How Many Times Can You Declare Bankruptcy In Canada
Have you been curious as to how bankruptcy works in Canada? More specifically, how many times you can file bankruptcy? 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…
Read MoreDo I Have To Meet With My Creditors If I File A Consumer Proposal Or Personal Bankruptcy?
It is uncommon for a consumer to have to meet their creditors, in person or virtually, whether they file a consumer proposal or a bankruptcy. However, there are instances where this may be necessary. This possibility arises when a Meeting of Creditors is held. These occur at varying timelines depending on whether you file a…
Read MoreFrozen Bank Account – What Do I Do Now?
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…
Read MoreJudgments & 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…
Read MoreHow to stop collection calls and effectively deal with collection agencies in Nova Scotia, New Brunswick, and PEI
If you’re struggling to pay your bills, you may be getting calls from collection agencies. This can be a very stressful experience, and it’s important to know your rights and how to deal with these agencies. In this article, we will discuss how to stop collection calls and effectively deal with collection agencies in Nova…
Read MoreDebt 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…
Read MoreWhat Is A Licensed Insolvency Trustee (Trustee In Bankruptcy)?
Updated: August 31, 2023 Licensed Insolvency Trustees (“LIT”), formally known as bankruptcy trustees, are federally regulated professionals who provide advice and services to individuals and businesses with debt problems. A Licensed Insolvency Trustee helps people make informed choices to deal with their financial difficulties. While the court can appoint a trustee in bankruptcy, in practice,…
Read More10 Ways to Pay Off Debt Faster – Canada Edition
Are you struggling to pay off your debt or facing a major debt repayment you are not sure how to navigate? 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…
Read MoreCan Creditors Stop Me from Filing a Consumer Proposal or Personal Bankruptcy?
When you are struggling with debt, it can feel like you are stuck in a nightmare. You may not know where to turn for help. And when you finally find the courage to reach out for assistance, you may be worried that your creditors will try to stop you from filing a Consumer Proposal or…
Read MoreWill a consumer proposal or personal bankruptcy deal with business debt?
When you are struggling with business debt, it can feel like you are stuck in a nightmare. You may not know where to turn for help. Do you file for a consumer proposal or personal bankruptcy? Which one is best? How will they impact me, and my business? These are great questions that we will…
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