How does filing personal bankruptcy in Ontario work?
Filing bankruptcy in Ontario is a legal process that can only be completed by a licensed trustee in bankruptcy. As part of the bankruptcy process, your licensed trustee in bankruptcy will help you prepare a budget and provide credit counselling to improve your money management skills. Filing personal bankruptcy in Ontario ends your legal obligation…
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Personal Debt In Canada Is Not The Same As In The USA
Personal debt issues are a common concern touching people everywhere. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from U.S.-based sources. This information from…
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How To Rebuild Your Credit Rating
Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. How can I rebuild my credit rating? Your credit rating is like a report card, when you file personal bankruptcy or a consumer proposal, you…
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Is a Debt Management Plan better than a Consumer Proposal?
Debt Management Plans vs. Consumer Proposals Filing a debt management plan and filing a consumer proposal both result in the same “R7 credit rating” which will remain on your credit report for 3 years after either is paid in full. The major disadvantages of filing a debt management plan are that it is an informal…
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Cost Of Making A Consumer Proposal In Ontario
A consumer proposal features one reasonable monthly payment against your debt over a period of no more than 5 years. The amount of the payment is based on your financial situation – it’s what you can afford! Try our Debt Options Calculator to see your options. The professional fees associated with filing a consumer proposal…
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Vehicle Loans And Consumer Proposal
If you make a consumer proposal the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by making a consumer proposal, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected. The reality is secured creditors don’t want to repossess your vehicle. They…
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Your Duties When Filing Bankruptcy
Here is a list of duties you must follow if filing bankruptcy: Report Income – You’re required to submit an income and expense report to the trustee each month during the time you are bankrupt. You will also be obligated to provide proof of your income. This can be done by submitting pay stubs or bank…
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How long will it take to pay off your credit card debt?
Make sure you have a plan to pay off your credit card debt. Have you ever looked closely at your credit card statement? Credit card companies are now required to spell out on your credit card statement how long it will take for you to pay off your credit card balance if you make the minimum…
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Vehicle Loans And Bankruptcy
If you file personal bankruptcy the rights of your secured creditors are unaffected. This doesn’t meant that you can’t deal with your secured creditors by filing personal bankruptcy, it means that your secured creditor’s right to either be paid or to repossess your vehicle is unaffected. The reality is secured creditors don’t want to repossess your vehicle. They know if…
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Bankruptcy: Keep Your Home And Other Assets
You will not lose your home as a result of the bankruptcy process provided that you can maintain your mortgage payments and there is not a significant amount of equity in your property. Your creditors do not want your house, and they do not want to force you to sell your house. They are only interested in…
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