Filing Bankruptcy in Canada

Take Advantage of Free Bankruptcy Counselling Bankruptcy might be one of the possibilities that you are considering after researching how to deal with your debts. It is usually a last resort, but it is often the best solution for those dealing with issues of debt and struggling to make payments. If you are interested in … Read more

Rising Interest Rates in Canada Could Cripple You Rising interest rates can get you into financial trouble if you have debts. As interest rates increase, your repayments for various debts can start to become larger. It can make it more difficult for you to make your payments and to pay them on time. One of … Read more

Ontario Bankruptcy Laws Help You Get Out of Debt Before you file for bankruptcy in Ontario, you must be aware of the laws and legislation in place. As of right now, there are four specific legislations put in place that govern bankruptcy law. These are:   The Canadian Bankruptcy and Insolvency Act (BIA); Limitations Act; … Read more

Keeping your House and Going Bankrupt Filing for bankruptcy is often seen as the last-ditch solution for anyone in debt. When all other options have been exhausted, this can help you become debt-free and have a fresh financial start. It’s not for everyone, and there are some concerns that many people have. Namely, can you … Read more

Find Out Whether Budgeting is a Waste of Time Make a budget. This is one of the most prevalent forms of financial advice out there. If you’re suffering from money problems or looking to get out of debt, then a budget can help you – right? It seems like an obvious answer. Of course budgets … Read more

What are the Main Advantages Of Filing Bankruptcy? Filing bankruptcy in Canada could be a smart decision for you and your personal finances. However, this differs from individual to individual. Debt problems take many forms, meaning one solution might not be perfect for the entire population. If you need debt relief help, and you’re considering … Read more

What Bankruptcy Options are Available in Canada? There’s not a single person in the world who would want to declare bankruptcy. If you want to find out which options are available to you in Canada, then this is the guide for you. Below you will find out everything you need to know about making the … Read more

Tips on How to Deal With Your Creditors When you’re in debt, dealing with creditors is an inevitable part of resolving your situation. Despite this, many people try to avoid communicating with creditors. If you’re unable to make your minimum repayments or your accounts are in arrears, avoiding phone calls and ignoring the mail can … Read more

What are the Pros and Cons of Going Bankrupt? Filing for bankruptcy is a big decision, so it’s essential to consider the potential benefits and drawbacks before you move forward. Although bankruptcy can be the most effective way to deal with your debt, it isn’t necessarily the right choice for everyone. By assessing the pros … Read more

Tips on Stopping Creditor Harassment Dealing with debt can feel overwhelming and even scary at times but it doesn’t have to. By learning more about debt management and your rights, you can stop creditor harassment and find a better way to handle your finances. If you’re currently in debt and you’re being hounded by creditors … Read more

Budgeting to Pay Down Debt A workable budget is crucial if you want to get out of debt. Whether you have mounting credit card bills, unsecured loans or unpaid arrears, you’ll need a detailed financial plan if you want to reduce your debt. Addressing your financial situation can feel overwhelming at first, particularly if you’ve … Read more

What to do When the Bank Freezes Your Bank Account Debt in Canada is in a sorry state. Even pre-2020, the amount owed was at peak levels, and that figure has only worsened in the face of job losses and more. The situation is so dire that 49% of Ontario residents alone are on the … Read more

How to Prevent a Wage Garnishment While it can often seem like a standard part of the national conversation, debt is a terrifying reality. It’s easy, on paper, to state that almost half of Canadians are just $200 away from being unable to pay their bills, but this is significant cause for concern on a … Read more

Financially Supporting Your Family – It Isn’t Always A Good Idea When you see a loved one faced with financial difficulties, the natural response is that you want to help them. The obvious solution would be to lend them some money. In reality, though, it’s a move that often generates more problems than it solves. … Read more

Supplementary Credit Card Holders in Bankruptcy When you apply for a credit card, you’re usually given the option to add a supplementary card for your partner or spouse. But when your debts become unmanageable and you decide to file bankruptcy, how does it affect your supplementary card holder? Need Help Reviewing Your Financial Situation? Contact … Read more

Few things in life are as stressful or emotionally crippling as being caught in a sea of mounting debt. If you find yourself falling deeper and deeper by the month, filing for bankruptcy may feel like the only way to stop yourself for drowning. While the opportunity to start over is an attractive prospect for … Read more

In order to get your bankruptcy discharged, you are mandated to go to the two compulsory bankruptcy counselling sessions. Either they will be with the trustee managing your file or through a different financial professional. Typically, the first meeting is usually in the second period of your bankruptcy – two or so months into the … Read more

The Role of the Official Receiver in Bankruptcy Since bankruptcy is covered by Canadian legislation, there are multiple different professionals dealing with the different aspects of the proceedings. The Official Receiver is one of these people, tasked with managing aspects of your bankruptcy while also being an officer of the court. These professionals are trained … Read more

Pensions in Bankruptcy One of the key reasons people seek bankruptcy is to manage their financial future. Resultantly, a major concern related to going bankrupt is the risk of losing your pension. Workers pay into pension funds from the start of their careers, via the Canada Pension Plan (CPP). You can see this deduction on … Read more