Will I Lose My Canada Child Benefit (CCB) If I File For Bankruptcy?

Will I Lose My Canada Child Benefit If File For Bankruptcy? The short answer is no, you will not lose your Canada Child Benefit (CCB) if you decide to file for bankruptcy protection under the Bankruptcy And Insolvency Act (BIA). The Canada child benefit (CCB) Read More...

What Happens if I Default on My Consumer Proposal

What Happens if I Default on My Proposal As the average Canadian household debt continues rise, the filing of Consumer Proposals to deal with debt is becoming a popular alternative to Bankruptcy. Consumer Proposals are administered by Licensed Insolvency Trustees (LIT) and typically allow the debtor Read More...

Can A Person Have Savings During Bankruptcy?

Can A Person Have Savings During Bankruptcy? The short answer is “Yes”. By definition savings can consist of actual cash holdings, RRSPs and other investment products, pensions, and the cash surrender value of insurance policies.  Your bankruptcy trustee will recover any non-exempt portion of your Read More...

Will I Have To Go Bankrupt Or File A Consumer Proposal If My Spouse Does?

Will I Have To Go Bankrupt Or File A Consumer Proposal If My Spouse Does? If one spouse files for bankruptcy or makes a consumer proposal, it may not be necessary for the other spouse to file. To determine the best course of action it Read More...

Understanding Consumer Proposals

Understanding Consumer Proposals There are two types of proposals that can be filed by an individual:  1) Consumer Proposal - used when the total debts, excluding only the mortgage on your principal residence, are less than $250,000; and 2) Division I Proposal (sometimes called an Ordinary Proposal) Read More...

What Assets Can New Brunswick Residents Keep In Bankruptcy?

What Assets Can New Brunswick Residents Keep In Bankruptcy? When an individual files for personal bankruptcy they assign all of their assets to the trustee to be liquidated for the benefit of their unsecured creditors.  That means any assets that    have equity above and beyond what Read More...

Consumer Proposal vs. Credit Counselling?

Consumer Proposal vs. Credit Counselling? With all of the choices facing financial distressed consumers it’s important to compare your options. The following chart provides you with information to help you choose the debt repayment solution that best meets the needs of you and your family.   Read More...

How Are Secured Debts Treated In Bankruptcy or a Consumer Proposal?

How Are Secured Debts Treated In Bankruptcy or a Consumer Proposal? The majority of consumers who file for personal bankruptcy or file a consumer proposal have some type of secured loan such as a mortgage, vehicle or investment loan.   These loans allow the lender to Read More...

Using Your Credit Cards Prior To Bankruptcy or Proposal

Using Your Credit Cards Prior To Bankruptcy or Proposal What would happen if someone went on a spending spree or took cash advances and maxed out all of their credit cards before filing for personal bankruptcy or filing a consumer proposal? As tempting as it Read More...

Will Bankruptcy Ruin My Credit?

Will Bankruptcy Ruin My Credit? People often try to avoid bankruptcy at all costs because they are worried about ruining their credit rating.  They pride themselves on paying their bills on time, have always maintained a strong credit score and they thought of doing anything Read More...