Myth Vs. Fact: Credit And Rebuilding
Myth: By filing personal bankruptcy, I will destroy my credit forever. Fact: Filing .personal bankruptcy results in a R9 credit rating which, for a first time bankrupt, will remain on your credit report for 6 years after discharge. You do not have to wait 6 years to rebuild your credit rating. Myth: By filing a…
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What Happens When You Go Bankrupt
Once you file for bankruptcy, all creditor action stops. This means that your creditors cannot continue any further legal or collection activity against you, including wage garnishments, harassing letters or telephone calls. The bankruptcy process is designed to help an honest but unfortunate debtor to get a fresh start plus you’re are able to keep assets….
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When one spouse files for bankruptcy – what happens to the family budget?
ADAM ASKED: I am married but I am declaring bankruptcy by myself. My wife pays the rent and I pay everything else. Do I still have to declare rent? ANSWER: You are required to prepare a monthly budget detailing all of your family income and expenses when you file personal bankruptcy or make a consumer proposal. Even…
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My relationship break-up has put me into debt – what can I do?
BONNIE ASKED: I am getting out of an abusive relationship. I don’t have money to pay any of the collection notices I have gotten. What should I do? ANSWER: I have no doubt that getting out of an abusive relationship is difficult enough without having to struggle with personal debt issues. Receiving collection notices and knowing that you…
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Credit Cards After (And During) Bankruptcy
Many people are concerned that they won’t be approved for a credit card after being discharged from bankruptcy. The truth is, you can most definitely get a credit card at this time. Here are three ways to get a credit card after being discharged (and some during your bankruptcy). Secured Credit Card A secured credit…
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Personal Debt In Canada Is Not The Same As In The USA
Personal debt issues are a common concern touching people everywhere. In Ontario, we are seeing a significant increase in both the information available through the media that discusses personal debt action plans and offers advice. As a Canadian, you may not realize that a lot of these articles are coming from U.S.-based sources. This information from…
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Can I go to jail for owing money?
This is a very honest question and we’re grateful that someone asked it so that we could put their mind at ease. Your creditors cannot put you in jail for owing money. Criminals who commit a crime go to jail. Owing money is not a crime. Owing money is a civil matter and is handled in…
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How To Rebuild Your Credit Rating
Credit rating is a fluid concept and is always changing. No matter what you do, including filing personal bankruptcy or a consumer proposal, you can always rebuild your credit rating. How can I rebuild my credit rating? Your credit rating is like a report card, when you file personal bankruptcy or a consumer proposal, you…
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Myth Vs. Fact: Collection Agencies
Myth: If you file a consumer proposal your creditors will continue collection action. Fact: When you file a consumer proposal all creditor collection action is stopped immediately. Myth: Filing personal bankruptcy or a consumer proposal will not stop collection agencies from calling. Fact: Filing personal bankruptcy or a consumer proposal immediately stops all collection agency calls. Myth:…
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Bankruptcy: Keep Your Home And Other Assets
You will not lose your home as a result of the bankruptcy process provided that you can maintain your mortgage payments and there is not a significant amount of equity in your property. Your creditors do not want your house, and they do not want to force you to sell your house. They are only interested in…
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