Who will know about your bankruptcy?
Many people are concerned about who will know about the financial trouble that they are experiencing. Some people are embarrassed, while others simply aren’t comfortable sharing such information because, let’s face it, it’s really no one’s business but your own. Bankruptcy is nothing to be ashamed of. It means you are taking control of your…
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What are the differences between a bankruptcy and a consumer proposal?
Although both options relieve a debtor of financial stress and allows debtors the chance to get a financial fresh start, there are many differences between bankruptcies and consumer proposals in Ontario. That’s why we review all options with debtors when they meet with us because filing bankruptcy might be the best option for one person,…
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Is Corporate Bankruptcy the Best Choice for Your Ontario Business?
Filing for bankruptcy is never an easy decision. There are many important things to consider and whatever decision you make, you’ll have to live with both positive and negative consequences. How is Corporate Bankruptcy Different than Personal Bankruptcy? If your business is incorporated, then legally the business is a separate entity and its assets are…
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Duties of a Bankrupt
Personal bankruptcy laws in Canada are governed by the Bankruptcy & Insolvency Act. Failure to complete your duties will delay your bankruptcy discharge so it is important you fully understand your requirements once you declare bankruptcy. To start As soon as your bankruptcy begins, you must complete the following: Disclose all property (assets) in your possession and…
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How will bankruptcy affect your spouse?
When you’re struggling with debt, there are a variety of options you can consider. In some instances, filing for bankruptcy is the best choice; although, it should always be the last resort. If you are insolvent, you may be contemplating this strategy. One important detail to keep in mind, if you’re married, is how filing…
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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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Bankruptcy and Your Financial Future
A major reason why debtors are hesitant to file bankruptcy is the effect it will have on their financial future. It’s a fact that filing bankruptcy will have a negative effect on your financial future, but not doing anything about your debt can have even larger consequences. When you want to apply for a mortgage,…
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Are all debts forgiven in bankruptcy?
A consumer proposal or a bankruptcy is a formal process under the Bankruptcy and Insolvency Act that allows people to get discharged from their debts that they owe to creditors. These are both great options for people who are struggling with a lot of debt and can’t find a way out on their own. By filing…
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Can you inherit debt if a family member dies?
Typically when someone dies, their personal debt does not get passed on to surviving family members. Their debt belongs to them and them alone; it is not passed on to their family members when they die. Normally, the person would have made a will in which an Executor would be appointed. The Executor is the person…
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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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