{"id":7963,"date":"2019-04-22T21:00:20","date_gmt":"2019-04-23T01:00:20","guid":{"rendered":"http:\/\/www.irasmithinc.com\/blog\/?p=7963"},"modified":"2019-06-25T04:47:13","modified_gmt":"2019-06-25T08:47:13","slug":"canadian-bankruptcy-laws","status":"publish","type":"post","link":"https:\/\/irasmithinc.com\/blog\/canadian-bankruptcy-laws\/","title":{"rendered":"WILL JULIAN ASSANGE FACE CANADIAN BANKRUPTCY LAWS?"},"content":{"rendered":"<p><a href=\"https:\/\/www.google.com\/maps\/dir\/500+Chrislea+Road,+Woodbridge,+ON\/bankruptcy+trustee+near+me\/@43.8077274,-79.5457847,16z\/data=!3m1!4b1!4m13!4m12!1m5!1m1!1s0x882b2f9d98f5205f:0x2caefe73bb5374f2!2m2!1d-79.5466173!2d43.8049993!1m5!1m1!1s0x882b2f0ae005a70f:0x7fde3a2e744a0e1c!2m2!1d-79.534505!2d43.808316\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-7957\" src=\"http:\/\/www.irasmithinc.com\/blog\/wp-content\/uploads\/2019\/04\/canadian-bankruptcy-laws.jpg\" alt=\"canadian bankruptcy laws\" width=\"1080\" height=\"720\" title=\"\"><\/a><\/p>\n<h2 id='if-you-would-prefer-to-listen-to-this-brandon-s-blog-please-scroll-down-to-the-bottom-and-click-on-the-podcast'  id=\"boomdevs_1\">If you would prefer to listen to this Brandon\u2019s Blog, please scroll down to the bottom and click on the podcast<\/h2>\n<h2 id='canadian-bankruptcy-laws-introduction'  id=\"boomdevs_2\"><strong><span style=\"color: #00ccff;\">Canadian bankruptcy laws Introduction<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">I got your attention with this silly Brandon\u2019s Blog title, didn\u2019t I? \u00a0The answer to the question \u201cwill Julian Assange face <\/span><a href=\"https:\/\/en.wikipedia.org\/wiki\/Insolvency_law_of_Canada\" target=\"_blank\" rel=\"noopener\"><b>Canadian bankruptcy laws<\/b><\/a><span style=\"font-weight: 400;\">?\u201d is of course, no. \u00a0He may face the justice systems of Britain, Sweden or the United States, or all three. \u00a0But as far as I know, he isn\u2019t wanted by the Canadian authorities.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there are many <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/canadian-household-debt-ratio-hits-high-toronto-star-reports\/\"><span style=\"font-weight: 400;\">Canadians having problems<\/span><\/a><span style=\"font-weight: 400;\"> paying all of their debts. \u00a0Many have actually quit satisfying their financial commitments. \u00a0If this is where you find yourself, then you are in financial difficulty and may even be insolvent. <\/span><\/p>\n<p><span style=\"font-weight: 400;\">I tell everyone that bankruptcy should be your last option. \u00a0There are many ways to avoid bankruptcy. It really depends on how early on in your situation you consult a professional for advice and guidance.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The purpose of this Brandon\u2019s Blog is to answer what seems to be the 10 essential problems bothering people thus far in 2019 for people facing financial challenges and considering filing for bankruptcy.<\/span><\/p>\n<h2 id='what-happens-if-i-declare-bankruptcy-in-canada'  id=\"boomdevs_3\"><strong><span style=\"color: #00ccff;\">What happens if I declare bankruptcy in Canada?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">When you declare bankruptcy, you must assign or hand over your assets to the <\/span><a href=\"http:\/\/www.irasmithinc.com\"><span style=\"font-weight: 400;\">licensed insolvency trustee<\/span><\/a><span style=\"font-weight: 400;\"> (previously called a bankruptcy trustee) (Trustee). \u00a0Each province regulates what assets are exempt from seizure. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So in bankruptcy, you will not lose all your assets. There is a listing of things that are <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-in-ontario-canada\/#If_I_go_for_the_B_word_will_I_lose_everything\"><span style=\"font-weight: 400;\">excluded from seizure<\/span><\/a><span style=\"font-weight: 400;\"> in Ontario:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Necessary clothing for you and your dependents.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Home furnishings and appliances that are of a worth not more than $13,150.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Tools and various other personal effects not worth more than $11,300, made use to earn revenue from your business. \u00a0If you are an Ontario farmer, this amount increases to $29,100 for everything, including your livestock.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One car or truck that is worth not more than $6,600.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The cash surrender value of life insurance if your beneficiary is what is called a \u201cDesignated Beneficiary\u201d.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your Registered Retirement Savings Plan (RRSP), Registered Retirement Income Fund (RRIF) or Deferred Profit Sharing Plan (DPSP) other than for any amounts contributed in the 12 months immediately preceding your date of bankruptcy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">$10,000 of equity in your home but only if your share of the equity is less than $10,000 in total.