Posts tagged consumer proposal
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.

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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.

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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”).

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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.

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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.

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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.

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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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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.

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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.

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Do I Qualify For Bankruptcy?

So basically, if you owe at least $1,000, are unable to keep up with your monthly debts payments and do not have assets such as vehicles, house, or investments that you can cash in to pay your debts in full, then you can choose to file for bankruptcy protection.  It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.

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August 2014 - Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 5.5% and consumer proposal filings were up 7.3% as compared to the 12-months ended August 31, 2013.

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Annual Consumer Insolvency Rates - Canada vs. Maritime Provinces
July 2014 Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 4.8% and consumer proposal filings were up 7.2% as compared to the 12-months ended July 31, 2013.

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June 2014 Personal Bankruptcy & Consumer Proposal Statistics

Personal bankruptcies were down 4% and consumer proposal filings were up 6.8% as compared to the 12-months ended June 30, 2013.

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