Can I “redo” my mortgage if I file for personal bankruptcy?
Can I redo my mortgage if I file for personal bankruptcy? This is a question I get asked on a regular basis, so it’s one that I like to revisit every once in a while. The answer to this question depends on what is meant by “redo”. Obviously filing personal bankruptcy damages your credit rating. Filing personal bankruptcy results in a…
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When To Consider Bankruptcy
Financial troubles can happen to anyone at any time. Even the most financially conscientious individuals can be struck by an unexpected circumstance like an illness or job loss. If you are struggling with debt and are unable to keep up with your bills, you may be wondering if bankruptcy is the answer. Here are a…
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We Are Getting A New Name: Licensed Insolvency Trustees
These days, more and more people are choosing to make consumer proposals in order to avoid filing personal bankruptcy. Therefore, the Office of the Superintendent of Bankruptcy (OSB) announced this month that there will be a formal change in our professional designations as of April 1, 2016. “Licensed Bankruptcy Trustees” will be known as “Licensed Insolvency Trustees”. We will…
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407 ETR Debts Can Be Included In Bankruptcy
You heard right! In November, the Supreme Court of Canada issued a decision stating that any 407 ETR customers that have completed the bankruptcy process and remain in plate denial for pre-bankruptcy amounts. Anyone who had debts discharged through a bankruptcy proceeding can now get their Highway 407 toll debt rolled into it, and no longer be…
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When choosing a bankruptcy trustee…
When someone files bankruptcy, whether of your own choosing or not, it isn’t an ideal nor an overly pleasant situation. Even if it is the best option for you and can actually improve your day-to-day life, the social stigma of bankruptcy is felt very keenly by many people. It is desirable, then, for the process…
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Debt and Divorce
When people get divorced, there are many unforeseen expenses that may lead you into financial difficulty. Household expenses essentially double, which alters your current financial situation and causes major money problems regardless of how much money someone makes or how well they managed their finances while they were in the relationship. Not only that, but you will still…
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Who will know about my bankruptcy?
Filing a bankruptcy means that certain documents can become public, but in your personal life, the only people who will know about your bankruptcy are those who you choose to inform. The amount of information that is public is very limited, and in fact is not very front and center. The Office of the Superintendent of Bankruptcy will…
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RRSPs And Creditors
With the February 29th RRSP deadline looming, people who are struggling with debt may be curious about how their RRSP contributions may be affected if they were to file bankruptcy. Certain RRSP and RRIF holdings are protected from creditors under a provision of the Bankruptcy and Insolvency Act. RRSP and registered retirement income fund (RRIF) proceeds held under any…
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Insolvencies Up Again According to March 2016 Statistics
The Office of the Superintendent of Bankruptcy Canada has recently released their statistics for the month of March 2016. Insolvencies in Canada increased by 8.8 percent from the previous month, and up 1.8 percent compared to a year ago. Bankruptcies increased by 10.4 percent, consumer proposals up by 7.2 percent. For the 12 month period ending March…
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What is a credit score?
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? Your credit score is a judgment about your financial health, at a specific point in time. It indicates the risk you…
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