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Bankruptcy Discharge: Elimination of Debts

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...

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The bankruptcy process – what goes on

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...

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Business Bankruptcy Alternatives

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,...

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Undischargeable Debts in Bankruptcy

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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Is Bankruptcy the Best Option for Me?

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...

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How Much Does Bankruptcy Cost in Canada?

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...

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Bankruptcy types in Canada

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...

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Can a consumer proposal affect my partner?

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...

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Home Equity Loans VS Consumer Proposals

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...

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