If you are a first-time bankrupt, you are eligible for an automatic discharge from bankruptcy after 9 months if you have no obligation to make Surplus Income payments and after 21 months if you have to make Surplus Income payments.
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Will Bankruptcy Ruin My Credit?
People often try to avoid bankruptcy at all costs because they are worried about ruining their credit rating. They pride themselves on paying their bills on time, have always maintained a strong credit score and they thought of doing anything to jeopardize that is unthinkable.
Will My Friends and Family Know I Went Bankrupt?
Personal bankruptcy and consumer proposal filings are a matter of public record and are kept on file with the Government of Canada through the Office of the Superintendent of Bankruptcy. These records are accessible for a fee but how many people, other than Licensed Insolvency Trustee (bankruptcy trustee), would incur the expense or even think or know where to look?
Tips for Saving Money on Groceries
For most Canadian families groceries are there second highest monthly expense outside of their housing cost so it’s important to get the most bang for your buck. Here are a few tips and suggestions that may help you reduce your grocery expenses.
Do I Qualify For Bankruptcy?
Basically, if you owe at least $1,000, are unable to keep up with your monthly debt payments and do not have assets such as vehicles, house, or investments that you can sell to pay your debts in full, then you can choose to file personal bankruptcy. It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.
August 2014 – Personal Bankruptcy & Consumer Proposal Statistics
Personal bankruptcies were down 5.5% and consumer proposal filings were up 7.3% as compared to the 12-months ended August 31, 2013.
Understanding Your Credit Score in Canada
A credit score is a number, attached to your credit report, that represents your credit-worthiness and indicates how likely or unlikely you are to pay your debts. Lenders, such as banks and credit card companies, use credit scores to evaluate the potential risk posed by lending money to you. The higher the score the more likely you are to be approved for credit; a lower score decreases your chances of obtaining credit.
Will My Personal Bankruptcy Affect My Spouse?
When you file a personal bankruptcy it does not directly affect your spouse or reflect on their credit report. Your personal bankruptcy is between you and your creditors. Your spouse is not liable for your debts simply because he/she is your spouse. However, your personal bankruptcy can have an impact on the other person in certain ways.
Personal Bankruptcy and Income Taxes – What You Need to Know
When filing a personal bankruptcy income tax debts are discharged the same as any other unsecured debt, such as credit cards and personal loans. If you are struggling with income tax debt or have had your wages garnished then you should seek the assistance of a professional.
Annual Consumer Insolvency Rates – Canada vs. Maritime Provinces
Annual Consumer Insolvency Rates – Canada vs. Maritime Provinces On September 30, 2014, the Office of the Superintendent of Bankruptcy released its most recent statistics on annual insolvency rates for Canada and the Provinces. These figures include both consumer bankruptcy and consumer proposal filings for the years 1987 through 2013 and show the significant trend… Continue reading Annual Consumer Insolvency Rates – Canada vs. Maritime Provinces