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Gordon Sands Dealing with Lottery Winnings in Bankruptcy If you find yourself asking, “What happens if I win the lottery while bankrupt?” you’re not alone. Many individuals have contemplated this curious situation. This guide will explain the legal and financial implications of such a scenario in a clear and concise manner. Understanding Bankruptcy and ‘After-Acquired Property’ The … Read more
The Aftermath of Bankruptcy: Navigating the Effects on a Former Partner The disintegration of a relationship often leads to the creation of a legally binding separation agreement to clearly outline each party’s responsibilities. This comprehensive document typically details the distribution of assets such as homes, vehicles, pensions, and furniture, along with the division of debts … Read more
The Impact of Income Changes on Bankruptcy: What You Need To Know An increase in your earnings during bankruptcy can create a ripple effect on your financial obligations. This article explores the dynamics of What Happens If My Income Increases During My Bankruptcy? and provides comprehensive insights on managing such changes. Bankruptcy Basics Bankruptcy is … Read more
The Implications of Failing to Pay Credit Card Bills In today’s economy, most individuals lean on credit cards for purchasing goods and services. However, it is not uncommon for individuals to find themselves unable to meet credit card payment obligations. This piece delves into what happens if you can’t pay your credit card bills, the … Read more
Job Change During Bankruptcy Embarking on a journey towards financial recovery through bankruptcy can be daunting, especially when unexpected situations like a job change come into play. This article unravels the complexities of What Happens If I Change Jobs While I’m Bankrupt? and provides a comprehensive guide to navigate this scenario effectively. The Initial Stages … Read more
Defaulting On My Consumer Proposal: What Are The Consequences? The outcome of defaulting on a consumer proposal can be daunting. When it comes to financial management, understanding the consequences of defaulting on a consumer proposal is essential. But first, let us delve into the concept of a consumer proposal. What is a Consumer Proposal? A … Read more
We live in an unpredictable world, and the question, “What happens if I die during bankruptcy?” is a valid concern that often plagues the minds of those navigating through the financial labyrinth of bankruptcy. This article aims to shed light on this complex issue and provide clarity. Understanding Bankruptcy Before diving into nuances of the … Read more
Bankruptcy is often seen as the last resort for those grappling with overwhelming debt. But what happens if you decide not to file for bankruptcy, despite having a significant amount of debt? This comprehensive guide delves into what awaits you in such a scenario. Understanding the Debt Collection Process The journey of an unpaid debt … Read more
Experiencing financial instability can be quite daunting. When the burden of debt becomes unbearable, the first step towards reclaiming your financial freedom is seeking professional assistance. So, what happens during the first debt help meeting? Let’s shed light on this crucial question and guide you through the process. Unpacking the Reality of Debt Over 50% … Read more
Understanding the dynamics of bankruptcy and its implications is essential for anyone dealing with financial challenges. Among the numerous facets of bankruptcy, one crucial aspect is the discharge. This article delves into the consequences and actions surrounding what happens if bankruptcy is not discharged in Canada. Non-Discharge of Bankruptcy: An Overview Bankruptcy discharge refers to … Read more
How to Set SMART Financial Goals & Why It Matters Embarking on the journey of crafting SMART financial goals is a strategic move towards securing a more stable and prosperous future. SMART is an acronym that stands for Specific, Measurable, Achievable, Realistic, and Time-bound. Let’s delve into each of these aspects to gain a deeper … Read more
Navigating Post-Consumer Proposal Life: What Can One Expect? Consumer proposal – a term that can be intimidating to some, especially those embroiled in the throes of debt. But what exactly is a consumer proposal? Essentially, it’s a mechanism that allows individuals to repay their creditors at a rate they can afford, over a fixed period … Read more
Bankruptcy, a legal proceeding involving a person or business unable to repay outstanding debts, involves a series of technical terms that are often confusing to many. One such term is discharge. But what does the term discharge mean in the context of bankruptcy? Definition of Discharge in Bankruptcy In the simplest terms, discharge in bankruptcy … Read more
Consumer Proposal Duties to Follow Once you’ve decided to navigate the financial turbulence via a consumer proposal, there are certain obligations you must fulfill to ensure its successful completion. Even though your trustee will accompany you throughout the journey, having a clear understanding of your responsibilities can facilitate the process. Here are the key duties … Read more
Navigating Bankruptcy in Canada: Understanding Its Impacts and Limitations Bankruptcy is often viewed as a last resort for individuals struggling with escalating debt. While it may be a challenging decision, understanding its impacts and limitations can provide a clearer perspective. This article explores what filing bankruptcy in Canada can do and what it can’t. The … Read more
Life Post Consumer Proposal: What You Need to Know Navigating the financial landscape can be a daunting task, especially when dealing with something as significant as paying off a Consumer Proposal. The journey doesn’t end there; in fact, a new chapter begins – the phase of credit rebuilding and financial rehabilitation. It’s a time of … Read more
Bankruptcy can be a daunting process for many. However, understanding what happens after bankruptcy can help alleviate some of the stress. This article aims to provide an in-depth perspective on the subject and guide those on their journey to financial recovery. Defining Bankruptcy To begin with, we must understand that bankruptcy is a legal procedure … Read more
Decoding the First Insolvency Counselling Session When a person or pair submits a consumer proposal or an insolvency declaration, the Bankruptcy and Insolvency Act necessitates the completion of two financial counselling sessions with a Licensed Insolvency Counselor. 1. Unpacking The Need for Counselling Several individuals initially express doubt about financial counselling, questioning the need for … Read more
The Student Loan Challenge There are times when the financial responsibilities associated with student loans can become too much to bear. Unexpected expenses, job loss, or a myriad of other circumstances can make it challenging to stay current on student loan payments. If you find yourself in a situation where you can’t pay your student … Read more
Decoding the Consultation Process: What Should You Anticipate? When you’re grappling with financial issues and considering the path of insolvency, the initial step generally involves scheduling a ‘Free Confidential Consultation‘ with a proficient Licensed Insolvency Trustee (LIT). But what can you expect at such a consultation? This comprehensive guide aims to demystify the process, providing … Read more
