Posts Tagged ‘creditors’
Am I Responsible For the Debt of My Business?
If your business is incorporated, you may still have personal obligations for certain debts; debt that you personally guaranteed, director liabilities, unpaid wages. If you operate your business as a sole proprietor, you are personally responsible for all the debts of that business. If you are a partner in a partnership, you and your business partner are jointly liable for all the debts of the partnership, not just your own portion.
Read MoreCan I Claim Bankruptcy a Second Time?
Yes, you can declare personal bankruptcy a second time, as long as you have been discharged from your first bankruptcy. If you don’t have surplus income, comply with your duties and cooperate with your trustee on other estate matters. You are eligible to be discharged from your second bankruptcy, after 24 months.
Read MoreDealing With Debts in Collection
Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.
Read MoreHow to Correct Errors on Your Credit Report
Maintaining a good credit score is vital, as it directly impacts your ability to borrow money or finance purchases. It also affects things such as the cost of insurance and specific employment opportunities. For these and many other reasons, it is essential to identify and correct any errors on your credit report as soon as possible.
Read MoreDoes My Trustee Work For Me or My Creditors?
Your Trustee’s job is to administer your bankruptcy or consumer proposal following the Bankruptcy and Insolvency Act.
Read MoreHow to Create a Budget in 5 Steps
We all know the importance of living within our means but according to recent statistics, less than 50% of Canadians use a monthly budget to plan their spending. When putting together a budget plan the key is not to make it complicated or difficult to follow.
Read MoreHow Long Will I be Bankrupt?
If you are a first-time bankrupt, you are eligible for an automatic discharge from bankruptcy after 9 months if you have no obligation to make Surplus Income payments and after 21 months if you have to make Surplus Income payments.
Read MoreWill Bankruptcy Ruin My Credit?
People often try to avoid bankruptcy at all costs because they are worried about ruining their credit rating. They pride themselves on paying their bills on time, have always maintained a strong credit score and they thought of doing anything to jeopardize that is unthinkable.
Read MoreWill My Friends and Family Know I Went Bankrupt?
Personal bankruptcy and consumer proposal filings are a matter of public record and are kept on file with the Government of Canada through the Office of the Superintendent of Bankruptcy. These records are accessible for a fee but how many people, other than Licensed Insolvency Trustee (bankruptcy trustee), would incur the expense or even think or know where to look?
Read MoreTips for Saving Money on Groceries
For most Canadian families groceries are there second highest monthly expense outside of their housing cost so it’s important to get the most bang for your buck. Here are a few tips and suggestions that may help you reduce your grocery expenses.
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