Home  >  Abakhan Blog

How long does the bankruptcy process last?

Friday, October 21, 2016

Like the circumstances of the people who are filing for personal bankruptcy, the process involved in discharging your debts is unique in each case. The first step is discussing the best course of your action for yourself and your troubled finances with a licensed insolvency trustee. If you have already received debt help or credit counseling and decided to file for personal bankruptcy, there are several additional steps awaiting you. 

Read More

What Happens in a Business Bankruptcy Consultation?  

Thursday, May 26, 2016

In recent months many news outlets have been reporting on the bankruptcy of major Canadian retailer Danier Leather Inc. (“Danier”). Like many Canadian businesses Danier faced high real estate costs and periods of prolonged low growth in the Canadian economy. Despite efforts to turn things around, “the company continues to face declining financial performance and anticipates further operating losses in its current fiscal year”. 

Read More

Consumer Proposals With Canada Revenue Agency

Friday, May 13, 2016

Back taxes are one of the most difficult debts to absolve because they are owed to the government and required by all income-producing residents. Making a consumer proposal can be a good option when you have tax debt as you could potentially pay less than what you owe. Canada Revenue Agency (CRA) will not approve a proposal as easily as other creditors however. CRA may not consider the same terms that credit card companies and financial institutions may accept because they never actually approved you for credit – your outstanding debt forcibly involved them. 

Read More

Bankruptcy and Personal Loans

Thursday, April 28, 2016

The decision to file for personal bankruptcy in British Columbia is difficult and can involve many variables. Deciding how you want to proceed can be made easier once you know what happens to the debts you incurred beforehand and if and how you will be able to get a loan in the future after being discharged from bankruptcy. 

Read More

What Happens to Student Loans in Bankruptcy?

Tuesday, March 22, 2016

Post-secondary education for most of us was the time in your life where you were studying, trying for good grades, planning for a future job and having fun while learning to be an adult. But now, years later, you are staring at a mountain of bills, and these include your student loans. When you have mounting debt and financial difficulty staying afloat, it may be time to find out about how a bankruptcy (or proposal) will work for you and what will happen to your student loan. 

Read More

Where Can I Get Information About Bankruptcy?

Tuesday, March 08, 2016

Out of control debt often starts as a missed payment on your credit card or a small loan and somehow it snowballs and becomes overwhelming. Creditors keep calling, your credit cards are maxed out and you bank account is in overdraft. The first step in taking control of your financial predicament is to know your options. And part of that is getting information about bankruptcy from a Licensed Insolvency Trustee. 

Read More

How to Know if Business Bankruptcy is Right for You

Tuesday, February 23, 2016

According to key small business statistics in Canada, only half of new businesses survive their first year and three quarters of the businesses that survive the first year continue to exist for a second year. These statistics are daunting and yet still new businesses continually start up and face the challenge. If you have started a business and have been unable to make it work, and as a result are thinking about declaring business bankruptcy, there are a number of aspects to consider first. 

Read More

What Is a Receivership?

Wednesday, January 27, 2016

A receivership is a type of corporate insolvency, defined as the formal legal state of an insolvent debtor, where a receiver is appointed to take control and direction of its assets. The receiver realizes on the assets of the debtor (the company) in order to determine its net worth and ensure that the secured creditor(s) may be paid what they are owed for the associated debt. 

Read More