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Bankruptcy gives an individual a “fresh start” with clearing all unsecured debts within 9-21 months.

It stops all collections from creditors and/or garnishments against your wages, with an instant stay of court actions. (Excluding Family court or Provincial Offences court orders).

These essentials are excused from seizing under the provincial law (the Execution Act):

  • Personal possessions up to $5,650.00
  • Household possessions up to $11,300.00
  • Bank loans and bank overdrafts
  • Tools of trade up to $11,300.00
  • One motor Vehicle up to $5,650.00

Your spouse/common-law would not be affected by your Bankruptcy unless they have co-signed or is a guarantor for your account(s). During your Free Consultation with EmpireOne you can discuss which accounts may be connected to someone else.

A house for example, will not be affected if no equity exists above the mortgage in a Bankruptcy.

A vehicle for example, will not be affected if there is continuous financing payments made and no large down payment made.

bankruptcy toronto

If you are self-employed, you can continue your daily business activities while you are in Bankruptcy.

bankruptcy consultant

When in Bankruptcy, household income is monitored until your discharge date. High income levels could cause a “surplus income” that is determined by legal rules.

A 1st time Bankrupt with no surplus income would be in Bankruptcy for 9 months.

A 1st time Bankrupt with surplus income would be in Bankruptcy for 21 months.

In both above cases an automatic discharge would be given, provided the Bankrupt fulfilled their obligations that are requested.

A good example of such information relates to income tax. Tax returns during the year of bankruptcy are not filed by the bankrupt. Instead, returns are prepared by the administrator of the process, and are filed by the same. The bankrupt is expected to supply the necessary tax slips and pertinent figures to the administrator.

Claiming Bankruptcy? Know What It’s All About.

Claiming or declaring bankruptcy should be your last resort when dealing with debt. A number of candidates do not know how to declare bankruptcy and/or fail to realize that the process involves legal implications that need to be adhered to. Not everyone is familiar with the aftermath of declaring bankruptcy. This is where your personal debt consultant can offer their professional advice.

Thinking of claiming personal bankruptcy? There is no denying that declaring bankruptcy offers you benefits in terms of credit repayment.However, there’s more to declaring bankruptcy than what meets the eye. Our team of experienced consultants provide you with the help you need.Talk to our credit counsellor today, to find which option is best in your financial circumstances. In the debate between a consumer proposal and bankruptcy, have you made the right decision? Avail eye-opening credit and debt counselling from EmpireOne.

About us

EmpireOne Credit is dedicated to helping clients in the Greater Toronto Area who are struggling with debt and financial hardship. EmpireOne Credit’s passion is derived from the knowledge that the situation isn’t always as bad as it seems. Through credit counselling, EmpireOne guides their clients toward the best options possible, whether that is a debt consolidation, a consumer proposal or declaring bankruptcy.

Regardless of the path taken, EmpireOne Credit is proud to help clients every step of the way.

Our Office In Toronto

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(416) 900-2324

FAQs

Bankruptcy eliminates your obligation to pay the creditor but the co-signer will still be responsible for any co-signed debt.

YES. There is no legal restriction preventing you from traveling outside the country while in bankruptcy. However, there are some situations where you are required to be physically present in order to obtain your discharge. If you are unable to attend in person, there may be a delay in getting your discharge from bankruptcy.

If there is a huge amount of equity in your house, you cannot keep it when filing for bankruptcy. However, if it has very little or no equity at all, making arrangements with a mortgage company to continue paying the mortgage is also feasible. Doing so will let you keep the house post-filing for bankruptcy. On the other hand, if the house has considerable equity, it is your trustee who will decide whether the house should be seized and sold, or other arrangements need to be made (for repaying the equity). Other arrangements include borrowing from relatives, friends, or colleagues. You can even opt for a second mortgage.

There are a few variations to this. If your income is more than the minimum limit set out by the Canadian government, there are chances of your bankruptcy being extended longer than nine months. Also, if this isn’t the first time you’re filing for bankruptcy, the duration will be longer than 9 months. Lastly, if you failed to fulfill one or more of your obligations under bankruptcy, expect delays in your discharge.

In Canada, filing for bankruptcy has no impact on the spouse. The debts solely belong to the person filing for bankruptcy and hence, only he/she holds complete responsibility. Similarly, if you file for bankruptcy, only your debts will be discharged. The spouse or common-law partner is not responsible for the debts. However, there are exceptions if your spouse has co-guaranteed your debt.

Also referred to as bankruptcy exemptions, the Canadian government exempts certain assets to facilitate a fresh financial start for individuals. Some of the most crucial exemptions include limited amounts of:

  • Health aids,
  • Clothing,
  • Furniture,
  • Car (under certain cases),
  • House (under certain cases),
  • Tools of trade,
  • Pensions,
  • Farm land, animals etc.

Typically, bankruptcy discharges unsecured debts. However, there some exceptions under the law where the following debts remain:

  • Student loans (that are less than 7 years old)
  • Child and spouse support
  • Fines and payments ordered by the court
  • Debt as a result of theft or fraud
  • Certain government-related overpayments.

The discharged debts include:

  • Credit card balances
  • Unsecured personal loans/ line of credits
  • Unpaid utility bills
  • Medical bills
  • CRA income tax debt
  • 407 debt