Frequently Asked Questions Navigation: Personal Debt (Bankruptcy) Consumer Proposals Corporate Debt Solutions Debt – Legal Issues Personal Debt (Bankruptcy) What is Bankruptcy? What is a Bankruptcy Trustee? Can anyone declare Bankruptcy? Can I come in to talk to someone to review my finances even if I don’t know that either a Bankruptcy or Proposal is right for me? When will I be finished with my bankruptcy? Will Bankruptcy ruin my credit score? Will Bankruptcy affect my spouse? How much does it cost to declare bankruptcy? How do I get the bankruptcy process started? If I change my mind, can I stop the bankruptcy process? Will I lose all of my assets if I go bankrupt? What can I keep? What is meant by Exempt Assets? Can anyone be a Trustee in Bankruptcy? Can I declare bankruptcy in Canada if I am living abroad? Can I keep some debts out of my bankruptcy or Proposal? Is the fact that I have been previously bankrupt remain forever? If I declare bankruptcy, will my name be made public? Can I keep my leased car if I go Bankrupt in British Columbia? Once I declare bankruptcy, how long does it take before my creditors stop calling? Does surplus income add to cost of bankruptcy ? A Summary of the Canadian Bankruptcy System? Creditor liens on Real Property after Bankruptcy? How does my Bankruptcy Trustee fees get paid? Are all debts covered in the Bankruptcy or Proposal? Is Canada Revenue Agency Tax Debts included as well? Will I lose my house if I declare bankruptcy or file a Proposal? What is “Surplus Income”? How is my Income or Wages treated during Bankruptcy? Consumer Proposals Why do I want to file a formal Consumer Proposal where I could just enter into a payment plan myself with my creditors? Who will look after my Consumer Proposal? Can I keep some debts out of my bankruptcy or Proposal? Can I come in to talk to someone to review my finances even if I don’t know that either a Bankruptcy or Proposal is right for me? Are all debts covered in the Bankruptcy or Proposal? Is Canada Revenue Agency Tax Debts included as well? Will I lose my house if I declare bankruptcy or file a Proposal? If I change my mind, can I stop the Consumer Proposal process? Corporate Debt Solutions Business bankruptcy Canada, Business ceased operation. Can I go bankrupt? What about the company assets? If I declare business Bankruptcy, can I keep my business? Debt – Legal Issues What is the Statute of Limitations in BC on credit cards? Can my bank refuse to allow me to open a bank account? How do I value the assets I claim as exempt? What is a Credit Bureau? How can I get my creditors to stop harassing me? What if someone who isn’t a Bankruptcy Trustee says that they can deal with my creditors for me? Can anyone be a Credit Counselor or Debt Advisor? If Bankruptcy Trustees are the only ones who can act as an Administrator under Consumer Proposal or Trustee in Bankruptcy, what do Credit Counselors do?