Bankruptcy Questions



We welcome you to browse this page to find some answers to our most frequently asked questions. If you have any further questions, please give us a call today

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If you are unable to cover your bills, debt, and expenses over a long, or even short timeframe, you should consider reaching out to a Licensed Trustee to review your financials during your free initial consultation.

Managing debt relief solutions is a complex process.  Do not attempt to draft a consumer proposal or declare bankruptcy on your own.  Always consult with a Licensed Insolvency Trustee to understand the options available to you.  Fox-Miles will explain the process so you can make an informed decision.

If you are facing financially challenging times and are unable to pay off your debts.  If might be time to explore debt relief options that can help relieve some financial pressure.  Call Fox-Miles for a free consultation to explore all available options.

Bankruptcy takes a minimum of 9 months, and consumer proposals can take up to 5 years.  Bankruptcy is not always your only or even the best solution.  Our expert Trustees will work with you to ensure you choose the best debt solution for your specific financial situation.

If you find yourself getting calls from creditors, this will usually mean that you have found yourself in a situation where your debt load is not paid on time.  The collection process can be stayed (stopped) by any of the alternatives under the Bankruptcy and Insolvency Act.

A debtor has rights under the Civil Enforcement Act of Alberta, and you should contact a lawyer or a trustee for a consultation as to your rights.  The Licensed Trustees at Fox-Miles will guide you through your legal rights and next steps.

Declaring bankruptcy will clear most of your debt, but not all.  Debts that cannot bankruptcy cannot remove; secured debts, child support, alimony payments, court-imposed fines, fraudulent debts, and some student loans.  Your trustee will review all your debts with you, so you have a clear understanding of which debts are and are not removed during bankruptcy.

All your creditors receive notice of the proceedings, and the process is a matter of public record.  As a private individual, your name will not be published on any database.  The general public will not have access to information related to your bankruptcy filling.

Once you have declared bankruptcy, the office of the Superintendent of Bankruptcy will disclose your bankruptcy to credit bureaus.  Your first bankruptcy will remain on file with Equifax for six years from the date of your official bankruptcy discharge.  If you declare bankruptcy for a second time, it will remain on file for 14 years.

Filing a consumer proposal to repay debts will harm your credit score.  You will need to work with your counsellor to find the best strategies to rebuild your credit over time.

Generally speaking, filing for Bankruptcy in Canada will not directly impact your spouse or their credit rating.  There are, however, instances were bankruptcy will affect your spouse.  Examples could include co-signed loans or credit cards.  Speak to your trustee to fully understand any potential impact.

You can begin to rebuild your credit score even during the 6- or 14-year window after declaring bankruptcy.  Speak with your trustee to understand the various strategies you can use to rebuild your credit score during and after a bankruptcy.

Truthfully, the list of questions related to any debt relief solution is endless.  At Fox-Miles, we recommend setting up a free consultation to discuss your current financial situation.  Our team of Licensed Insolvency Trustees will address all questions you may have.  Do not hesitate to call our team.