Posts Tagged ‘Consumer Proposal’
Bankruptcy And Sponsoring a Relative’s Application For Immigration
According to Immigration Canada, you can sponsor a relative’s immigration application as long as you are a citizen or permanent resident of Canada and are 18 years of age or older. There are however some restrictions, one of which states that you can not be an undischarged bankrupt.
Read MoreDo I Have To Continue Paying Student Loans During My Bankruptcy or Consumer Proposal?
Even though your student loan debt may not be discharged as part of your personal bankruptcy or consumer proposal, the creditor is still prohibited from normal collection activities during your personal bankruptcy or consumer proposal. We recommend paying the interest portion of the payment during your personal bankruptcy or consumer proposal.
Read MoreCan I Apply For Credit While Bankrupt?
Filing for personal bankruptcy does not prevent you from applying for credit however as a bankrupt person you have a duty not to engage in any business transactions, or obtain credit of more than $1,000, without disclosing to the lender that you are an undischarged bankrupt.
Read MoreWhat Assets Can PEI Residents Keep In Bankruptcy?
What asset can I keep? A Licensed Insolvency Trustee can help you identify which assets you can keep. There is a specific list of assets that you are allowed to keep when you file personal bankruptcy or consumer proposal. This list of assets is specific to the province in which you live.
Read MoreWhat Assets Can Nova Scotia Residents Keep In Bankruptcy?
What asset can I keep? A Licensed Insolvency Trustee can help you identify which assets you can keep. There is a specific list of assets that you are allowed to keep when you file personal bankruptcy or consumer proposal. This list of assets is specific to the province in which you live.
Read MoreWhat Assets Can New Brunswick Residents Keep In Bankruptcy?
What asset can I keep? A Licensed Insolvency Trustee can help you identify which assets you can keep. There is a specific list of assets that you are allowed to keep when you file personal bankruptcy or consumer proposal. This list of assets is specific to the province in which you live.
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 MoreHow Are Secured Debts Treated In Personal Bankruptcy or a Consumer Proposal?
When an individual files personal bankruptcy or a consumer proposal these loans are not always impacted and the assets can usually be kept as long as the loan payments are current and continue to be made in accordance with the credit agreement.
Read MorePlanning a Debt Free Summer Vacation
If you did not start saving soon enough and don’t have enough money, then you may want to consider delaying your trip to the following year. Your vacation will be much more enjoyable if you know that it is paid for in advance.
Read MoreCan I Declare Bankruptcy If I Live Outside of The Country?
Generally speaking, under the Bankruptcy & Insolvency Act, if you reside outside of the country you can still declare bankruptcy as long as you meet certain criteria. If you are a previous Canadian resident and are have debt issues you should contact Powell Associates Ltd. to determine if you meet the criteria to file personal bankruptcy or a consumer proposal in Canada.
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