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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...
Is Bankruptcy the Best Option for Me?
Filing bankruptcy gives you rapid protection from creditors and a refreshed financial start by brushing out specific debts like credit card debt, medical debt, and payday loans. So, when you’re in financial hardship, declaring bankruptcy may sound like the only way...
How Much Does Bankruptcy Cost in Canada?
It is a fact that it costs money to claim bankruptcy in Canada. The bankruptcy cost varies for each individual as it depends on monthly income, expenditures, family size, and investments. A LIT assists you throughout the bankruptcy process; hence LIT can only provide...
Navigating Judgements, Liens, and Garnishments in Canada: Understanding Your Rights
Understanding your rights is crucial, whether you are in a strong financial position or facing challenges. Life will continue, even when faced with seemingly final situations such as judgements, liens, or wage garnishments. Bankruptcy or Consumer Proposal: Stopping...
Getting Started with Bankruptcy: A Step-by-Step Guide
There are several reasons why people discover themselves when they sense Bankruptcy is their only option. However, if someone is filing for Bankruptcy, the outcome and goal are always the same: to clear away debt they cannot pay off otherwise. Learn how to file a...
Bankruptcy types in Canada
Deciding to file for Bankruptcy is challenging for most people. It's when you go in front of a judge and inform them you cannot pay your debts. Hence, relying on your situation, they either erase your debts or create a plan for you to pay them back. There are various...
A Change in your Financial Situation after Filing a Consumer Proposal
Financial circumstances take unexpected routes in everyone's lives. A consumer proposal helps you settle your financial problems by paying off your debts if they are at most $25,000. Yes, a consumer proposal is a formal contract under the Bankruptcy and Insolvency Act...
What to do if You Are Rejected for Loan Consolidation
Even though banks, credit unions, and mortgage lenders provide money, they think only some are candidates for a debt consolidation loan. Your application can be rejected, or you might get a loan offer with a rate of interest that won't help you with your debt issues....
Are Consumer Proposals Good or Bad? Disadvantages of Consumer Proposals
A consumer proposal is the best debt relief option for Canadian residents. But, filing a consumer proposal in Canada has its consequences. But is a consumer proposal good or bad? Under what occasions does a consumer proposal work as a way out of debt? When do the...
Should I open a new bank account before filling for bankruptcy in Ajax?
Before you file for Bankruptcy or a Consumer Proposal when you owe money to your bank, it is advised you should open a new bank account. Money owed to a bank can come from many sources, including unsecured debts such as credit cards, loans, or an overdraft account. It...
Can a consumer proposal affect my partner?
If you and your spouse constantly struggle to manage your debt, consider discussing debt management options available to you with a Licensed Insolvency Trustee (LIT). In this article, we highlight the Consumer Proposal, one of the debt management options, and the...
Can you file twice for a consumer proposal in Waterloo?
You may have previously cleared debt by filing a consumer proposal in Waterloo and have again found yourself in another debt that requires you to file another consumer proposal to pay it off. When you find yourself needing another consumer proposal to pay off debt...
What to expect when filing for Insolvency in Ontario in your 40s?
In your 40s, you should build assets to help you transition into retirement. It can therefore be very frustrating when you find yourself with many debts to repay at this stage, unlike if you were in your 20s. And it is unlikely that you would be able to build wealth...
Is your credit score stopping you from renting a property? : Tips for Tenants
Importance of Credit Scores Credit scores are becoming more and more critical in today's society. Suppose you have no credit or credit card debt. That is how credit scores you usually get low credit scores. The lower your credit score, between 300 and 579, the harder...
Home Equity Loans VS Consumer Proposals
Introduction You might be hoping for a way to consolidate your debt if you are struggling with credit card debt or paying multiple loans every month. A home equity loan might be the best option for you. Although there are various uses to home equity loans, homeowners...
Are you a home owner or a tenant ? Dealing with debts during COVID-19 pandemic
Introduction The COVID-19 pandemic has created turmoil in people's lives for a long time. The real estate industry is no exception. Owning or renting a home can be an expensive undertaking during this pandemic. Other than the initial down payment, when you own a...
Consumer Proposals vs Personal Bankruptcy: Which is better?
Introduction Most citizens file for personal bankruptcy or consumer proposals in Canada, making them the best insolvency options for a person facing financial troubles. Consumer Proposals and Personal Bankruptcies are under the Bankruptcy and Insolvency Act. Each of...
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