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.
Category: Debt Consolidation
Using Your Credit Cards Prior To Bankruptcy or Proposal
Borrowing money with the intent of not paying it back may be considered fraud which is a criminal offence. Debts from fraudulent activities are not dischargeable in a personal bankruptcy or a consumer proposal. If you are having a difficult time paying your debts, we recommend that you cease using your credit cards and contact a Licensed Insolvency Trustee to review your situation and discuss your options.
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.
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.
Which Debt Solutions, is Right for Me?
With consumer debt at an all-time high, the number of companies offering credit counselling or debt settlement services, are multiplying at an alarming rate. Many of these companies have large advertising budgets and slick websites designed to play on the fears of stressed out consumers who are in need of debt relief.