bankruptcy Saint John

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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Dealing With Increasing Insolvency Rates

There are lots of factors but, I think the greatest single contributor is the proliferation of easy credit combined with low levels of financial literacy.  High debt levels limit financial flexibility and the ability to weather and recover from financial setbacks resulting from job loss, reduced income, illness, separation/divorce, and other life events.

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Is Bankruptcy My Only Option?

Bankruptcy is not the only debt solution option available to resolve overwhelming debt. Your Trustee (Licensed Insolvency Trustee) can also put together a consumer proposal to your creditors. Where you pay a portion of the debt, you owe your creditors, and the creditors write off the remaining balance of the debt.

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Am I Responsible For the Debt of My Business?

If your business is incorporated, you may still have personal obligations for certain debts; debt that you personally guaranteed, director liabilities, unpaid wages. If you operate your business as a sole proprietor, you are personally responsible for all the debts of that business. If you are a partner in a partnership, you and your business partner are jointly liable for all the debts of the partnership, not just your own portion.

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How Long Will I be Bankrupt?

If you are a first-time bankrupt, you are eligible for an automatic discharge from bankruptcy after 9 months if you have no obligation to make Surplus Income payments and after 21 months if you have to make Surplus Income payments.

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