There are several duties that an individual must complete as part of a personal bankruptcy to be eligible to be discharged from bankruptcy. These duties include, but are not limited to; completing two counselling sessions, report your monthly income to the Trustee, assist the Trustee with file your income tax return for the year of bankruptcy.
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What Is A Stay of Proceedings?
A stay of proceedings basically means that creditors must cease all collection or legal proceedings against the debtor, including wage garnishments. The purpose of the stay is to protect the assets of the bankrupt so the Trustee or Proposal Administrator can deal with them in an orderly fashion.
Can A Person Have Savings During Bankruptcy?
Yes, you can accumulate savings during a personal bankruptcy or consumer proposal. During a personal bankruptcy provided you are paying your required surplus income payment, if applicable. You can save as much as your budget allows.
The Difference Between Secured and Unsecured Debt
Secured debts include mortgages, vehicle or investment loans. The borrower gives the lender a lien or mortgage against assets such as property, vehicles or investments in exchange for the loan. Unsecured debts typically include personal loans, lines of credit, credit cards, overdraft on bank accounts, and personal income taxes.
My Spouse filed bankruptcy, do I need too?
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.
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.
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.
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.
May 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 5.3% and consumer proposal filings were up 9.2% as compared to the 12-months ended May 31, 2014.
New Brunswick – Personal bankruptcies were up 0.4% and consumer proposal filings were up 10.3% as compared to the 12-months ended May 31, 2014.
April 2015 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 5% and consumer proposal filings were up 9% as compared to the 12-months ended April 30, 2014.
New Brunswick – Personal bankruptcies were up 2.2% and consumer proposal filings were up 8.6% as compared to the 12-months ended April 30, 2014.