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Canada – Personal bankruptcies were down 5% and consumer proposal filings were up 9% as compared to the 12-months ended April 30, 2014.
New Brunswick – Personal bankruptcies were up 2.2% and consumer proposal filings were up 8.6% as compared to the 12-months ended April 30, 2014.
With all of the choices facing financially distressed consumers, it’s important to compare your options. The most common options are a Consumer Proposal only available through a Licensed Insolvency Trustee or a Debt Management/Repayment Plan offered by credit counselling agencies.
When an individual files personal bankruptcy or a consumer proposal these loans are not always impacted and the assets can usually be kept as long as the loan payments are current and continue to be made in accordance with the credit agreement.
If you did not start saving soon enough and don’t have enough money, then you may want to consider delaying your trip to the following year. Your vacation will be much more enjoyable if you know that it is paid for in advance.
Generally speaking, under the Bankruptcy & Insolvency Act, if you reside outside of the country you can still declare bankruptcy as long as you meet certain criteria. If you are a previous Canadian resident and are have debt issues you should contact Powell Associates Ltd. to determine if you meet the criteria to file personal bankruptcy or a consumer proposal in Canada.
Canada – Personal bankruptcies were down 6.3% and consumer proposal filings were up 7.6% as compared to the 12-months ended March 31, 2014.
New Brunswick – Personal bankruptcies were up 6.1% and consumer proposal filings were up 16.1% as compared to the 12-months ended March 31, 2014.
Yes, judgments from creditors do get released when you file a personal bankruptcy or complete a consumer proposal. However, judgments registered against your assets by Canada Revenue Agency do not get released when you file a personal bankruptcy or complete a consumer proposal.
If you are unable to keep up with your debt payments you should consult a Licensed Insolvency Trustee to discuss your options before cashing-in any of your investments. Your investment savings may be exempt from seizure so you may be able to keep them if you file for personal bankruptcy or settle your debts through a consumer proposal.
Any assets or property that you receive or become entitled to receive, before your discharge from bankruptcy, can be seized by the trustee and distributed to your creditors. As a bankrupt, you must report any windfalls to your trustee and failure to do so could cause difficulties in obtaining your discharge from bankruptcy or even after you have received your discharge.
Canada – Personal bankruptcies were down 6.2% and consumer proposal filings were up 7.8% as compared to the 12-months ended February 28, 2014.
New Brunswick – Personal bankruptcies were up 3.7% and consumer proposal filings were up 12% as compared to the 12-months ended February 28, 2014.