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A common question that trustees receive is, “what happens to debts after filing a bankruptcy or consumer proposal?” The legal status of the debt is very simple in a bankruptcy, however, slightly more complicated during a consumer proposal because of its length. When filing a consumer proposal, you are effectively making an...

The post What Happens To Debt In A Consumer Proposal? appeared first on Bankruptcy Canada.

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Before Bankruptcy The first step to declaring bankruptcy in Canada is to determine if bankruptcy is the correct debt management solution. Book a debt assessment with a bankruptcy trustee. This is a chance to review your assets, debts and personal budget to understand what a bankruptcy will cost and compare bankruptcy to...

The post How Does Bankruptcy Work – Before, During and After? appeared first on Bankruptcy Canada.

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The title of this article says it all.  If you are in enough financial trouble that you are actively researching personal bankruptcy, your credit score may be the least important factor for you to consider.  Allow me to explain. It is quite common for people that come to see us...

The post Personal Bankruptcy Shouldn’t Be About Your Credit Score appeared first on Bankruptcy Canada.

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Bankruptcy Canada by Bankruptcy Canada Trustee - 9M ago

For most people filing bankruptcy in Canada should be a last resort, to be used only if all other options won’t work for you.  So how can you avoid bankruptcy in Canada?  You have five options: Try to work through your debts on your own.  Perhaps you can cut your expenses...

The post 5 Options to Avoid Bankruptcy in Canada appeared first on Bankruptcy Canada.

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There sure is a lot of misinformation out there about bankruptcy, how long it lasts and what the long term effects are.  Just when I think I have heard it all, someone comes up with a new one, “I heard you can’t have a bank account for 10 years when...

The post How Long Does Bankruptcy Affect Me? appeared first on Bankruptcy Canada.

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As a Licensed Insolvency Trustee in Canada, I am often asked how to pay a credit card off to get out of debt. A few years ago my firm, Hoyes, Michalos & Associates Inc., hired Harris/Decima, the large polling firm, to find out more about how we Canadians deal with...

The post How To Pay A Credit Card And Get Out Of Debt appeared first on Bankruptcy Canada.

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Bankruptcy and consumer proposal laws deal with a person’s unsecured debts – things like your credit cards, lines of credit, personal loans, income tax debts, etc, etc, etc. Bankruptcy and consumer proposals do not normally deal with your secured debts – things like your mortgage, car loan, secured lines of...

The post What Happens To My Leased Car In A Bankruptcy? appeared first on Bankruptcy Canada.

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One of the most important concepts to understand before you file bankruptcy in Canada is surplus income.  Here’s the concept: The more you earn, the more you are required to pay while you are bankrupt. The concept makes sense.  If you are a doctor earning $200,000 per year and you...

The post Surplus Income and Bankruptcy in Canada: Is a Consumer Proposal The Better Option? appeared first on Bankruptcy Canada.

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Bankruptcy Canada by Bankruptcy Canada Trustee - 9M ago

With inflation, the rising cost of housing, and a large part-time workforce, it’s no surprise Canadian consumer insolvencies grew 3.5% in 2016. Income insecurity is a contributing factor because Canadians are increasingly turning to debt to pay for every day expenses. It’s not as though they’re living beyond their means. In...

The post Income Insecurity Driving Insolvencies appeared first on Bankruptcy Canada.

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The Bankruptcy & Insolvency Act provides different debt restructuring options for Canadians, which includes both personal bankruptcies and consumer proposals. We’re seeing a steady trend where Canadians are increasingly using consumer proposals as a way to deal with their debt. But once you know how to deal with your debts,...

The post You Should Be Looking For a Licensed Insolvency Trustee appeared first on Bankruptcy Canada.

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