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Earnings are not impacted by bankruptcy yet you will need to submit a monthly Income and Expense Form providing your household revenue and expenditures; this becomes part of your budgeting procedure. If your earnings go beyond specific criteria developed by the <\/span><a href=\"http:\/\/www.ic.gc.ca\/eic\/site\/bsf-osb.nsf\/eng\/home\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Office of the Superintendent of Bankruptcy<\/span><\/a><span style=\"font-weight: 400;\"> (OSB), you will certainly have to pay part of the excess into the bankruptcy estate via the Trustee. \u00a0This is called <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/can-you-really-have-surplus-income-if-youre-bankrupt\/\"><span style=\"font-weight: 400;\">surplus income<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">When you declare bankruptcy, the assets that are not exempt from seizure must be turned over to your <\/span><a href=\"http:\/\/www.irasmithinc.com\"><span style=\"font-weight: 400;\">Trustee<\/span><\/a><span style=\"font-weight: 400;\">. Those assets will be offered for sale and the cash gained from the sale of your possessions will be available for the Trustee to pay a dividend to your creditors.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, see below the discussion of will you lose your house and car in bankruptcy, as these assets may be handled differently.<\/span><\/p>\n<h2 id='how-much-does-it-cost-to-file-bankruptcy-in-canada'  id=\"boomdevs_4\"><strong><span style=\"color: #00ccff;\">How much does it cost to file bankruptcy in Canada?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The irony is that it does cost money for an insolvent person to file bankruptcy in Canada. \u00a0The cost of a no asset, no surplus income administration is in the $1,800 to $2,000 range. If you have neither assets nor income, then you or someone on your behalf will have to make satisfactory arrangements with the Trustee for payment of this cost.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If there are assets and\/or <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/surplus-income\/\"><span style=\"font-weight: 400;\">surplus income<\/span><\/a><span style=\"font-weight: 400;\">, this will most likely change the calculation of the amount the Trustee is entitled to charge for administering your insolvency file. However, the Trustee is entitled to take the Court approved fee from the funds obtained through the sale of assets and\/or the surplus income payments received. \u00a0In this case, the cost of your proceeding to you may very well be no extra charge!<\/span><\/p>\n<h2 id='will-i-lose-my-house-and-car-if-i-file-bankruptcy-in-canada'  id=\"boomdevs_5\"><strong><span style=\"color: #00ccff;\">Will I lose my house and car if I file bankruptcy in Canada?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">A complete discussion of the issues involved can be found in my April 2019 blogs:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/file-for-bankruptcy-ontario\/\"><span style=\"font-weight: 400;\">IF I FILE FOR BANKRUPTCY ONTARIO WILL I LOSE MY HOME? [2019 EDITION]<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/can-you-file-bankruptcy-and-keep-your-home-and-car-2\/\"><span style=\"font-weight: 400;\">CAN YOU FILE BANKRUPTCY AND KEEP YOUR HOME AND CAR? [2019 CAR EDITION]<\/span><\/a><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">The Trustee is entitled to your equity in your home and car when you file for bankruptcy. \u00a0As these other blogs of mine discuss, if someone can purchase the value of your equity, subject to the <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/can-you-file-personal-and-corporate-bankruptcy\/\"><span style=\"font-weight: 400;\">Ontario exemptions<\/span><\/a><span style=\"font-weight: 400;\">, then the Trustee will not have to take possession of your house and car.<\/span><\/p>\n<h2 id='can-you-file-bankruptcy-and-keep-your-credit-cards'  id=\"boomdevs_6\"><strong><span style=\"color: #00ccff;\">Can you file bankruptcy and keep your credit cards?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The issue of a bankrupt keeping his or her credit cards is governed by Section 158(a. 1) of the <\/span><a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/b-3\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Bankruptcy and Insolvency Act<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (Canada) (BIA) and <\/span><a href=\"https:\/\/www.ic.gc.ca\/eic\/site\/bsf-osb.nsf\/eng\/br02633.html\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">Directive No. 3<\/span><\/a><span style=\"font-weight: 400;\"> issued by the Superintendent of Bankruptcy (OSB). The title of Directive No. 3 is, \u201cDuties of the Bankrupt to Deliver Credit Cards to the Trustee\u201d. \u00a0It is provided to define under what conditions a bankrupt shall supply to the Trustee, for cancellation, all charge cards issued to and in the ownership or control of the bankrupt.