Bankruptcy is not the only debt solution option available to resolve overwhelming debt. Your Trustee (Licensed Insolvency Trustee) can also put together a consumer proposal to your creditors. Where you pay a portion of the debt, you owe your creditors, and the creditors write off the remaining balance of the debt.
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I Received a Mortgage Sale Notice – What Can I do?
When you fall behind on mortgage payments your bank has the right to take control of your house and sell it. The mortgage company or bank must follow a formal legal process called a mortgage sale or foreclosure.
October 2014 Personal Bankruptcy & Consumer Proposal Statistics
Personal bankruptcies were down 6.4% and Consumer proposal filings were up 6.9% as compared to the 12-months ended October 31, 2013.
Am I Responsible For the Debt of My Business?
If your business is incorporated, you may still have personal obligations for certain debts; debt that you personally guaranteed, director liabilities, unpaid wages. If you operate your business as a sole proprietor, you are personally responsible for all the debts of that business. If you are a partner in a partnership, you and your business partner are jointly liable for all the debts of the partnership, not just your own portion.
Can I Claim Bankruptcy a Second Time?
Yes, you can declare personal bankruptcy a second time, as long as you have been discharged from your first bankruptcy. If you don’t have surplus income, comply with your duties and cooperate with your trustee on other estate matters. You are eligible to be discharged from your second bankruptcy, after 24 months.
Dealing With Debts in Collection
Besides all of the harassing phone calls and intimidating letters, these collection accounts have a negative impact on your credit score and your ability to access credit or to own a home.
How to Correct Errors on Your Credit Report
Maintaining a good credit score is vital, as it directly impacts your ability to borrow money or finance purchases. It also affects things such as the cost of insurance and specific employment opportunities. For these and many other reasons, it is essential to identify and correct any errors on your credit report as soon as possible.
Does My Trustee Work For Me or My Creditors?
Your Trustee’s job is to administer your bankruptcy or consumer proposal following the Bankruptcy and Insolvency Act.
How to Create a Budget in 5 Steps
We all know the importance of living within our means but according to recent statistics, less than 50% of Canadians use a monthly budget to plan their spending. When putting together a budget plan the key is not to make it complicated or difficult to follow.
September 2014 Bankruptcy & Consumer Proposal Statistics
Personal bankruptcies were down 5.8% and consumer proposal filings were up 6.7% as compared to the 12-months ended September 30, 2013.