Filing a consumer proposal can have significant advantages compared to filing personal bankruptcy when you are feeling overwhelmed with debt.
Category: Personal Bankruptcy
Financial Deep Cleaning Series – Part 2
Deep cleaning your financial rooms can save you a lot of money, significantly reduce your monthly “burn rate” and significantly reduce your stress.
Financial Deep Cleaning Series – Part 1
Part 1 – Get Rid of the Junk. “Individually, these small things likely don’t disrupt your day-to-day financial well-being.”
3 Questions Every Creditor Will Ask Themselves
If one or more of these scenarios apply, you may need to offer your creditors more than normal in order to convince them to say “yes”.
What Happens To Life Insurance When I Declare Bankruptcy?
In evaluating your assets in a bankruptcy situation the Licensed Insolvency Trustee is determining if there is any equity or value in the asset that is potentially available to your creditors, subject to any exemptions under Provincial or Federal legislation for that type of asset.
Reset and Restart: Personal Bankruptcy and the Relief from the Stress of Unmanageable Debt in Canada
Personal Bankruptcy is the last choice for most individuals but it is good that this process is available because, without it, there might be no relief from the stress of unmanageable debt.
Income Tax Deadlines
For Canadians, April 30 is the official deadline to file your personal income tax return with the Canada Revenue Agency. If you file your return past the deadline you will be assessed a late filing penalty. The deadline, if you or your spouse or common-law partner carried on a business in 2016, is June 15.
December 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 0.1% and proposal filings were up 7.4% as compared to the 12-months ended December 31, 2015. New Brunswick – Personal bankruptcies were up 3.2% and proposal filings were up 1.4% as compared to the 12-months ended December 31, 2015.
What is a Deemed Trust?
In a bankruptcy, amounts owing for GST/HST and the employer portion of CPP and EI, and penalties and interest on these amounts are unsecured claims, ranking the same as all other general creditors of a debtor. However, before bankruptcy occurs, CRA may obtain a lien or charge (be filing a memorial judgment) against the real or personal property of a debtor, CRA will be a secured creditor.
Bankruptcy: My Name is Still On My Ex-Spouse’s Home
To get your name off of the mortgage, your ex-spouse will have to qualify for the mortgage, on his or her own name, when the mortgage comes up for renewal. Whether or not they qualify is up to their financial institution.