility to repay your debts and free to make a new start. No more collection agencies calling you, […]

Read More

Bankruptcy and taxes

If you are insolvent and have declared bankruptcy, you can generally expect to be legally released from your debts when your bankruptcy is discharged. For a first-time, uncontested bankruptcy, you are automatically discharged nine months after you declare. If, however, your unsecured debts include owing taxes to Canada Revenue Agency, there may be additional considerations. […]

Read More