What happens to my debt when I go bankrupt in Canada? Declaring bankruptcy essentially implies that you are legally informing the authorities that you are no longer in a position to repay your existing loans. However, this does not always mean that your debt will be discharged. Discharging of debt involves relieving you of your… Continue reading Debts That Stay
407 ETR Debts in Bankruptcy / Consumer Proposal The Background People with financial woes have two trains of thoughts in their minds usually. One – should they work on a formal Consumer Proposal or file for Bankruptcy? Two – even if they do choose either of these options, to what extent would they be granted… Continue reading Are 407 ETR Debts Dischargeable in Bankruptcy or Proposal?
Foreclosure or Bankruptcy on Mortgage Debt? When it comes to Foreclosure and Mortgage Bankruptcy, there are some key differences one should be aware of. These differences include the process, timeline and most importantly, the ramifications. To learn more, please continue reading. Foreclosure What is it? When you can’t pay your mortgage, your lender may commence… Continue reading Foreclosure vs Mortgage Bankruptcy in Canada
The Federal Government and the Provinces have limitation acts which provide a limit on the time an unsecured debt survives. Speak to a bankruptcy trustee about your unsecured debts and the statute of limitations. If an unsecured debt is not collected or payments are not made on the unsecured debt then after a certain time… Continue reading Limitation Acts – “Statute of Limitations”