A mortgage is a loan agreement which requires you to repay the loan with interest and which also gives the lender (the mortgagee) a claim on your house if you don't repay.
The majority of people who make consumer proposals or file personal bankruptcy with our office are renters. Most of those people have questions surrounding their current and future rental agreements. Here are some of the common questions we are asked:
When you file a consumer proposal you are able to keep ALL of your assets.
The Office of the Superintendent of Bankruptcy (OSB) has published new information products to assist consumers in making informed decisions when seeking assistance to resolve serious financial difficulties.
The Office of the Superintendent of Bankruptcy Canada has recently released their statistics for the month of March 2016.
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.