Consumer Proposal
Can Creditors Stop Me from Filing a Consumer Proposal or Personal Bankruptcy?
When you are struggling with debt, it can feel like you are stuck in a nightmare. You may not know where to turn for help. And when you finally find the courage to reach out for assistance, you may be worried that your creditors will try to stop you from filing a Consumer Proposal or…
Read MoreWill a consumer proposal or personal bankruptcy deal with business debt?
When you are struggling with business debt, it can feel like you are stuck in a nightmare. You may not know where to turn for help. Do you file for a consumer proposal or personal bankruptcy? Which one is best? How will they impact me, and my business? These are great questions that we will…
Read MoreDoes A Government Debt Relief Program Actually Exist?
With the additional government funding, financial hardship programs, and other government spending due to the pandemic it is completely understandable why we have seen an increase in queries related to the existence of government debt relief and debt relief for Canadians. If you are looking for a debt relief company, you are certainly not alone.…
Read MoreWill a consumer proposal or personal bankruptcy release me from all types and forms of debts
When it comes to unmanageable debt, there are a few different debt relief options available to you: consumer proposal and bankruptcy. Each option has its own benefits and drawbacks, so it’s important to understand what each one entails before making a decision. In this article, we will focus on the question of whether or not…
Read MoreFinancial Deep Cleaning Series – Part 3
It is important to stay on top of your finances and keep a finger on the pulse of your household budget.
Read MoreBankruptcy: My Name is Still On My Ex-Spouse’s Home
To get your name off of the mortgage, your ex-spouse will have to qualify for the mortgage, on his or her own name, when the mortgage comes up for renewal. Whether or not they qualify is up to their financial institution.
Read MoreDebts Owing to the Canada Revenue Agency
Many people believe that debts owing to CRA will never go away. That is not necessarily the case, particularly when an individual goes bankrupt or files a proposal under the provisions of the Bankruptcy and Insolvency Act (“BIA”). However, prior to file personal bankruptcy or a consumer proposal, CRA has some significant legislated powers to collect debts.; including garnishing paycheques, seizing bank accounts.
Read MoreHow to Avoid Bankruptcy
You can’t go bankrupt if you have no debt! Bankruptcy is a relief valve for people and companies who find themselves unable to cope with overwhelming debts. Bankruptcy is not necessarily the only option for resolving debts, but the availability of other options depends on individual circumstances. The sooner you identify and get assistance with your debts, the more options you have.
Read MoreConsumer Proposal vs. Credit Counselling?
With all of the choices facing financially distressed consumers, it’s important to compare your options. The most common options are a Consumer Proposal only available through a Licensed Insolvency Trustee or a Debt Management/Repayment Plan offered by credit counselling agencies.
Read MoreWill Bankruptcy Take Care of Judgments?
Yes, judgments from creditors do get released when you file a personal bankruptcy or complete a consumer proposal. However, judgments registered against your assets by Canada Revenue Agency do not get released when you file a personal bankruptcy or complete a consumer proposal.
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