Bankruptcy and Your Business
If you have concerns about your business’ finances, you should consult a Licensed Insolvency Trustee as early as possible. If your business is incorporated, then legally the business is a separate entity and its assets are owned by the business. In this case the incorporated company can go bankrupt if it cannot meet its financial…
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Are you in financial trouble?
Many people have debt, but that doesn’t mean they are in financial trouble. Some people can manage their debt and are able to pay their bills and put money away for savings. But there are also many people who are in debt, but also have several other warning signs that may mean they are in…
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How should I handle telephone calls and harassment?
Calls from debt collectors can be overwhelming and intimidating. But learning some dos and don’ts about handling debt collector calls and understanding your rights when it comes to debt collection agencies can ease your anxiety. More importantly, by knowing what to do and say when a debt collector calls, you can avoid making a mistake…
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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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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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