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In all conditions, the <\/span><a href=\"http:\/\/www.irasmithinc.com\"><span style=\"font-weight: 400;\">Trustee<\/span><\/a><span style=\"font-weight: 400;\"> shall require that the bankrupt supply to the Trustee, for termination, all credit cards issued to and in the ownership or control of the insolvent person with one exception. \u00a0Except for those bank cards discussed in the next paragraph, in a bankruptcy, all <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/credit-card-debt-problems\/\"><span style=\"font-weight: 400;\">credit cards<\/span><\/a><span style=\"font-weight: 400;\"> must be given to the Trustee. \u00a0This is regardless that there may be a zero balance on that charge card.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is only one exception to this requirement. \u00a0The insolvent person need not supply to the Trustee a credit card in the possession and control of the bankrupt where the primary cardholder is a third party (e.g., employer, spouse, friend, parent) and the primary cardholder has obtained a supplementary card in the name of the insolvent and about to be bankrupt person.<\/span><\/p>\n<h2 id='how-long-does-bankruptcy-last-canada'  id=\"boomdevs_7\"><strong><span style=\"color: #00ccff;\">How long does bankruptcy last Canada?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">The length of time you will be an undischarged bankrupt will rely on mainly three factors:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Is this is your first time or is it your 2nd or more time in bankruptcy?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Do you have a surplus income amount?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Have you given one or more of your creditors, or your Trustee, reason to oppose your discharge?<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">If this is your 1st filing with no surplus income and nobody opposes your discharge<\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/ontario-bankruptcy-discharge-certificate\/\"><span style=\"font-weight: 400;\">\u00a0application<\/span><\/a><span style=\"font-weight: 400;\">, your bankruptcy will last for 9 months. \u00a0If this is your 1st time and you do have surplus income and no one opposes your discharge, it will last 21 months.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If this is your 2nd time and you do not have any surplus income, you are not eligible for a <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/bankruptcy-discharge-application\/\"><span style=\"font-weight: 400;\">bankruptcy discharge<\/span><\/a><span style=\"font-weight: 400;\"> for 24 months. \u00a0However, you should consider if there is something in your pre-filing affairs that will give rise to someone opposing your discharge. \u00a0For example, if the reason for your 2nd time is the same as your 1st time, your Trustee will be bound to oppose your discharge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are a 2nd timer and you do have surplus income, then you will not be eligible for a discharge for at least 36 months. \u00a0Again, consider your pre-filing conduct to estimate the likelihood of opposition.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the case of an opposition, either by one or more of your creditors or by your Trustee, then it becomes a Court process. \u00a0A discharge hearing will be scheduled in Court. The timing is then driven by the Court process. If your discharge is being opposed, you would be wise to consult with a bankruptcy lawyer.<\/span><\/p>\n<h2 id='does-bankruptcy-ruin-your-credit-forever'  id=\"boomdevs_8\"><strong><span style=\"color: #00ccff;\">Does bankruptcy ruin your credit forever?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">A person that declares bankruptcy is given the lowest possible <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-a-good-credit-score-in-canada\/\"><span style=\"font-weight: 400;\">credit score<\/span><\/a><span style=\"font-weight: 400;\">. For a first time bankrupt, the information that negatively impacts your credit rating is inevitably gotten rid of approximately 6 years <\/span><span style=\"font-weight: 400;\">after your discharge<\/span><span style=\"font-weight: 400;\"> from bankruptcy.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">One of the purposes of the Canadian bankruptcy system is <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/personal-financial-responsibility\/\"><span style=\"font-weight: 400;\">financial rehabilitation<\/span><\/a><span style=\"font-weight: 400;\">.\u00a0 Once you are discharged from bankruptcy, you can begin to <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/rebuilding-credit-canada\/\"><span style=\"font-weight: 400;\">repair and rebuild your credit<\/span><\/a><span style=\"font-weight: 400;\">. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Two easy ways are:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Get a secured credit card. \u00a0This is one where you put funds on deposit to equal your credit limit. \u00a0The secured credit card issuer reports your activity to the two Canadian credit agencies monthly. \u00a0By paying the balance off every month, you start to rebuild and repair your credit.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Take out an RRSP loan and invest the money in your RRSP. \u00a0Pay the loan off over the next 12 months and then rinse and repeat. \u00a0By borrowing money in a manner the Bank will lend to you through the RRSP loan and paying the loan off in a year, you are rebuilding and repairing your credit. \u00a0By the way, you also enjoy the tax benefit of the RRSP deduction and you are starting to build your retirement savings.<\/span><\/li>\n<\/ol>\n<h2 id='do-you-have-to-declare-your-bankruptcy-after-7-years'  id=\"boomdevs_9\"><strong><span style=\"color: #00ccff;\">Do you have to declare your bankruptcy after 7 years?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">This question was recently asked of me. \u00a0At first, I didn\u2019t quite understand what the person meant. \u00a0After some further discussion, it became clear that what the person was really asking was two questions as follows:<\/span><\/p>\n<ol>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Will my bankruptcy filing show up on my credit report after 7 years?<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">After 7 years, do I have to report the fact that I was bankrupt?<\/span><\/li>\n<\/ol>\n<p><span style=\"font-weight: 400;\">The first question is answered both above and below. \u00a0As far as reporting the fact that you filed for bankruptcy, there are several issues. \u00a0First, you don\u2019t need to tell anyone unless you are specifically asked. Second, you will only be asked on an application for a loan or credit card, a job where handling cash and\/or bonding is required, on an insurance application or in connection with a professional license that you hold. Sometimes the question may be limited, such as, \u201cin the last 5 years\u201d. You have to read the question carefully and answer truthfully.<\/span><\/p>\n<h2 id='does-a-bankruptcy-automatically-come-off'  id=\"boomdevs_10\"><strong><span style=\"color: #00ccff;\">Does a bankruptcy automatically come off?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">When you file bankruptcy, Canadian bankruptcy laws require your Trustee to inform your creditors, the Canada Revenue Agency (CRA), credit rating coverage firms and the OSB. The OSB maintains a database of insolvency filings that anyone can search. \u00a0So the fact you filed for bankruptcy is public. That information exists forever.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your filing will also show up in your credit report. For personal bankruptcy, as indicated above, it will remain on your credit report for about 6 years after you get your bankruptcy discharge.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Additionally, specific insolvencies, both for personal and corporate bankruptcy call for a legal notice to be placed in a local newspaper.<\/span><\/p>\n<h2 id='what-are-the-disadvantages-of-filing-for-bankruptcy'  id=\"boomdevs_11\"><strong><span style=\"color: #00ccff;\">What are the disadvantages of filing for bankruptcy?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">There are certain disadvantages of filing for bankruptcy. \u00a0In no particular order:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Your non-exempt assets will be handed over to the Trustee to be sold in order to obtain the value in cash so that a distribution can be paid to your creditors.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">As indicated above, your bankruptcy will certainly show up on your credit report for about 6 years after you get your discharge from bankruptcy. \u00a0This could be for as much as 7-10 years from your date of bankruptcy.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A bankruptcy drops you to the lowest possible credit score rating.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">You have to turn over all of the credit cards in your control or possession where you are the primary cardholder. \u00a0The credit card companies will also cancel any card you may have forgotten to give to your Trustee.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A bankruptcy might impede your capacity to get a home mortgage or a loan for several years.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If you did not have adequate life insurance before you filed for bankruptcy, your ability to obtain life insurance without being rated will be difficult.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">If your employment requires you to be bonded, a bankruptcy could affect your job.