Leamington
Filing a Joint Consumer Proposal For Mutual Debt If you’re struggling to pay your debts, it’s important to know the options that are available to help you get out of it. In Canada, an individual can file a consumer proposal, which acts as a debt settlement between the debtor and creditor through a Consumer Proposal … Read more
CRA Collection Process: Is It Stopped By Going Bankrupt? Dealing with debt is often a stressful process, but it can be even more stressful when you’re dealing with the Canada Revenue Agency. Receiving a notice from the CRA can be upsetting, but it’s important that you understand your rights to understand what you can do … Read more
The Automatic Stay of Proceedings is One of The Most Powerful Tools in Bankruptcy Despite the strict rules and regulations which govern the way that loans are given out, it’s difficult for creditors to ensure that they offer the right level of credit to their customers. Circumstances change, plans don’t always work out, and many … Read more
Costs Of Going Bankrupt in Ontario Receiving threatening calls and letters, facing lawsuits, and being unable to pay your mounting debts can all be extremely stressful. Financial companies don’t tend to pull any punches when they are going after people who owe them money, and this leaves a lot of people losing sleep when they … Read more
Small Business Bankruptcy: Is It The Best Choice For My Business? It’s no secret that times are tough for a lot of businesses, and many small companies are having to close their doors all the time. Whether this is thanks to poor decision making, low footfall, or high overheads, it can be a challenge to … Read more
How To Get Out of Overdraft Protection Debt Being stuck in the overdraft protection debt cycle is a nightmare for many Canadians. It can feel impossible to escape this trap, with interest payments and your living expenses making it challenging to make a dent in the overdraft you’ve built. Thankfully, escaping the overdraft protection debt … Read more
Money troubles like debt can be a significant burden in your life. The digital age has made it much easier for banks and other financial institutions to follow up on the money you owe, and many people feel extremely pressure when they are receiving phone calls, letters, and emails all requesting that they pay money … Read more
Filing Bankruptcy in Canada on American Debt A lot of Canadians own their own business. For this reason, it’s not uncommon for somebody who lives in Canada to have debts which are owed to a US lender. Of course, if you went to school in the United States, then you might even have a US … Read more
Is It Possible To File Bankruptcy Often? Typically, people see bankruptcy as a once-in-a-lifetime event – a one-off process that helps you regain financial control. Sometimes, though, you can find yourself facing hardship a second or third time and requiring another bankruptcy. If you are in this predicament, you’re not alone. Data suggests that around … Read more
File For Bankruptcy in Canada The term “bankruptcy” is in common usage across Canada, but what does it actually mean? Fundamentally, bankruptcy is a legal mechanism that prevents creditors from continuing to pursue you for money directly. It is, therefore, a tool that you can use to escape unsustainable monthly repayments and regain control of … Read more
Getting a Mortgage after Bankruptcy: Is It Possible? The bankruptcy process takes its toll on your creditworthiness. Following the date of bankruptcy, most creditors will not lend to you. But what about getting a mortgage after bankruptcy? Is that likely or not? Need Help Reviewing Your Financial Situation? Contact a Licensed Trustee for a Free … Read more
How the Bankruptcy and Insolvency Act can work for you The Bankruptcy and Insolvency Act (BIA) regulates the law on bankruptcy and insolvency in Canada. The act details how different legal options will work, while defining the role of the Superintendent of Bankruptcy, their representatives– official receivers, the courts, Trustees, creditors, and consumers have. The … Read more
What is Going Into Receivership? What it means to ‘go into receivership’ in Canada and how Bankruptcy Canada can help guide you through the process. Receivership has a unique definition within the context of Canada’s Bankruptcy and Insolvency Act. Although you may have heard that if a company declares bankruptcy that they ‘go into receivership’, … Read more
Declaring Personal Bankruptcy in Canada If you’ve got debts that have spiraled out of control, then it’s important to look at your options. When faced with debt in Canada, declaring bankruptcy could be the best solution to help you become debt-free. But if you’ve never been through the process before, filing bankruptcy can be a … Read more
Avoiding Debt Settlement & Debt Relief Scams When it comes to handling debt, most people will look for any quick solution to get out of it. So when someone gets in touch to say they can give you debt relief for a few months, you’d jump at the chance, wouldn’t you? Except here’s the problem. … Read more
How a Consumer Proposal Helped Me In 2013, I decided to start my own business. I had everything lined up, and took out some credit to help me get things off the ground. I created a business plan which outlined the milestones I needed to achieve in order to stay afloat and for a few … Read more
Rebuilding Credit After Bankruptcy in Canada to Stay Out of Debt Bankruptcy is a legal solution if you are overburdened by the debt that you have and don’t feel as though you have any other way out. The problem with bankruptcy is that it negatively affects your creditworthiness, and this can last for years. This … Read more
Orderly Payment of Debts or Consolidation Order When your debt becomes overwhelming, you may feel as though you have run out of options. If for some reason you are unable to qualify for a consolidation loan then you may think that your only escape route would be to file for bankruptcy. This is not the … Read more
Requirements to Receive Your Bankruptcy Discharge in Canada The bankruptcy discharge process in Canada can take between nine and 36 months, depending on a number of factors, such as whether it is a first or second bankruptcy. There are several steps that must be followed in order to complete the duties required from you after … Read more
What Are The Pros and Cons of a Debt Management Program? A debt management program (DMP) is one of the options available to people looking for ways to deal with their debt. If you are struggling with debt, a DMP can help you to make payments more manageable, pay your debt off sooner, and get … Read more
