Bankruptcy Victoria Frequently Asked Questions

If you are considering bankruptcy then you probably have questions. Can you keep your car? Do you have to sell your home? There literally hundreds of questons that you need answered and we are here to help. Bankruptcy is a big step and understanding what your rights are is extremely important. If you have a question that you cannot find the answer for in our Bankruptcy Frequently Asked Questions Database then please feel free to submit on to the site.

QUESTION: I am overwhelmed by debt and worried about my privacy. I don't want my friends and family to know about my situation, yet I need someone to talk to. What can I do?
Click here for the answer >>>

QUESTION: If I attend one of your free consultations to seek advice about my debts, do you contact my creditors?
Click here for the answer >>>

QUESTION: If I declare bankruptcy, how long before I am finished with the Bankruptcy Process?
Click here for the answer >>>

QUESTION: What is the difference between seeking the advice of a Debt Counselor vs. advice from a Trustee?
Click here for the answer >>>

QUESTION: What is my Credit Report?
Click here for the answer >>>

QUESTION: What if the information on my credit report is wrong?
Click here for the answer >>>

QUESTION: How do I improve my credit rating?
Click here for the answer >>>

QUESTION: How do I improve my credit report?
Click here for the answer >>>

QUESTION: I was told that I have poor credit rating but I don’t know why that would be?
Click here for the answer >>>

QUESTION: My friend went bankrupt but she is still driving her car and gets to keep her house and furnishings– how can that be?
Click here for the answer >>>

QUESTION: I can’t pay my tax debt to Canada Revenue Agency (CRA). What can I do?
Click here for the answer >>>

QUESTION: I have many debts and based on my income I am not sure how I will manage to make the payments. What should I do?
Click here for the answer >>>

QUESTION: I don’t think my debts are a problem, but want reassurance. How can I check up on myself?
Click here for the answer >>>

QUESTION: I make the minimum payments required, or most of them, but my debts are staying the same, or increasing. Are there any other options besides bankruptcy for dealing with my debts?
Click here for the answer >>>

QUESTION: How much of my income should be paid out to creditors? Which creditor should I pay first? What is the best way to organize my payments to reduce my debt load, or even pay off everything?
Click here for the answer >>>

QUESTION: Budgeting what I have is a challenge. How much of my income should be spent on housing, my car, and everything else? What can I do to make my money stretch through the month?
Click here for the answer >>>

QUESTION: I can’t continue payments in full to my creditors and need to file bankruptcy. What steps do I have to take to do this?
Click here for the answer >>>

QUESTION: I prepared my tax return and it looks like I have a large amount to pay, but I don’t have the cash to do this? If I file this, will Canada Revenue garnish my wages? What can I do?
Click here for the answer >>>

QUESTION: My business isn’t making as much money as I had expected, and I have had to use my personal credit to cover expenses, like wages and supply costs. My personal debt seems to be growing faster than my business can pay me. What can I do?
Click here for the answer >>>

QUESTION: My business isn’t making as much money as I had expected, and I have had to use my personal credit to cover expenses, like wages and supply costs. My personal debt seems to be growing faster than my business can pay me. What can I do?
Click here for the answer >>>

QUESTION: My business isn’t making as much money as I had expected, and I have had to use my personal credit to cover expenses, like wages and supply costs. My personal debt seems to be growing faster than my business can pay me. What can I do?
Click here for the answer >>>

QUESTION: I was expecting a big tax refund, but instead received nothing. The assessment states that the funds were transferred to a debt I owe. How is this possible? Can I get it back?
Click here for the answer >>>

QUESTION: I am currently a student and have been declined for a line of credit based upon my summer employment earnings. How can I pay for my schooling without going into bankruptcy?
Click here for the answer >>>

QUESTION: I am currently a school and I have been declined for credit based upon my summer employment earnings. How can I avoid bankrupcty and pay for my schooling?
Click here for the answer >>>

QUESTION: I can’t pay my tax debt to Canada Revenue Agency (CRA). What can I do?
Click here for the answer >>>

QUESTION: I have been making the minimum payments to my creditors, but now have maxed out all the credit cards, line of credit and my overdraft. After I pay my mortgage, utilities and some groceries, there isn’t enough left to make the minimum payments to all the creditors. If I don’t make my payments will the creditors take my assets? I don’t want to lose my house.
Click here for the answer >>>

QUESTION: If I go bankrupt and am relieved of my debts, how long does this stay on my record? Will I ever be able to get a credit card again, or buy a house?
Click here for the answer >>>

QUESTION: When I was working full time, I applied for and received a car loan from the bank. My co-signed the loan but I paid the regular monthly payments. Recently I have been laid off at work and I cannot afford to make the payments. If I assign myself into bankruptcy, is the loan discharged?
Click here for the answer >>>