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Although your discharge from bankruptcy operates to discharge you from your debts, there is a list of debts that are not discharged.\u00a0\u00a0<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">They are:<\/span><\/p>\n<ul>\n<li style=\"list-style-type: none;\">\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/bad-credit-loans-toronto-fix-the-problem-and-enjoy-low-interest-rates\/\"><span style=\"font-weight: 400;\">secured loans<\/span><\/a><span style=\"font-weight: 400;\"> \u2013 home mortgage or vehicle loan;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">certain student loans (remember the 7-year rule I just mentioned?);<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">penalties or fines enforced by the court;<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">spousal support and alimony you have to make in your separation agreement or divorce proceedings; and<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">any debts from <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/mortgage-fraud-canada-due-average-home-prices-toronto\/\"><span style=\"font-weight: 400;\">fraud<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/li>\n<\/ul>\n<\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">It is for these reasons that I always advise people that filing for bankruptcy should be a last resort. \u00a0There are many options to avoid bankruptcy. Which ones might work, depends on how long you have waited to see me and how severe your situation has become. \u00a0Various options to avoid bankruptcy are:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/my-bills-are-high\/\"><span style=\"font-weight: 400;\">Budgeting<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-personal_credit_counselling.html\"><span style=\"font-weight: 400;\">Credit counselling<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-personal_debt-consolidation.html\"><span style=\"font-weight: 400;\">Debt consolidation<\/span><\/a><\/li>\n<li style=\"font-weight: 400;\"><a href=\"http:\/\/www.irasmithinc.com\/bankruptcy_services-personal_consumer-proposal.html\"><span style=\"font-weight: 400;\">Consumer proposal<\/span><\/a><\/li>\n<\/ul>\n<h2 id='do-i-need-to-retain-a-bankruptcy-lawyer-near-me'  id=\"boomdevs_12\"><strong><span style=\"color: #00ccff;\">Do I need to retain a bankruptcy lawyer near me?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">In simple situations, I would say it is not necessary. \u00a0When you have an initial free consultation with a <\/span><a href=\"http:\/\/www.irasmithinc.com\"><span style=\"font-weight: 400;\">Trustee<\/span><\/a><span style=\"font-weight: 400;\">, he or she can tell you whether or not they believe it would be in your best interest to consult with a bankruptcy lawyer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Remember that there is no such thing as Trustee-bankrupt confidentiality. \u00a0In fact, as part of the documentation for an insolvency filing, you will have to acknowledge your understanding that under the \u00a0<\/span><a href=\"https:\/\/laws-lois.justice.gc.ca\/eng\/acts\/P-8.6\/\" target=\"_blank\" rel=\"noopener\"><i><span style=\"font-weight: 400;\">Personal Information Protection and Electronic Documents Act<\/span><\/i><\/a><span style=\"font-weight: 400;\"> (S.C. 2000, c. 5), certain information will be disclosed and will be public.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">So, if your situation is complicated, or if you require advice on a matter you need to be kept confidential, you should retain a bankruptcy lawyer. \u00a0That way you can discuss those issues and obtain the advice you need and be assured of confidentiality.<\/span><\/p>\n<h2 id='bonus-issue-can-i-get-a-credit-card-during-bankruptcy'  id=\"boomdevs_13\"><strong><span style=\"color: #00ccff;\">BONUS ISSUE: \u00a0Can I get a credit card during bankruptcy?<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">I thank you for getting this far along in my blog. \u00a0So here is an 11th bonus question that I am asked from time to time &#8211; can I get a credit card during bankruptcy?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Applying for a credit card is just like applying for a loan. \u00a0You are asking a lender to advance you money that you promise to repay. \u00a0Under Section 199 of the BIA, it is a bankruptcy offense to obtain a credit of $1,000 or more from any person without telling the lender that you are an <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/canadian-bankruptcy\/\"><span style=\"font-weight: 400;\">undischarged bankrupt<\/span><\/a><span style=\"font-weight: 400;\">. \u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Once you make that disclosure, or they find out otherwise, I highly doubt they will approve of you. \u00a0There may be some companies that will give a car loan to an undischarged bankrupt, but, the amount you can borrow will result in your not getting a very good car. \u00a0Also, the fees and interest rate that they will charge you will be extremely high.