Receiving Surplus Income, an Inheritance or Windfall While Bankrupt

What To Do If You’re Expecting to Receive an Inheritance or Other Windfall During Your Bankruptcy Unexpected monetary gains are a rarity, often confined to the realm of dreams and fantasies. Be it hitting the lottery or discovering unknown wealth through an inheritance, these instances conjure images of sudden affluence. However, real-life scenarios often deviate … Read more

Rebuilding Credit After A Consumer Proposal Or Bankruptcy: A Step-by-Step Guide

Emerging from a Consumer Proposal or Bankruptcy can feel like being reborn. It signifies the end of a tough financial journey, and the beginning of a new chapter where you can focus on rebuilding your financial health. However, restoring your credit score after a Consumer Proposal or Bankruptcy requires strategic planning and disciplined execution. Let’s … Read more

Understanding Preferred Creditors of the Bankruptcy and Insolvency Act

Understanding Preferred Creditors Under the Bankruptcy and Insolvency Act Canada’s Bankruptcy and Insolvency Act (BIA) is a federal law that governs bankruptcy and insolvency processes within the country. One of the most pivotal aspects of this act is the concept of “Preferred Creditors,” which is particularly outlined in Section 136. This article will provide an … Read more

Protecting Yourself From Predatory Lenders

“Never dig yourself into a debt pit.” This is a prevalent saying amongst financial advisors and experts. As a professional in the financial industry, I have had countless discussions every month with people who are battling with colossal debts. The vicious cycle of uncontrolled credit card spending, unexpected events like sickness or unemployment, and the … Read more

Personal Bankruptcy & Future Access To OSAP

The Consequences of Personal Bankruptcy and Subsequent Access to OSAP in Ontario In this article, we delve into the ramifications of declaring personal bankruptcy in Ontario and how it affects future eligibility for the Ontario Student Assistance Program ( OSAP ) funding. It’s important to note that each situation is unique and this article offers … Read more

Personal Bankruptcy Alternatives

Exploring Personal Bankruptcy Alternatives As a society, we often find ourselves grappling with mounting debts. Sometimes, it may seem like personal bankruptcy is the only way out. However, there are numerous Personal Bankruptcy Alternatives available that can provide a viable escape route from the crushing weight of debt. In this article, we’ll explore and dissect … Read more

Personal Bankruptcy and Property Taxes

How Going Bankrupt Impacts Property Taxes Personal bankruptcy and property taxes are two financial concepts that many homeowners find complex and daunting. However, understanding the intricate relationship between these two can be an important step in navigating financial difficulties, especially when considering bankruptcy or a consumer proposal. Let’s delve into the world of personal bankruptcy … Read more

Personal Loans Budgeting Tips To Help You Become Debt Free

Mastering Personal Loans: An Ultimate Guide to Debt-Free Living Embarking on the journey towards financial freedom can be intimidating. However, with the right tools and strategies, such as Personal Loans Budgeting Tips To Help You Become Debt Free, you can navigate the treacherous waters of debt and chart a course towards financial stability. 1. Understanding … Read more

Planning on Maxing Your Credit Cards Before Filing Bankruptcy? Why You Should Avoid It

Why Maxing Out Credit Cards Before Going Bankrupt Is Always a Bad Idea Bankruptcy is a legal procedure aimed at providing relief to individuals and businesses drowning in debt. However, the idea of maxing out credit cards with the intention to file bankruptcy afterwards can be a serious mistake. This practice is not only ethically … Read more

Opposing A Discharge From All Points of View

Exploring Why Bankruptcy Discharges Are Opposed When it comes to navigating the intricate universe of personal bankruptcy, understanding the various aspects, such as discharge hearings and their possible outcomes, is crucial. This guide will delve into the world of bankruptcy discharges, scrutinizing the process from all angles to offer a comprehensive overview. 1. Understanding Bankruptcy … Read more

Paying Student Loans During Your Bankruptcy or Consumer Proposal

  Being saddled with substantial student loans can often feel like a never-ending burden. As the years roll on, the debts seem to loom larger, especially if previous obligations like student loans remain unsettled. However, there’s a ray of hope. If you’ve been out of school for more than seven years and find yourself facing … Read more

Notifying Creditors You Are Declaring Bankruptcy: Your Trustee Notifies Your Creditors

Do I Have to Notify My Creditors I am Going Bankrupt? When you’re drowning in debt and the phone won’t stop ringing with demands for payment, declaring bankruptcy can feel like the only way out. But what happens next? How do you go about notifying creditors you are declaring bankruptcy? This guide will take you … Read more

Now That I’ve Gone Bankrupt

What Happens Once I’ve Filed Bankruptcy? The journey post-bankruptcy can be a bit daunting, especially with the varying laws and personal exemptions in different regions. The focus of this article is to help you navigate this path, specifically in Québec, where there are specific exemptions and asset considerations. Personal Belongings In Québec, the law allows … Read more

Office of the Superintendent of Bankruptcy

Understanding the Office of the Superintendent of Bankruptcy (OSB) The Office of the Superintendent of Bankruptcy (OSB) is a vital body in the Canadian financial landscape, playing a pivotal role in ensuring fair and orderly bankruptcy and insolvency proceedings. This article delves into the structure, functions, and importance of the OSB, shedding light on its … Read more

My Spouse is Filing for Bankruptcy

What Happens When My Spouse Goes Bankrupt? If your partner is contemplating declaring bankruptcy, you may have numerous questions and fears. This guide aims to dispel the uncertainty and address some commonly asked questions about the impact of your spouse’s bankruptcy on your financial situation and assets. 1. My Spouse is Filing for Bankruptcy: Will … Read more

Navigating the Canada Emergency Response Benefit (CERB) and Dealing with Debt During COVID-19

How to Deal With Debt & CERB Payments The COVID-19 pandemic has not only been a health crisis but also an economic one, forcing millions of people to seek financial assistance. In Canada, the government introduced the Canada Emergency Response Benefit (CERB) to provide temporary financial support. However, understanding the intricacies of CERB and dealing … Read more

Never-Ending Debt And How To Stop It

Breaking the Chains of Never-Ending Debt and the Path to Financial Freedom Most of us, at one point or another, have found ourselves in the grip of debt. It starts innocently enough, with the notion that it’s just a temporary phase. We’ll pay it back soon, we tell ourselves. Then, life throws its curveballs, and … Read more

Surplus Income Limits for 2023

Understanding the New Surplus Income Limits for 2023 in Canada   Family Size Income Threshold 1 $2,543 2 $3,165 3 $3,891 4 $4,725 5 $5,359 6 $6,044 7 $6,729   The financial landscape in Canada is dynamic and ever-changing. One of the critical elements that individuals navigating through bankruptcy need to understand is the concept … Read more