Home / Blog / Mortgage, Bankruptcy Home ownership is a huge concern for many people who have filed for bankruptcy, and rightfully so, because it isn’t always a simple issue. Let’s start with the basics: It’s possible for you to keep your home even if you declare bankruptcy. As long as your mortgage payments have […]
Can I renew my mortgage if I’ve filed for bankruptcy? Read More »
Home / Blog / Bankruptcy, Financial When you file for bankruptcy, one of your required duties will be to keep track of your monthly income and expenses during the period that you’re bankrupt. Your trustee will give you the forms for doing this, and each month, you’ll pass the information (including copies of your pay
What Happens If My Income Increases During My Bankruptcy? Read More »
Home / Blog / Bankruptcy, Financial If you’re facing the possibility of bankruptcy, you may be wondering what will happen to your possessions — will you lose everything you own, including your house and your car? Not necessarily. The purpose of bankruptcy is to give “honest but unfortunate debtors” a fresh financial start. You are
What Happens to My Assets When I Go Bankrupt? Read More »
Home / Blog / Bankruptcy, Consumer Proposal Bankruptcy and Consumer Proposals for High Income Earners Contrary to what you might think, financial difficulties are not limited to low or middle income earners. In fact, many professionals with high incomes find themselves in financial hot water because their high incomes blind them to the need to
Bankruptcy and Consumer Proposal for High Income Earners Read More »
Home / Blog / Bankruptcy, Credit Whether or not you can file for bankruptcy without affecting your spouse will depend on the debts that are owed. If you’re the only one who signed for the debts, then your spouse is not responsible for them (despite what any collection agencies may have told you). He/she will not
Can one spouse file bankruptcy without damaging the other’s credit? Read More »
Home / Blog / Bankruptcy If you find yourself overwhelmed by your debts (and perhaps even fending off calls from creditors and their collection agencies), you may think bankruptcy is your only hope of getting out of financial difficulty. In reality, however, bankruptcy should always be your last resort—and you may have other alternatives before
Alternatives to Filing for Bankruptcy Read More »
Home / Blog / Bankruptcy If you find yourself overwhelmed by your debts (and perhaps even fending off calls from creditors and their collection agencies), you may think bankruptcy is your only hope of getting out of financial difficulty. In reality, however, bankruptcy should always be your last resort—and you may have other alternatives before
Alternatives to Filing for Bankruptcy Read More »
Home / Blog / Bankruptcy, Consumer Proposal If you’re facing either bankruptcy or a consumer proposal, you may be concerned about what will happen to savings set aside for your children either by you or someone else. In the case of a proposal, the answer will most likely be ‘nothing’. As with most assets in
How will my bankruptcy or consumer proposal affect my children’s bank accounts? Read More »
Home / Blog / Debt, Bankruptcy, Consumer Proposal It’s not uncommon for people in financial difficulty to owe taxes to Canada Revenue Agency (CRA)—sometimes a significant amount of taxes. Many of these people are under the impression that nothing can be done about it, because tax debt is different from other debt and the CRA
Income Tax Debt in a Bankruptcy or Consumer Proposal Read More »
Home / Blog / Student Loans, Bankruptcy, Consumer Proposal When you declare bankruptcy or file a consumer proposal, most—but not all—of your debts are discharged at the end of your bankruptcy/consumer proposal term. This means your debts are forgiven (in bankruptcy) or considered paid in full (in a consumer proposal), and you’re no longer liable
Student loans, bankruptcy, and consumer proposals Read More »
