Posts tagged bankruptcy new brunswick
October 2015 Personal Bankruptcy & Consumer Proposal Statistics

New Brunswick - there were 2,884 personal bankruptcies and 1,488 consumer proposals filed in the 12-months ended October 31, 2015.  Personal Bankruptcies were down 2.4% and consumer proposal filings were up 18% as compared to the 12-months ended October 31, 2014.

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Do I Have To Continue Paying Student Loans During My Bankruptcy or Consumer Proposal?

Even though your student loan debt may not be included in your bankruptcy or consumer proposal, there is a still a stay of proceedings in place.  This basically puts a freeze on any debt collection or payments until the bankruptcy has been discharged or the consumer proposal has been completed.  With that said, if your budget allows, we recommend that you continue with payments to avoid accumulating additional interest.

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Caught in the Pay Day Loan Cycle?

The problem with this type of borrowing is that it is very expensive and can often leave the borrower, who is already in a tight financial position, unable to repay the loan.  So they end up re-borrowing or getting a “roll-over” loan by paying off the current loan and immediately getting another one from the payday lender.

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Will My Separation Agreement Protect Me If My Ex Goes Bankrupt?

When a relationship ends it is not uncommon to have a formal separation agreement drawn up by a lawyer to spell out the responsibilities of each party.  Even though both parties may have agreed to assume responsibility for certain debts, it does not absolve the parties should one of them default on credit that was granted jointly such as joint credit cards or lines of credit.  

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October 2014 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 6.4% and Consumer proposal filings were up 6.9% as compared to the 12-months ended October 31, 2013.

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Will My Bankruptcy Affect My Spouse?

When you file for bankruptcy it does not directly affect your spouse or reflect on their credit report.  Your bankruptcy is between you and your creditors.  Your spouse is not liable for your debts simply because he/she is your spouse.  However, your bankruptcy can have an impact on the other person in the following ways:

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Can Bankruptcy Deal With My Student Loans?

Individuals who file a personal bankruptcy or consumer proposal, at least 7 years after ceasing to be a part-time or full-time student, are released from paying their Canadian student loan debt.

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