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When you were a kid, did you ever experience difficulty sleeping because you thought there was something, maybe a monster, under the bed or in the closet? Living with debt can produce a similar sense of unease and can create difficulties sleeping. When you make the decision to get some debt help you have taken a big step towards the goal of managing your debt and hopefully eliminating it.

Canada Revenue Agency (CRA) has a very heavy hand when it comes to collecting on income taxes which can include seizing your bank account. This is usually the last resort, after repeated phone calls and letters so you can't pretend this is a surprise. You may not have believed they'd do something like this, but they do and they did it to you! So now what?

For many Canadians the idea of filing for personal bankruptcy is very foreign. Not knowing how the process will affect your day-to-day life and employment is just one of the many reasons that the term “bankruptcy” can be so intimidating. Thankfully, the Bankruptcy and Insolvency Act rules were designed to provide Canadians coast to coast with the opportunity for a fresh start and debt protection all while allowing them to maintain a fair standard of living.

For the majority of situations, an employer will not be notified of an employee’s bankruptcy proceeding.

On December 2, 2015 the Office of the Superintendent of Bankruptcy made a big announcement; there will be formal change to the designation of insolvency professionals nationwide. As of April 1, 2016 the designation of “Trustee in Bankruptcy” will be replaced with “Licensed Insolvency Trustee.” This new designation will more appropriately describe the many services that these professionals provide to the individuals and businesses.

To read more about the new designation and what it means, please click the link below:

Bankruptcy; this is the first thought for many individuals that are desperate to fix their financial situation. Although the majority of Canadian’s have heard the word “bankruptcy” before, many are unaware of what the bankruptcy process really entails. Because of this lack of information and these misconceptions haunting bankruptcy, we wanted to provide individuals with the reality of declaring personal bankruptcy in Canada.

Surplus Income is perhaps a poorly worded phrase. Not many people would feel that they have surplus income especially when dealing with debt. However, in the bankruptcy context, surplus income refers to a calculation that determines how much money per month a person should be paying into a bankruptcy for the benefit of their creditors.