What Do You Need to File Bankruptcy in Ontario?

Understanding Bankruptcy in Ontario: A Comprehensive Guide Filing for bankruptcy is certainly a significant decision and understanding the intricacies involved is crucial. If you’re considering the question, “What do you need to file bankruptcy in Ontario?”, this comprehensive guide has been designed to help you navigate the process. Section 1: Bankruptcy Overview Bankruptcy in Ontario … Read more

What Assets Can I Keep in Bankruptcy in BC?

The concept of bankruptcy can often be a daunting one, especially with the fear of losing valuable possessions. If you are considering filing for bankruptcy in British Columbia, it’s important to understand which of your possessions would be protected. This article will delve into the specifics of What assets can I keep in bankruptcy in … Read more

What Will it Cost to Go Bankrupt?

Understanding the Costs of Going Bankrupt in Canada Many Canadians, struggling with overwhelming debt, often ponder over the question, “What will it cost to go bankrupt?” The answer is not straightforward as the total cost hinges on multiple factors. In this article, we’ll delve into the nuances of bankruptcy costs in Canada, shedding light on … Read more

How Long Does it Take to File Bankruptcy in Canada?

Understanding the Duration of Filing Bankruptcy in Canada Declaring bankruptcy in Canada is not an immediate solution to eliminate your debts. Instead, it’s a process, with a series of steps that unfold over a certain period. Let’s explore how long does it take to file bankruptcy in Canada? and the factors that influence this timeline. … Read more

How Long After Bankruptcy Can I Get a Credit Card?

Bankruptcy is a legal process that provides relief to individuals or businesses that are unable to pay their outstanding debts. However, it’s important to note that this financial strategy comes with long-term effects, particularly on one’s credit score. One of the frequently asked questions by individuals who have undergone bankruptcy is, “How long after bankruptcy … Read more

What are the Alternatives to Bankruptcy?

When faced with overwhelming debt, you might think that filing for bankruptcy is the only solution. However, there exists a variety of strategies that can provide debt relief without having to resort to bankruptcy. This comprehensive guide will walk you through all the alternatives to bankruptcy. Introduction Contrary to popular belief, bankruptcy is not the … Read more

Bankruptcy vs Credit Consolidation

When it comes to the management of debt, understanding your options is essential. Two of the most common solutions are bankruptcy and credit consolidation. In this guide, we’ll delve into the specifics of Bankruptcy vs Credit Consolidation to help you make an informed decision. Understanding Debt Debt can be a useful tool when used responsibly. … Read more

How Will Bankruptcy Impact Sponsoring My Family?

The Implications of Bankruptcy on Family Sponsorship In our current socio-economic climate, the topic of bankruptcy and its implications on family sponsorship has become increasingly pertinent. This article aims to shed light on the impact of bankruptcy on the process of sponsoring family members for permanent residency, particularly in Canada. Can I Sponsor My Family … Read more

What Happens to Assets in a Consumer Proposal?

Understanding Consumer Proposals and Asset Management When you’re facing a mountain of debt, the process of navigating your way to financial freedom can be a daunting one. Many Canadians turn to a consumer proposal, a legal agreement set up by a Licensed Insolvency Trustee, to deal with their unsecured debts. But, one question that bothers … Read more

What Happens to RRSPs, RESPs & Pension Plans in Bankruptcy or a Consumer Proposal?

Understanding the Impact of Bankruptcy or a Consumer Proposal on RRSPs, RESPs & Pension Plans In the financial world, it’s not uncommon for people to face distressing times. Financial troubles may have led you to consider bankruptcy or a consumer proposal as a solution. However, you might be wondering, “What happens to RRSPs, RESPs and … Read more

How Does a Consumer Proposal Work in Ontario?

Decoding Consumer Proposals in Ontario: A Comprehensive Guide When the burden of debt becomes overwhelming, residents of Ontario can consider a consumer proposal as a legal option to free themselves from financial distress. This article provides a comprehensive guide on “How does a consumer proposal work in Ontario?” and outlines the steps involved in filing … Read more

Can I Get a Mortgage After Bankruptcy?

The idea of securing a mortgage after bankruptcy might seem implausible to some. However, contrary to common misconceptions, it’s not impossible. This article aims to demystify the process of obtaining a mortgage post-bankruptcy and offer valuable insights to help you navigate this journey. Understanding Mortgage After Bankruptcy The Misconceptions Bankruptcy is often seen as a … Read more

Can I Be Sued While in a Consumer Proposal?

Understanding Consumer Proposals and Legal Implications Are you in the midst of a consumer proposal and wondering, “Can I be sued while in a consumer proposal?” It’s a common concern that many people have. But don’t worry, this article aims to provide comprehensive insights on this subject matter. Consumer proposal is a legal term that … Read more

Ontario Bankruptcy Exemption Law Changes: Protecting Home Equity

Safeguarding Home Equity in an Ontario Bankruptcy This piece explores recent changes to Ontario’s Bankruptcy Exemption Law, specifically focusing on how they help protect individuals’ home equity. These changes, effective from December 16, 2020, have increased the protection levels for vehicles, furniture, and houses from seizure by creditors, even when individuals file for bankruptcy. Introduction … Read more

What are the Advantages of Filing a Consumer Proposal Instead of Declaring Bankruptcy in BC?

The Benefits of Opting for a Consumer Proposal Over Bankruptcy in British Columbia In the realm of debt management, understanding the various alternatives can be daunting, particularly when grappling with financial stress. One option that has gained traction in British Columbia is the Consumer Proposal. This legal debt management tool, often considered Canada’s top alternative … Read more

Can You File Bankruptcy on Debts Not Due?

Navigating the complex world of bankruptcy can be overwhelming, especially when it comes to understanding the intricacies of debts not yet due. As such, the question arises – Can You File Bankruptcy on Debts Not Due? This article aims to shed some light on this subject by explaining the concepts of contingent debt, disputed debt, … Read more

Treatment of Family Support Orders Under Bankruptcy

Bankruptcy is a legal status for individuals or businesses unable to repay their outstanding debts. However, certain obligations, such as family support orders, hold a unique position in bankruptcy law. This article will explore the treatment of family support orders under bankruptcy, shedding light on the intricacies of this topic. The Pertinence of Family Support … Read more

Debunking Debt Stigma

Debt, specifically consumer debt, has become a common phenomenon in today’s world. Despite its prevalence, a negative connotation, or what we call a “debt stigma,” often associates with it. This article aims at debunking the debt stigma by providing an in-depth analysis of its causes and consequences, and presenting viable solutions to manage it effectively. … Read more

Why is it a good idea to consider filing a consumer proposal if you own your home?

Why Should Homeowners Mull Over Submitting a Consumer Proposal? Homeownership comes with its own set of challenges, especially when you’re grappling with debt. In such a predicament, filing a consumer proposal could emerge as a viable solution. This article delves into the reasons why considering a consumer proposal could be a good move for homeowners. … Read more