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Can I file a consumer proposal multiple times?
In Canada, a consumer proposal is a judicial debt settlement agreed with creditors to reduce your debt, administered by a Licensed Insolvency Trustee. The consumer proposal must be paid within five years or less with the help of monthly payments. Being a great...
A Guide To Choosing an Insolvency Trustee – Questions to Ask
If you have uncontrollable debt levels in your life, either a consumer proposal or bankruptcy might be the option. Nevertheless, it is vital to realize that a Licensed Insolvency Trustee (LIT) administers both. To decide which choice is right for you and walk you...
Applying for Credit during a Consumer Proposal
A Consumer Proposal is a legally binding choice to forgive the debt, in which you give back a portion of what you owe to your creditors without paying any interest. Only Licensed Insolvency Trustees (LITs) can administer Consumer Proposals, and they conduct any...
Does Consumer Proposal remain on Credit Report all the time
The consumer proposal might be an ideal way to overcome your debt, but it can damage your credit ratings. Your credit score is closely connected to your credit report since the report contains all your missed or late payments. However, it is deleted from your credit...
How to Avoid Bad Debt?
All debts are the same. But, as the debts can have positive or negative consequences, they are commonly classified as good debt or bad debt. Choosing whether a debt is good or bad depends on an individual's financial situation, including how much they can afford to...
Are Licensed Insolvency Trustee and Bankruptcy Trustee the same?
The uncontrollable personal debt problems are always a trap for Canadians. In certain circumstances, bankruptcy might be the only option to recover from your debt problems and start your financial life afresh. But when proceeding with bankruptcy, you need the support...
Are you worried about your Credit Card Debt? Stay debt-free with these 8 simple rules
Many customers struggle with credit card debt. Although getting yourself out of credit card debt can be challenging, it is possible. It just takes focus, proper guidance, determination, and a plan that works with your financial situation. Here are some simple rules to...
Filing a Consumer Proposal – Will I lose my home?
Filing for a consumer proposal can be an intelligent way to protect yourself from creditors and negotiate to pay off a portion of your debt. But have you ever thought about how a consumer proposal affects your home? What is a Consumer Proposal? A legally binding...
Role of a Licensed Insolvency Trustee in Canada
Selecting a debt advisor is a crucial step in your overall debt recovery. Licensed Insolvency Trustees (LIT) are Canada's only federally regulated debt advisors. The Licensed Insolvency Trustees outline your options and advise you on how to get out of debt and obtain...
What are the real debt relief options in Canada?
Every person’s financial problems are exceptional, and hence, no one debt relief program is suitable for everyone. Debt problems can sometimes be uncontrollable. Debt problems can sometimes present you with unsleepy nights and stressful days. It can even be...
Is there a limit to how many times a person can file for bankruptcy?
Have you ever wondered how many times an individual can file for bankruptcy? You may have already filed for bankruptcy once before and can find yourself in a situation where you face overwhelming debt again. So, can you file for bankruptcy a second time? What are the...
Rebuilding your Credit Score After Bankruptcy
Bankruptcy gives you the comfort of a pure financial slate and the worry that you will never achieve decent credit again. Although bankruptcy stays on your credit reports for up to 10 years, its impact on your score fades with time. Do not worry! It seems your credit...
Expiration date of Information on your credit report
One of the most often asked questions regarding credit reports is: "What is the expiration date of information on your credit report?" The answer depends on the type of details and whether it's considered "positive" or "negative." A credit bureau can hold positive or...
Is anyone going to know that I filed for bankruptcy in Canada?
There is no single cause behind most bankruptcies in Canada. Instead, most people end up filing for bankruptcy due to a mixture of reasons, many of which are beyond the control of the bankrupt individual. However, people who file for bankruptcy are often embarrassed...
What a Licensed Insolvency Trustee Can Do for You in a Bankruptcy or Consumer Proposal
A Licensed Insolvency Trustee, or LIT, licensed by the federal government, is the only professional authorized to file consumer bankruptcies and proposals. As of 2016, Bankruptcy Trustees in Canada have been renamed Licensed Insolvency Trustees, as they deal with more...
Options for obtaining a car loan after bankruptcy
Bankruptcy relieves the borrower from their suitable debts and allows for a fresh financial start; however, while bankruptcy does not block you from borrowing again, it limits the lenders and loans you can access. Although credit bureaus remain at least six years...
Bankruptcy Discharge: Elimination of Debts
Role of Bankruptcy in Debts. The fundamental goal of claiming personal bankruptcy is to get debt relief when your debt arrives at a point where you will never pay it off on your own. When you file bankruptcy, you acquire a stay of protection from creditors. With...
The bankruptcy process – what goes on
Are you curious about what occurs during bankruptcy? Personal bankruptcy demands more from the debtor than any other debt relief option in Canada. Here are the duties required of you in bankruptcy: Surrendering your assets Income and Tax Requirements Education and...
Business Bankruptcy Alternatives
Companies face many daily risks as they run businesses in the economic marketplace. These risks may create risky situations where companies cannot continue normal operations. If your business is struggling with debt, filing for bankruptcy is not the only way. Hence,...
Undischargeable Debts in Bankruptcy
Bankruptcy is a legally binding arrangement that unleashes you from your unsecured debt. The bankruptcy procedure demands the debtor surrender their assets to a Licensed Insolvency Trustee, who then sells them to pay off creditors. Bankruptcy does not cover secured...
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