Can I Inherit Debt After Someone’s Death in Canada?

Can I Inherit Debt After Someone's Death in Canada?

Can I Inherit Debt After Someone’s Death? This is a common question asked by those who are appointed executors of a deceased person’s estate and by curious minds. We will endeavour to answer this question in this article. While it may seem like a straightforward question, there are many considerations to be had. Before we…

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Consumer Proposal vs Debt Consolidation

Consumer Proposal vs Debt Consolidation

When you are struggling with mounting debt, it can be difficult to know where to turn. You might have heard of consumer proposals and debt consolidation, but you may not know which option is right for you. In this blog post, we will compare the two options and help you decide which is the best…

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How Many Times Can You Declare Bankruptcy In Canada

How Many Times Can You Declare Bankruptcy In Canada

In theory, you can declare bankruptcy as many times as you like in Canada. Practically speaking, however, every time you file the consequences and the difficulty in receiving a discharge from your bankruptcy increases. The length of your bankruptcy and severity of your discharge from bankruptcy is primarily dependent on two items: How many times…

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Frozen Bank Account – What Do I Do Now?

Frozen Bank Account

When you are behind on your payments, freezing a bank account is one of the debt collection options available to creditors. You will be unable to withdraw or transfer money from your bank account until it is unfrozen. This will likely cause additional financial hardship due to the existing debt problem and the requirement to…

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Judgments & Liens 101: The Basics

Judgments & Liens 101: The Basics

If you own property & assets and are struggling with debt or dealing with collectors you have undoubtedly heard the terms ‘Judgment’, ‘Judgment Lien’, and ‘Lien’. These can be awfully confusing as they are often used interchangeably. In order to fully understand your rights as a property owner and what protections you have, it is…

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Debt Management Plans Explained

Debt Management Plans Explained

A Debt Management Plan (sometimes referred to as a debt management program) is often used by people who have a lot of debt and feel like they will never be able to pay it off. A debt management plan is an agreement between you and your creditors to pay back your debts over a period…

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What Is A Licensed Insolvency Trustee (Trustee In Bankruptcy)?

What Is A Licensed Insolvency Trustee (Trustee In Bankruptcy)?

Licensed Insolvency Trustees (“LIT”) are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. LITs help people make informed choices to deal with their financial difficulties. While the court can appoint a trustee in bankruptcy, in practice, consumers decide which trustee they wish to work with to assist them…

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10 Ways to Pay Off Debt Faster

10 Ways to Pay Off Debt Faster

Are you struggling to pay off your debt? If so, you’re not alone. Millions of Canadians are in the same boat. But don’t worry – there are plenty of ways to pay off your debt faster. As Licensed Insolvency Trustees we are in a unique position in that we see the challenges people face when…

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