No, if one spouse files personal bankruptcy or a consumer proposal, it may not be necessary for the other spouse to file. This depends on several facts which a Licensed Insolvency Trustee will assist the couple to review. The couple can then make an informed decision as to which option best meets their needs and allows them to achieve their financial goals.
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2016 New Brunswick Home Energy Assistance Program (HEAP)
The New Brunswick government is offering a one-time benefit of $100 to help low-income families with their home energy bills. The government has had similar programs in the past to help families offset some of the cost of heating their residence.
October 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 2.7% and consumer proposal filings were up 8.8% as compared to the 12-months ended October 31, 2014.
New Brunswick – Personal bankruptcies were down 2.4% and consumer proposal filings were up 18% as compared to the 12-months ended October 31, 2014.
Understanding Consumer Proposals
A consumer proposal is a settlement arrangement with your unsecured creditors to pay a portion of your debt in monthly payment over a period of up to 5 years. These payments are the full and final settlement of your debts with these creditors.
Bankruptcy And Sponsoring a Relative’s Application For Immigration
According to Immigration Canada, you can sponsor a relative’s immigration application as long as you are a citizen or permanent resident of Canada and are 18 years of age or older. There are however some restrictions, one of which states that you can not be an undischarged bankrupt.
September 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 2.9% and consumer proposal filings were up 9.2% as compared to the 12-months ended September 30, 2014.
New Brunswick – Personal bankruptcies were up 1.5% and consumer proposal filings were up 14.8% as compared to the 12-months ended August 31, 2014.
Do I Have To Continue Paying Student Loans During My Bankruptcy or Consumer Proposal?
Even though your student loan debt may not be discharged as part of your personal bankruptcy or consumer proposal, the creditor is still prohibited from normal collection activities during your personal bankruptcy or consumer proposal. We recommend paying the interest portion of the payment during your personal bankruptcy or consumer proposal.
Can I Apply For Credit While Bankrupt?
Filing for personal bankruptcy does not prevent you from applying for credit however as a bankrupt person you have a duty not to engage in any business transactions, or obtain credit of more than $1,000, without disclosing to the lender that you are an undischarged bankrupt.
August 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 2.9% and consumer proposal filings were up 9.5% as compared to the 12-months ended August 31, 2014.
New Brunswick – Personal bankruptcies were up 1.5% and consumer proposal filings were up 14.8% as compared to the 12-months ended August 31, 2014.
July 2015 – Personal Bankruptcy & Consumer Proposal Statistics
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.