Frequently Asked Questions

Debt is one of the leading causes of stress amongst Canadians. Blanchard & Company recommends the following ways to help control the amount of debt you acquire. They may seem like small steps but can make a huge difference!

  • Create a budget
  • Stop using credit
  • Downsize
  • Consolidate

Blanchard & Company also offers Credit Counselling if you feel you need more help and support to deal with your debt issues.

A bankruptcy does not last forever, thankfully! This is a legal process which is intended to provide a fresh financial start for those who have become overwhelmed with debt.

Multiple factors will affect the length of a personal bankruptcy in Canada. If you make a surplus income or if it is not your first bankruptcy it can be extended for a longer duration, however, most first-time bankrupts who make a low income amount will be discharged after a 9 month period.

Speak with your local professionals to gain an in depth understanding of the process of declaring bankruptcy.

The costs associated with a bankruptcy vary depending on your income and the size of your family.  Speak to a professional at Blanchard & Company to understand all of your options.

Thankfully in Alberta, many of your possessions and assets are not affected in a bankruptcy and you will retain them.

  • Clothing: up to $4,000
  • Household furniture and appliances: up to $4,000
  • One motor vehicle; up to $5,000 in equity
  • Health aids: no dollar limit
  • Tools of your trade: up to $10,000
  • Principal residence: up to $40,000
  • RRSPs, RRIFs, DPSPs, and RESPs, but not payments out of these plans, subject to certain conditions
  • There are exemptions for farmers if their primary occupation is farming

To get the most accurate and up-to-date information on what is exempt in a Bankruptcy it is best to speak to a Licensed Insolvency Trustee.

Equifax and TransUnion, who are the major credit bureaus in Canada, maintains your first bankruptcy on file for 6 years from the date of your discharge and second bankruptcy on file for 14 years.   The good news is that you can rebuild your credit through this entire time, you don’t have to wait for it to expire.

For reference, a Consumer Proposal will remain on your credit report for 3 years after it is fully performed whether you have a bankruptcy in the past or not.

The professionals at Blanchard & Company provide a safe place for you to discuss your current situation. Offering guidance, they will help you make educated decisions so you can achieve a debt free future. Schedule your FREE consultation today and come speak to our Licensed Insolvency trustee.

A Licensed Insolvency Trustee (LIT) is a professional licensed by the Office of the Superintendent of Bankruptcy to facilitate bankruptcy, proposal, and receivership estates for both individual consumers and corporations.

A LIT is expected to conduct themselves in a professional, trustworthy, and objective manner and be free of influence.

If you are overwhelmed with debt or even if you are managing your monthly debt payments but aren’t putting anything on principle, reach out to a local LIT.

A detailed description of the role of a Licensed Insolvency Trustee can be found at the CAIRP website.

We know it can feel like a big step seeing a Trustee but we try to make it as painless as possible. At your consultation at Blanchard & Company, you can expect to:

  • Receive facts of the industry (which can save you hours from sifting through mixed information found online)
  • No pressure/obligation to make any final decisions, just understand the options presented
  • Offered to you at absolutely no cost
  • Complete confidentiality
  • An explanation of your options – They may include alternatives to bankruptcy

But more then anything else, you can expect to leave our office feeling hopeful again. Never feel you have to face this mounting debt alone. Schedule your FREE consultation today.

A consumer proposal can be an option for those who want to avoid filing bankruptcy. Debt collectors will no longer have the ability to call you and all debts are negotiated through your Licensed Insolvency Trustee (LIT). With your LIT facilitating the process and ensuring fairness, your debts can often be negotiated and debts payments can be lowered. Through this option, you will be able to hold onto assets that may have been taken in a bankruptcy.

Consolidating your debt can help you catch up financially because you can often lower your monthly payment by lowering your interest. The time frame of repaying your debt will also be a set time frame and monthly payments are fixed, helping you budget. This can be a smart option if you are still able to qualify through a bank.


Don’t let your debt get you down for another day. Call us today and book your FREE consultation .