The Office of the Superintendent of Bankruptcy Canada has recently released their statistics for the month of March 2016.
When thinking about filing for bankruptcy, many people are hesitant to do so as they are worried about the effect it will have on their credit score. So, what exactly is a credit score?
In Canada, any individual who owes at least $1,000 and is insolvent can file bankruptcy. Some people be feel a bit overwhelmed before the process even begins, so allow me break down the steps you will take when filing bankruptcy.
If you are considering bankruptcy, ask your trustee if your income is in the range that will require you to pay surplus income and, if so, to estimate your surplus income payments.
One of the leading causes of divorce in Canada is financial mismanagement. And one of the leading causes of bankruptcy is divorce.
We often times recommend that if you file bankruptcy or make a consumer proposal that you get a new bank account at a new bank. Why do we suggest that?
When you make a consumer proposal, you compromise your total debt. That means that you pay a portion of your debt that you and your creditors agree upon. Therefore your payments are higher than a bankruptcy.
If you are facing serious debt problems, bankruptcy may be a powerful remedy. In most situations, all debts are included in a bankruptcy. Some of the most common debts that can be included in a bankruptcy are: