Posts tagged bankruptcy
The New Debtor Prison

These tactics can leave a person feeling afraid to answer their own phone and for some it can cause undue stress and anxiety which can negatively affect their everyday life and ability to function at work.

Read More
Bankruptcy: 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, in his or her own name, when the mortgage comes up for renewal.   Whether or not they qualify is up to their financial institution.

Read More
Can I Go Bankrupt If My Debts Are The Result of Gambling?

For individuals who are problem gamblers we strongly recommend other counselling to help address the addiction.  Bankruptcy may provide short-term financial relief but cannot resolve the issue of gambling unless it is combined with other treatment.

Read More
Debts 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”).

Read More
How to Avoid Bankruptcy

Simply said, 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 is dependent upon individual circumstances.  Generally speaking, the sooner you identify and seek to address significant debts, the more options will be available to you.

Read More
Tackling Your Finances Head On

Hiding from the reality of your financial situation will do nothing to improve it. People have a pre-disposition to hide from the truth, particularly when the truth is ugly. Unfortunately, we see this every day.

Read More
January 2015 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 6% and consumer proposal filings were up 8% as compared to the 12-months ended January 31, 2014.

Read More
December 2014 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 6.3% and consumer proposal filings were up 7.6% as compared to the 12-months ended December 31, 2013.

Read More
Financial Literacy - Understanding Collateral Mortgages

The mortgage process is changing and many banks have are now using collateral mortgages when you purchase or refinance your home.  A collateral mortgage typically designed to secure all obligations that you have to the bank and there is no dollar limit on the mortgage.

Read More
Can I Claim Bankruptcy a Second Time?

Yes, you can declare personal bankruptcy even if you have been bankrupt in the past as long as you have been discharged. A second time bankrupt you will be eligible for an automatic discharge after 24 months as long as you do not have surplus incomecomply with all of the terms and cooperate with your trustee in the administration of the estate.

Read More
What You Need to Know Before Co-signing A Loan?

When you sign for a student loan, line of credit or any type of loan for a third party you are legally responsible if that person fails to meet the terms of that credit agreement.  If the other party misses payments the creditor will expect you to make the payments and demand that you pay out the account in full.

Read More
Beware of Debt Settlement Offers

The debt settlement and credit counselling companies would have you believe that they can easily have your credit balances reduced and save you hundreds if not thousands of dollars.   The problem is they cannot guarantee any results.  They will require that you pay them monthly administration fees and/or a percentage of the settlement amount as payment for their services.  But you need to read their documents very closely to find out what happens to all of those fees that you have paid if they are unable to reach agreements with some or all of your creditors.

Read More