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Canada – Personal bankruptcies were down 3.8% and consumer proposal filings were up 9.5% as compared to the 12-months ended July 31, 2014.
New Brunswick – Personal bankruptcies were up 2.8% and consumer proposal filings were up 15.3% as compared to the 12-months ended July 31, 2014.
Canada – Personal bankruptcies were down 5.3% and consumer proposal filings were up 9.2% as compared to the 12-months ended June 30, 2014.
New Brunswick – Personal bankruptcies were up 0.4% and consumer proposal filings were up 10.3% as compared to the 12-months ended June 30, 2014.
Canada – Personal bankruptcies were down 5.3% and consumer proposal filings were up 9.2% as compared to the 12-months ended May 31, 2014.
New Brunswick – Personal bankruptcies were up 0.4% and consumer proposal filings were up 10.3% as compared to the 12-months ended May 31, 2014.
What asset can I keep? A Licensed Insolvency Trustee can help you identify which assets you can keep. There is a specific list of assets that you are allowed to keep when you file personal bankruptcy or consumer proposal. This list of assets is specific to the province in which you live.
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.
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.