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The only exception is that you could apply for a <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/what-is-a-secured-credit-card-how-to-get-one\/\"><span style=\"font-weight: 400;\">secured credit card<\/span><\/a><span style=\"font-weight: 400;\">. \u00a0As I noted above, a secured credit card is a good way to start <\/span><a href=\"http:\/\/www.irasmithinc.com\/blog\/rebuilding-credit-canada\/\"><span style=\"font-weight: 400;\">rebuilding your credit<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<h2 id='canadian-bankruptcy-laws-summary'  id=\"boomdevs_14\"><strong><span style=\"color: #00ccff;\"><a href=\"http:\/\/www.irasmithinc.com\/blog\/canadian-bankruptcies-laws-trustee-discharge\/\">Canadian bankruptcy laws<\/a> summary<\/span><\/strong><\/h2>\n<p><span style=\"font-weight: 400;\">If you have too much debt and are facing financial challenges, I hope this Brandon\u2019s Blog has provided some insight for you. \u00a0The above questions are what I have found to be the 10 essential problems bothering people thus far in 2019 when facing financial challenges and considering Canadian bankruptcies laws.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">If you are one of the many Canadians facing debt problems and not knowing what to do about them, <\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">call the Ira Smith Team today<\/span><\/a><span style=\"font-weight: 400;\">. We have decades and generations of experience aiding people and companies trying to find and work through a successful financial restructuring or debt settlement approach. As a licensed insolvency trustee, we are the only experts recognized, approved and supervised by the Federal government to provide insolvency help and solutions to help you to avoid <\/span><a href=\"https:\/\/www.macleans.ca\/economy\/money-economy\/these-are-the-most-common-myths-about-bankruptcy-in-canada\/\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">bankruptcy<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Call the Ira Smith Team today<\/span><\/a><span style=\"font-weight: 400;\"> so you can do away with the stress and nervousness debt concerns produce. With the distinct roadmap we develop special to you, we will rapidly return you right into a balanced, healthy and carefree life.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">You can have a no-cost evaluation to aid you so we can repair your debt issues. <\/span><a href=\"http:\/\/www.irasmithinc.com\/contact_us.html\"><span style=\"font-weight: 400;\">Call the Ira Smith Team today<\/span><\/a><span style=\"font-weight: 400;\">. This will definitely enable you to go back to being productive, healthy and balanced, Starting Over Starting Now.<\/span><\/p>\n<p>[monkeytools msnip=&#8221;http:\/\/monkeyplayr.com\/playr.php?u=5173&amp;p=20634&#8243;]<\/p>\n","protected":false},"excerpt":{"rendered":"<p>If you would prefer to listen to this Brandon\u2019s Blog, please scroll down to the bottom and click on the podcast Canadian bankruptcy laws Introduction I got your attention with this silly Brandon\u2019s Blog title, didn\u2019t I? \u00a0The answer to the question \u201cwill Julian Assange face Canadian bankruptcy laws?\u201d is of course, no. \u00a0He may [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3641,2042,1661,3636,34,1075,3639,84,3637,3642,3635,3634,3633,3638,863,990,3632],"class_list":["post-7963","post","type-post","status-publish","format-standard","hentry","category-brandon-blog-post","tag-bankruptcy-and-keep-your-credit-cards","tag-bankruptcy-discharge","tag-bankruptcy-lawyer","tag-bankruptcy-lawyers-near-me","tag-bankruptcy-trustee","tag-canadian-bankruptcy-laws","tag-credit-card-during-bankruptcy","tag-declare-bankruptcy","tag-declare-bankruptcy-in-canada","tag-disadvantages-of-filing-for-bankruptcy","tag-does-a-bankruptcy-automatically-come-off","tag-does-bankruptcy-ruin-your-credit-forever","tag-how-long-does-bankruptcy-last-canada","tag-how-much-does-bankruptcy-canada-cost","tag-ira-smith-trustee","tag-licensed-insolvency-trustee","tag-will-i-lose-my-house-and-car-if-i-file-bankruptcy-in-canada"],"_links":{"self":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/7963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/comments?post=7963"}],"version-history":[{"count":5,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/7963\/revisions"}],"predecessor-version":[{"id":8265,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/posts\/7963\/revisions\/8265"}],"wp:attachment":[{"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/media?parent=7963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/categories?post=7963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/irasmithinc.com\/blog\/wp-json\/wp\/v2\/tags?post=7963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}