What is Bankruptcy in Canada?
Bankruptcy is a legal process that declares a person or business insolvent and discharges most of their debts. When individuals are in bankruptcy, creditors cannot initiate collection actions against them. Bankruptcy is one choice for a debtor who cannot meet their debt obligations... +more
What is a bankruptcy trustee?
Trustees are licensed by the Superintendent of Bankruptcy, which is a government agency overseen by Industry Canada. Trustees are professional debt consultants with extensive knowledge of money management and the resources available to debtors in financial trouble... +more
Will I still owe my student loan after bankruptcy?
If the primary debt forcing you to consider bankruptcy is your student loan, you should be aware that it is treated differently than loans from other creditors. The main thing to be aware of is that student loans are not eligible to be discharged through bankruptcy UNLESS you have been out of school (either full time or part time) for at least seven years... +more