Can I Keep a Credit Card During A Consumer Proposal? Credit Card During Debt Proposal

Navigating Credit Cards During a Consumer Proposal: A Comprehensive Guide When confronted with mounting debt, filing for a consumer proposal can offer a lifeline, restructuring your financial obligations and providing a path toward a fresh start. However, this process often raises questions about the implications for your credit cards and future access to credit. In … Read more

What Happens to Your Credit Score When You File Bankruptcy: Explained

Navigating the Financial Impacts: Credit Score Ramifications of Bankruptcy Filing Understanding Credit Scoring Fundamentals In today’s financial landscape, credit scores serve as a crucial barometer, quantifying an individual’s creditworthiness. These three-digit numerical values, typically ranging from 300 to 900, are meticulously calculated using intricate algorithms that assess various factors, such as payment history, outstanding debt, … Read more

BC Bankruptcies

Navigating Financial Turbulence: A Comprehensive Guide to BC Bankruptcies In the ever-changing landscape of personal finance, British Columbians may find themselves facing overwhelming debt burdens. When conventional debt management strategies fall short, declaring bankruptcy can provide a lifeline, offering a fresh start and a path towards financial stability. This comprehensive guide delves into the intricacies … Read more

What Happens If You Can’t Pay Your CEBA Loan?

Repaying CEBA Loan Difficulties? You’re Not Alone! The COVID-19 pandemic disrupted businesses worldwide, prompting governments to introduce financial aid programs. In Canada, the Canada Emergency Business Account (CEBA) loan aimed to provide interest-free funding to small enterprises grappling with economic turbulence. While this assistance was crucial, some borrowers may now face challenges repaying their CEBA … Read more

What happens to debt when someone dies in Canada?

When a loved one passes away, dealing with their outstanding debts can be an overwhelming and emotionally taxing process. In Canada, specific legal guidelines govern how debts are handled after someone’s demise. This comprehensive guide aims to shed light on the intricate nuances surrounding debt inheritance, estate settlement, and the responsibilities of executors and beneficiaries. … Read more

What Does Filing For Bankruptcy Do?

Unraveling the Realities: What Filing for Bankruptcy Means When overwhelming debt becomes an inescapable burden, the prospect of filing for bankruptcy emerges as a potential solution – a lifeline amidst financial turbulence. However, this decision carries profound implications that extend far beyond the mere erasure of debt. In this comprehensive guide, we’ll navigate the intricate … Read more

Employment Insurance (EI) Income & Filing For Bankruptcy in Canada

Navigating Bankruptcy’s Impact on Employment Insurance (EI) Benefits in Canada In these uncertain economic times, many Canadians are facing the difficult decision of whether to file for bankruptcy or a consumer proposal. A key concern that often arises is the potential impact on their Employment Insurance (EI) benefits. Will the bankruptcy filing jeopardize this crucial … Read more

Bankruptcy in Canada: Guide for Employees

Navigating the complexities of bankruptcy can be daunting, especially for employees whose livelihoods are directly impacted. In Canada, when a business faces financial turmoil and declares bankruptcy, it sets in motion a series of legal processes that significantly affect the company’s workforce. As an employee, understanding your rights and the implications of bankruptcy is crucial. … Read more

November 2023 Insolvency Statistics Report

Bankruptcy – Canadian Insolvency Statistics The latest Canadian insolvency statistics show a rise in consumer proposals month over month and from the prior November in 2022 and a decrease in bankruptcy filings in several provinces from the prior year. Consumer proposals increased 81% in Prince Edward Island in November 2023 (38) compared to November 2022 … Read more

Debt, Bankruptcy & Consumer Proposals With a Licensed Insolvency Trustee

Exploring Bankruptcies & Consumer Proposals With a Licensed Trustee It’s no secret that financial hardship and debt go hand in hand. Overwhelming debt can put a significant strain on your financial health, leading to additional debt and further problems. In other instances, unexpected life events or circumstances might force you to take on debt to … Read more

Segregated Funds & Bankruptcy Filings

Understanding Segregated Funds and Their Implications in Bankruptcy Financial instruments like segregated funds can be mystifying for the uninitiated. However, understanding their nuances can provide a significant edge, especially when facing bankruptcy. This article offers a comprehensive overview of segregated funds and their effects in bankruptcy. What are Segregated Funds? Segregated funds, also known as … Read more

Ex Common Law Husband Claiming Bankruptcy

Understanding Bankruptcy Bankruptcy is a legal status that an individual or business can declare when they are unable to repay their debts. It’s a drastic measure with lasting impacts, so understanding what leads to bankruptcy is crucial to avoid it. Early Warning Signs of Bankruptcy Recognizing the early signs of bankruptcy can prevent the situation … Read more

How Can A Consumer Proposal Or Bankruptcy Help Prevent You From Being Evicted?

In the current financial climate, it’s no secret that the cost of living is increasing at an alarming rate. The situation is particularly challenging for those who are renting their homes, especially in areas like Winnipeg and the rest of Manitoba. For instance, the average rent for a one-bedroom unit in Winnipeg has seen an … Read more

Why Are Young People Claiming Bankruptcy Earlier Than Ever?

Why Are Young People Claiming Bankruptcy Earlier Than Ever? The Unseen Impact of Student Debt Bankruptcy among young adults, a phenomenon often associated with American society, is increasingly becoming a Canadian reality. Current data suggests that one out of every six insolvencies in Canada is linked to student debt. Moreover, a significant number of individuals … Read more

How Do You File for Bankruptcy in Ontario?

How to File for Personal Bankruptcy in Ontario Filing for bankruptcy is a significant decision that requires careful thought and planning. This exhaustive guide will walk you through the process of filing for personal bankruptcy in Ontario, demystifying the steps, and debunking common misconceptions along the way. 1. Understanding Bankruptcy Bankruptcy is a lawful process … Read more

Small Business Bankruptcy in Ontario

Navigating the intricacies of Small Business Bankruptcy in Ontario can be a daunting task. Regardless of its size, declaring bankruptcy for your business is a significant decision that requires thorough contemplation and understanding of the facts. This guide aims to shed light on the bankruptcy process for small businesses in Ontario, helping you make an … Read more

Personal Bankruptcy Ontario Rules

Understanding the complex nature of personal bankruptcy in Ontario can be a daunting task. This guide aims to provide an in-depth analysis of the Personal Bankruptcy Ontario Rules to help you navigate the process with ease. Overview of Bankruptcy Laws in Ontario The bankruptcy law in Ontario is governed by four significant legislations: The Canadian … Read more

Can I Get a Student Loan After Bankruptcy in Canada?

A rising question among students in Canada revolves around their financial security, especially in the face of bankruptcy. The primary query is this: Can I Get a Student Loan After Bankruptcy in Canada? To answer this question, it’s essential to delve into the intricacies of student loans, bankruptcy, and how they intersect within Canadian law. … Read more

Can You Claim Bankruptcy Twice in Canada?

Personal financial crises can strike anyone at any point in time. For those in Canada who have already gone through the arduous process of personal bankruptcy once, the prospect of having to do it again can be rather daunting. So, the question arises: Can You Claim Bankruptcy Twice in Canada? Understanding Bankruptcy in Canada Before … Read more

Business Bankruptcy Protection

Navigating Business Bankruptcy Protection in Canada: A Comprehensive Guide Financial turbulence and debt crises are inevitable parts of any business venture. In Canada, companies struggling with insurmountable debt can seek refuge under Business Bankruptcy Protection. This detailed guide will provide a thorough understanding of business bankruptcy protection in Canada, its mechanisms, and the steps involved. … Read more