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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.
Any assets or property that you receive or become entitled to receive, before your discharge from bankruptcy, can be seized by the trustee and distributed to your creditors. As a bankrupt, you must report any windfalls to your trustee and failure to do so could cause difficulties in obtaining your discharge from bankruptcy or even after you have received your discharge.
Canada – Personal bankruptcies were down 6.2% and consumer proposal filings were up 7.8% as compared to the 12-months ended February 28, 2014.
New Brunswick – Personal bankruptcies were up 3.7% and consumer proposal filings were up 12% as compared to the 12-months ended February 28, 2014.
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.
Personal bankruptcies were down 6% and consumer proposal filings were up 8% as compared to the 12-months ended January 31, 2014.
It’s important to find the best type of account and monthly plan to fit your lifestyle so you can start by reviewing your monthly bank statements to see the fees and service charges you have incurred in the past. This will provide the information you need to compare the types of accounts and plans that best suited to your usage.
Having the wrong plan or too many bank accounts can be costly, and you might be paying for unnecessary bank expenses than a plan that is tailored to your individual or family needs.
When you receive a discharge after completing your bankruptcy, it releases you from the debts you owed before your date of bankruptcy. Once you file personal bankruptcy, your creditors cannot legally collect on those debts.
Banks charge interest on overdraft account as high as 20%; this can be a costly form of credit. If you find that you are carrying an overdraft balance and running out of money between pay periods, this can be an early warning sign of future financial difficulties.