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.
Category: Consumer Proposals
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.
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 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.
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.
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.