Debt Help
Will I Lose My Canada Child Benefit (CCB) If I File For Bankruptcy?
The short answer is no, you will not lose your Canada Child Benefit (CCB) if you decide to file personal bankruptcy. While your CCB will not be affected by bankruptcy, you are required to report your CCB when calculating and reporting your household income. These monthly reports will determine whether or not you have “surplus income”, which in turn will impact how long you are in bankruptcy and how much you will be required to pay.
Read MoreDo I Qualify For Bankruptcy?
Basically, if you owe at least $1,000, are unable to keep up with your monthly debt payments and do not have assets such as vehicles, house, or investments that you can sell to pay your debts in full, then you can choose to file personal bankruptcy. It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.
Read MorePersonal Bankruptcy and Income Taxes – What You Need to Know
When filing a personal bankruptcy income tax debts are discharged the same as any other unsecured debt, such as credit cards and personal loans. If you are struggling with income tax debt or have had your wages garnished then you should seek the assistance of a professional.
Read More20 Ways to Save Money on Insurance
There are many ways to save on your insurance costs so here are a few that we think you should be aware of…
Read More10 Warning Signs of Financial Hardship
Most people don’t want others to know about their finances so they avoid reaching out for help out of embarrassment and fear. However when they finally build up the courage to make that call or send that email, they usually feel a great sense of relief and are surprised to find out that it’s not nearly as bad as they had imagined; there are solutions.
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