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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If it sounds too good to be true, it probably is!
You may have seen the ads before, all with slightly different promises, such as: “Credit card debt over $8,000? Qualify to reduce your debt by up to 60%” “Canadian banks forced to forgive up to 75% of consumer credit card debt” “New Canadian Debt Program allows Canada residents with over $10,000 in debt to eliminate…
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What should you ask a Licensed Insolvency Trustee?
Before you meet with a Licensed Insolvency Trustee, I’m sure you will have many questions in your head. My suggestion is, make sure you write those questions down. You can never have too many questions. I never want a client to leave my office with more questions. Our goal is to give you as much…
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Student Loan Debt Solutions
Each year, thousands of Canadians rely on student loans to help fund their continuing education. Getting a student loan is an investment in your future as it helps you to get an education which in turn, will help create better job and career opportunities. Unfortunately, once you graduate from post-secondary school, life gets in the…
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If I am unable to pay the mortgage on my home, may I simply give it back to the bank?
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. If you miss a mortgage payment, that’s a default under your mortgage. When you default, the full amount of your mortgage becomes payable…
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Bankruptcy: Fact or Fiction?
Many people have an idea of what bankruptcy is and what it involves, but there are a lot of myths that people believe to be true. Make sure you are properly educated on all of your debt options before making a decision. If everything you know about bankruptcy has been through the grapevine, I have…
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