Filing Bankruptcy in Canada

In the world of finance and law, bankruptcy is a term that is often misunderstood. Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. It is a situation that can impact various aspects of an individual’s life, including their ability to sponsor an immigrant. … Read more

Bankruptcy Lawyer or Licensed Insolvency Trustee: Who Do I Need? Bankruptcy is a challenging process for anyone to navigate. In Ontario, it is governed by both federal and provincial regulations. But, do you need a bankruptcy lawyer to oversee this complex process? Let’s shed some light on this. What is Bankruptcy? Bankruptcy refers to a … Read more

Deciding the Sequence: Bankruptcy or Divorce First? When you are at the crossroads of a failing marriage and mounting debt, you’re often faced with a tricky question: Should You File Bankruptcy Before or After Divorce? The answer to this largely depends on the financial circumstances of the respective spouses and the impact of bankruptcy or … Read more

Why You Should Close Your Old Bank Account & Open a New One When Going Bankrupt After you’ve filed for bankruptcy, there’s a critical question you need to consider: Should you open a new bank account? If you’re trying to navigate the financial aftermath of bankruptcy, this article will guide you through the process. Why … Read more

In a world where financial obligations are a constant, the issue of debt management comes to the forefront. One of the most challenging decisions concerning this matter is whether to attempt to pay off debt independently, or consider filing for bankruptcy. This issue demands careful consideration, given its potential impact on your financial future. Understanding … Read more

Contemplating Keeping Your Bank Account During a Bankruptcy Procedure in Canada? Navigating through the financial distress of bankruptcy or a consumer proposal in Canada? One of the many questions you may be asking is “Should I Keep my Bank Account in a Bankruptcy in Canada?” Here’s an in-depth guide that can help you make an … Read more

Medical bankruptcy is a phenomenon more common in the United States, but it doesn’t mean it’s unheard of in countries like Canada with free healthcare systems. It’s crucial to understand that while medical bankruptcy in Canada may not stem directly from hospital bills, it often results from other related costs and issues. In fact, 19% … Read more

Is Personal Bankruptcy The Right Course When Your Business Shuts Down? The harsh truth of the ongoing pandemic is that several Canadian small enterprises may not weather the economic storm caused by COVID-19. The exceptional circumstances of the virus coupled with inconsistent government aid for small businesses have inevitably resulted in collateral damage beyond escalating … Read more

Understanding Segregated Funds and Their Implications in Bankruptcy Segregated funds, a unique investment instrument, offer an interesting blend of insurance and mutual fund characteristics. In this article, we aim to demystify Segregated Funds and the Effects in Bankruptcy, a topic that often elicits confusion among investors. A Detailed Look at Segregated Funds Segregated funds, offered … Read more

Understanding Self Employed Income and Surplus Income In Bankruptcy Being self-employed can be both rewarding and challenging. However, managing finances is often a complex process, especially when facing debts and bankruptcy. The concept of Self Employed Income and Surplus Income In Bankruptcy is critical for those in this situation. This article will delve into these … Read more

Navigating the Maze of Rising Interest Rates and Debt: An Action Plan In the financial landscape, rising interest rates and debt often go hand in hand. As the Bank of Canada continues to push its overnight rate target upward, many debt-ridden households are grappling with the dire consequences. How can you navigate this economic scenario? … Read more

RRSP, Registered Savings Accounts and Bankruptcy Laws in Canada: A Comprehensive Guide Filing for bankruptcy can be an intimidating process, and one of the biggest concerns for many individuals is what will happen to their RRSP (Registered Retirement Savings Plans) and other pension savings. In this article, we’ll explore the ins and outs of RRSP … Read more

After Bankruptcy in Canada: Top Five Tips for Saving Money After experiencing bankruptcy in Canada, one of the most crucial steps you can take towards financial recovery is to build up your savings. While this may seem challenging, especially in the wake of such a financial setback, it is not impossible. Here are the top … Read more

Navigating Through the Maze of Second-Time Bankruptcy and Bankruptcy Discharge Filing for bankruptcy is a legal course of action, often approached by individuals submerged in overwhelming debt. However, there’s a stark difference between filing for bankruptcy for the first time as opposed to a second time. In the case of a second-time bankruptcy, the debtor … Read more

My Car is Being Repossessed By My Creditor When you borrow money, the lender often requires you to put up collateral as a security measure. In the case of a car loan, the vehicle itself typically serves as this collateral. But what happens if you’re unable to meet your loan obligations? This is where repossession … Read more

The Ins and Outs of RESP Contribution and Bankruptcy A Registered Education Savings Plan (RESP) is a popular instrument utilized by parents to safeguard their child’s future education. However, what happens to an RESP contribution in the event of bankruptcy? Let’s dive in. Registered Education Savings Plan (RESP) An RESP is a unique form of … Read more

Navigating the Complexities of Debt-Laden Retirement on a Pension Retirement should ideally be a time of relaxation and financial security. However, the reality paints a different picture for many, with financial obligations such as Retiring with Debt While On Pension casting a shadow over their golden years. This guide aims to address key considerations for … Read more

The process of bankruptcy can be a complex and often confusing one, involving numerous steps and procedures. One such aspect that often raises questions is the Return Of Gst After Bankruptcy. This article seeks to provide a detailed, step-by-step guide to understanding and navigating this process. Understanding Bankruptcy Before delving into the specifics of GST … Read more

Reporting Monthly Income And Expenses is an Important Duty of a Bankrupt In this modern era, financial responsibility has become more significant than ever. One essential aspect of this responsibility revolves around the accurate reporting of monthly income and expenses. This article aims to provide a thorough guide on this topic, particularly for individuals undergoing … Read more