Bankruptcy: Will I lose my home?
People have many concerns when they come into my office, but a few concerns seem to come up more often than not. One concern that is in the forefront of many minds is the fear of losing their home if they file bankruptcy. The answer depends on whether or not there is any net equity…
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Should I use my RRSP savings to pay off debt?
We understand that most people who are in debt want to deal with their obligations, and don’t want to see a trustee in bankruptcy, make a consumer proposal or file personal bankruptcy. As a result they do what they can to attempt to deal with their debts on their own. Often this includes cashing-in retirement savings. Unfortunately, in…
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If my ex-spouse files bankruptcy, will it affect our joint mortgage?
If you file for bankruptcy your ex-spouse may be affected if you have a joint mortgage. Your bankruptcy will remove you from your responsibility to pay that debt, however, it does not: a) require your mortgage lender to take your name off of the mortgage; or b) take your name off of the deed/title. When you file for bankruptcy, all of your non-exempt…
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How are rising interest rates affecting Canadians?
Since the Bank of Canada raised interest rates in July, it was only a matter of time for this to start impacting debt in Canadian households. A recent article published by Global News stated, “over 30 percent of Canadians say they’re concerned that rising interest rates could push them close to bankruptcy”. If your household budget…
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Who do we help?
There is no clear pattern for how people find themselves in financial difficulty. It can happen suddenly through injury or illness, separation or divorce, or it can be due to not knowing how to manage your finances effectively. Whatever the reason, the important thing now is to find out what options are available to you…
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Debt Repayment Options and Your Home
When you make a consumer proposal, your home and related equity is unaffected. The trustee and creditors will not take possession of your property and you will be able to keep any house equity that you have accumulated. On the flip side, if you file personal bankruptcy any equity that you have in your home becomes property of your bankrupt estate. So, before we make…
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TFSAs, RRSPs and Consumer Proposals
With a consumer proposal, you get to keep your assets, which includes your tax free savings account and your RRSPs. When you make a consumer proposal, you are offering your creditors a settlement, which is more than what they would get if you were to go bankrupt. Essentially you are saying, “let me keep all of my stuff, and I will agree to…
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RRSPs and Bankruptcy
With the deadline to conribute to RRSPs looming (it’s on March 1, 2018), it’s a good opportunity to talk about how bankruptcy affects your RRSPs. Here’s some good new: RRSPs are exempt assets! RRSP’s, whether individual or employer sponsored, are yours to keep and are protected from your creditors with the exception of any new contributions…
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Should you use your RRSPs to pay your debts?
It’s very common for people who are in debt to WANT to deal with their obligations. They don’t want to see a licensed insolvency trustee, make a consumer proposal or file personal bankruptcy. Therefore, they do what they can to attempt to deal with their debts on their own, including cashing-in retirement savings. Unfortunately, in most cases cashing in…
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If I make a consumer proposal, will I lose my home?
A top concern when meeting with people is whether or not they will be able to keep their home. It’s a scary thing to have to give up your home because of the overwhelming amount of debt people have obtained. The good news is, when you make a consumer proposal, your home and related equity is unaffected. You retain possession and…
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