6 Strategies to Help Avoid Personal Bankruptcy

Personal bankruptcy is a legal process that individuals undertake when they can’t fulfill their debt obligations. While it can provide immediate relief, it often comes with long-term consequences. Therefore, it is crucial to consider the 6 Strategies to Help Avoid Personal Bankruptcy. Understanding Financial Literacy The first of the 6 Strategies to Help Avoid Personal … Read more

How Bankruptcy Can Impact Your Business Taxes

The process of declaring bankruptcy is an emotional journey, especially for small business owners. In light of the discontinuation of pandemic aid for businesses from the Canadian government, many businesses are battling to regain their footing, and bankruptcy cases are on the rise. If you’re considering bankruptcy as a Canadian small business owner, it’s crucial … Read more

Frequently Asked Questions About Bankruptcy in Ontario

Declaring bankruptcy can be a daunting process, fraught with uncertainty and confusion. Here are some Frequently Asked Questions About Bankruptcy in Ontario to help you navigate this financial landscape. 1. Understanding Bankruptcy 1.1 What does filing for bankruptcy mean? Declaring bankruptcy is a legal procedure overseen by a Licensed Insolvency Trustee (LIT). It involves a … Read more

What a Licensed Insolvency Trustee Can Do for You in a Bankruptcy or Consumer Proposal

The Role of a Licensed Insolvency Trustee in Bankruptcy and Consumer Proposals A Licensed Insolvency Trustee (LIT), sanctioned by the Canadian federal government, is the sole professional with the authority to file consumer bankruptcies and proposals. This profession, known as Bankruptcy Trustees in Canada before 2016, was renamed to reflect the expanded range of procedures … Read more

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