Why do people say that going bankrupt is a bad thing?
For many people, the thought of filing bankruptcy is intimidating. It conjures up all sorts of horrible images of people losing their home, losing their car and destroying their credit rating forever. The reality is, people are usually misinformed when it comes to bankruptcy. The reality is that the Bankruptcy and Insolvency Act (BIA) was…
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Tips For Seniors In Debt
In Ontario senior bankruptcies are increasing rapidly. The unique social and economic situations of seniors put them at a higher risk of insolvency and financial hardship, including unexpected health and long-term nursing care costs. On top of that, in some cases seniors continue to financially support their adult children and grandchildren for longer than they…
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Can you still get a credit card after filing personal bankruptcy?
When you decide to file personal bankruptcy, you are required by law to give all of your credit cards to the trustee for cancellation. Now, that doesn’t mean that if you file bankruptcy, you won’t be able to get a credit card after you’ve been discharged from your bankruptcy (or even during your bankruptcy). There…
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Bankruptcy May Not Be Right For You
When an individual is drowning in debt, often times the first option contemplated is filing personal bankruptcy. Although this option will allow you to find relief from creditors, a bankruptcy isn’t always the right option for everyone. Upon filing bankruptcy, your credit rating goes to an “R9” with the credit bureau and remains so for…
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Does a bankruptcy cover Canada Revenue Agency debts?
If you owe Canada Revenue Agency (CRA) for income taxes, GST, or employee remittances, these debts can be included in a bankruptcy and can be discharged under certain conditions. Generally speaking, a discharge of the debt is granted if you have completed your duties under the Bankruptcy and Insolvency Act and you have complied with…
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Canadian Seniors and Debt
It is becoming clear that more and more Canadian seniors are succumbing to the combined challenges of a fixed income, higher living costs and, in many cases, increasing levels of assistance to dependent children. A past CTV news article about Seniors Struggling with Debt and Bankruptcy outlines some of the issues and causes of seniors getting into financial…
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New Insolvency Information Product From OSB
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. This information can be found here and includes: A new webpage for consumers, What is a Licensed Insolvency Trustee?, which provides information and answers to frequently asked questions about…
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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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Can’t fulfill your duty as a bankrupt? Here is what you can expect.
Once you file personal bankruptcy, you have certain duties that you must complete in order to keep your bankruptcy on schedule and your discharge date in tact. Therefore, it’s important to understand your duties before filing bankruptcy. Some of the most important duties of a bankrupt are: Disclose all assets in your possession and deliver…
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