Bankruptcy

Personal Bankruptcy in Canada – Top 20 FAQs to Consider

If you’re struggling to pay your bills every month, you may be thinking about bankruptcy to help you relieve these financial pressures. Filing for personal bankruptcy can be a viable option if you have unsecured debt you can’t pay and you’re worried about legal actions your creditors may initiate. As with any life decision this…

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Bankruptcy in Nova Scotia as a Path to Financial Recovery

Many individuals and families grapple with the crushing burden of overwhelming debt. It’s a burden that transcends numbers on a spreadsheet and impacts emotional and practical aspects of life. This article explores potential strategies for navigating the darkest financial times, providing a deeper understanding of bankruptcy as a last resort option. While this strategy isn’t…

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Consumer Proposal vs Bankruptcy – Which is Better for You?

When debt accumulates, finding a way out becomes a top priority for many Canadians. Today, we compare and contrast two of the critical choices that individuals facing overwhelming debt must make: consumer proposal vs. bankruptcy. These two debt management strategies are not one-size-fits-all solutions. For Canadians seeking a path toward financial recovery, navigating the intricacies…

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Is CRA Debt Forgiveness Possible?

Regarding personal finances, few things can be as stressful as accumulating debt, especially when that debt involves an overwhelming entity like the Canada Revenue Agency (CRA). The prospect of owing money to the CRA can lead to mounting anxiety and sleepless nights for many Canadians. When faced with CRA debt, it’s crucial to understand the…

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Loan Consolidation in Canada – Simplify Your Monthly Payments

Managing finances in today’s world can sometimes feel like a juggling act. Finding ways to simplify your financial burdens and commitments is crucial for long-term financial success. Fortunately, several options are available, regardless of your credit rating or economic circumstances. Loan consolidation is one of many viable strategies to streamline your monthly payments, providing an…

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Insolvency vs Bankruptcy – What’s the Difference?

Insolvency vs Bankruptcy - What’s the Difference?

A common misperception is that insolvency and bankruptcy are the same thing. This is not necessarily the case. The two terms can be related, but they’re not interchangeable.  In this “insolvency vs bankruptcy” article, we’ll get into the definition of each term, how they relate to each other, and how each term may relate to…

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Alternatives to Bankruptcies: Pros and Cons of Filing in Canada

Navigating a financial slump can be a difficult and uncertain time for individuals and businesses alike, with bankruptcy often looming as the only option. But luckily, there are some bankruptcy alternatives to consider before taking such a drastic step, including debt consolidation, consumer proposals, credit counseling, and debt settlement. This article will: Weighing up all…

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Filing Bankruptcy When Married or Common-Law: What You Need To Know

Filing Bankruptcy When Married or Common-Law What You Need To Know

Filing for bankruptcy is a difficult decision to come to. There are many factors to consider when determining if it’s the right option for you. When you’re married or in a common-law relationship, debt problems become more complicated. Filing bankruptcy as a married person or common-law partner has its own set of concerns that must…

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How To Get a Mortgage After Bankruptcy: Mortgage For Bankrupts 101

How To Get a Mortgage After Bankruptcy: Mortgage For Bankrupts 101

**Note to reader: This article was written by Alex Lavender, a Halifax-based local mortgage broker. We are asked this question often and thought it would be best to get information directly from an industry professional. If you have any questions about obtaining a mortgage after you have filed for a bankruptcy or consumer proposal, we…

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How Many Times Can You Declare Bankruptcy In Canada

How Many Times Can You Declare Bankruptcy In Canada

Have you been curious as to how bankruptcy works in Canada? More specifically, how many times you can file bankruptcy? In theory, you can declare bankruptcy as many times as you like in Canada. Practically speaking, however, every time you file the consequences and the difficulty in receiving a discharge from your bankruptcy increases. The…

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