Posts tagged debt solutions
Guaranteed, Co-Signed and Joint Loans

Generally, the co-signor is usually jointly and severally liable for 100% of the debt.  This means that, if there is a default, the lender will pursue the primary debtor and the co-signer at the same time and will be happy to collect their entire debt out of whomever they can recover from first.

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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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Announcement - New Designation for Insolvency Professionals

On December 2, 2015, the Office of the Superintendent of Bankruptcy Canada released Directive 33, Trustee Designation and Advertising, updating the designation to be used by Licensed Trustees with regards to the advertisement, promotion, and communications related to their services.  All trustees holding a valid license will now adopt the professional designation “Licensed Insolvency Trustee”, which replaces the previous designation of “Licensed Trustee in Bankruptcy”.

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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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Does My Bankruptcy/Proposal Trustee Work For Me or My Creditors?

The Trustee’s job is to administer the BIA in relation to your bankruptcy or proposal filing.  In this role, the Trustee works for the Court, the creditors and for the bankrupt or proposal debtor and the Trustee is accountable to all parties for its administration.  The Trustee should administer your bankruptcy or proposal in a fair and even-handed manner so that your rights and those of the creditors are respected.

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Good Debt vs. Bad Debt

Good debt is for purchases that appreciate in value or significantly improve your quality of life.  Bad debts on the other hand typically do not provide you with any long-term benefit.  If you carry a heavy amount of bad debt and only able to make minimum payments then it’s time to look for help.

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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.

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