QUESTION: I thought my bookkeeper was taking care of both my personal and business expenses. I found out that bills from the business suppliers are past due, and that the credit cards and line of credit are now maxed out. I need to get back on track or my suppliers won’t deal with me anymore, which will basically stop me from earning an income.
Click here for the answer >>>

QUESTION: I thought my bookkeeper was taking care of both my personal and business expenses. I found out that bills from the business suppliers are past due, and that the credit cards and line of credit are now maxed out. I need to get back on track or my suppliers won’t deal with me anymore, which will basically stop me from earning an income. Also need to take control of the personal expenses.
Click here for the answer >>>

QUESTION: I got a divorce last year, and my income decreased. Since then I have been having trouble paying the bills. My ex-wife ended up with the house, furniture, and kids. I am out of savings, and now I’m being drained by child support. Is there anyway to avoid paying child support until my finances stabilize? Will going bankrupt allow me to stop making payments?
Click here for the answer >>>

QUESTION: I have been working for my Dad for cash. Because I don’t ‘technically’ have any income I haven’t been paying my taxes. I have a student line of credit, but I only take a few classes. Over the last year I’ve been getting further and further into debt, and I don’t think I’ll be able to pay it off. If I filed for bankruptcy or tried to make a proposal, would my employment history be a problem? Would I have to pay taxes on money coming from my Dad?
Click here for the answer >>>

QUESTION: If I declare bankruptcy will my name be published in the newspaper where everyone can see? Will my employer be notified?
Click here for the answer >>>

QUESTION: When a person declares bankruptcy, are all of their possessions confiscated and sold?
Click here for the answer >>>

QUESTION: I’ve read that it costs about $1,600 to declare bankruptcy, but I don’t have any money! I can’t pay my bills and collection agencies are calling. What do I do?
Click here for the answer >>>

QUESTION: I have a vehicle that I can no longer afford to make payments on. It is a “secured” loan. What does this mean and what can I do?
Click here for the answer >>>

QUESTION: I completed a Consumer Proposal about five years ago, but when I recently applied for a line of credit I was denied because of my “bankruptcy”. A Mastercard debt that was paid under the Proposal is still showing on my credit report with Equifax. What can I do about this? Aren’t credit reports updated when a proposal or bankruptcy is discharged?
Click here for the answer >>>

QUESTION: I’ve read about “Consumer Proposals” on the Internet but I can’t figure out what that means. The news and information online state that changes to the Bankruptcy and Insolvency Act will affect consumer proposals. Could you explain?
Click here for the answer >>>

QUESTION: My spouse is considering opening a new business. We have a joint line of credit. Can we use this line of credit for the business operations?
Click here for the answer >>>

QUESTION: I can’t pay my tax debt to Revenue Canada. What can I do?
Click here for the answer >>>

QUESTION: I am self-employed and I am using my personal credit line to keep up with payments to creditors for my business debt. I do not want to go bankrupt or close my business. What can I do?
Click here for the answer >>>

QUESTION: Overspent at Christmas and now that the bills are arriving, what are the options?
Click here for the answer >>>

QUESTION: What is a discharge in bankruptcy?
Click here for the answer >>>

QUESTION: How long after filing bankruptcy will the creditors stop calling?
Click here for the answer >>>

QUESTION: Will I have to go to court before going bankrupt?
Click here for the answer >>>

QUESTION: Can I be discriminated against for filing bankruptcy?
Click here for the answer >>>

QUESTION: Can I get a credit card after filing bankruptcy?
Click here for the answer >>>

QUESTION: How long do I have to wait to rebuild my credit?
Click here for the answer >>>

QUESTION: What does reaffirm mean?
Click here for the answer >>>

QUESTION: Does my personal bankruptcy affect my corporation?
Click here for the answer >>>

QUESTION: Should I leave some debts out of my bankruptcy?
Click here for the answer >>>

QUESTION: Lots of people are filing for Bankruptcy, Is bankruptcy the right decision for me?
Click here for the answer >>>

QUESTION: Are there any other laws that deal with bankruptcy besides the Bankruptcy and Insolvency Act?
Click here for the answer >>>

QUESTION: What are consolidated Acts and regulations?
Click here for the answer >>>

QUESTION: Are the consolidated Acts and regulations the official versions of the BIA?
Click here for the answer >>>

QUESTION: With respect to the Bankruptcy and Insolvency act, how current are the Acts and regulations?
Click here for the answer >>>

QUESTION: In the Bankruptcy and Insolvency Act, what are the citations found at the end of some sections and schedules?
Click here for the answer >>>

QUESTION: What are the Amendments Not in Force found in the Bankrupcty Insolvency Act?
Click here for the answer >>>