Posts Tagged ‘mortgage’
How 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 MoreWill Bankruptcy Take Care of Judgments?
Yes, judgments from creditors do get released when you file a personal bankruptcy or complete a consumer proposal. However, judgments registered against your assets by Canada Revenue Agency do not get released when you file a personal bankruptcy or complete a consumer proposal.
Read MoreWhat happens If My Ex-Spouse Goes Bankrupt?
If both parties have agreed to assume responsibility for certain debts, it does not absolve them, if one of them defaults on a debt, that was granted to both parties jointly. Bankruptcy laws and family laws do not deal with assets and liabilities in the same way; there can be conflicts and unintended consequences when the two interact.
Read MoreFinancial 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 owe to the bank and there is no dollar limit on the mortgage.
Read MoreI Received a Mortgage Sale Notice – What Can I do?
When you fall behind on mortgage payments your bank has the right to take control of your house and sell it. The mortgage company or bank must follow a formal legal process called a mortgage sale or foreclosure.
Read MoreGood 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 are only able to make minimum payments then it’s time to look for help.
Read More20 Ways to Save Money on Insurance
There are many ways to save on your insurance costs so here are a few that we think you should be aware of…
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