Personal bankruptcies were down 5.8% and consumer proposal filings were up 6.7% as compared to the 12-months ended September 30, 2013.
Category: Bankruptcy
How Long Will I be Bankrupt?
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.
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.
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.
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
July 2014 Bankruptcy & Consumer Proposal Statistics
Personal bankruptcies were down 4.8% and consumer proposal filings were up 7.2% as compared to the 12-months ended July 31, 2013.
10 Steps To Rebuild Your Credit Rating After Bankruptcy
Once you have been discharged from your personal bankruptcy or consumer proposal there are some steps you can follow to put you on the path to a healthy credit rating.