Generally speaking, the BIA is a federal statute that governs bankruptcy, proposal and receiverships in Canada. It provides relief to the honest, but unfortunate debtor from the crushing burden of debt so they can get a fresh start.
Tag: consumer proposal NS
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.
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.
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.
How Are Secured Debts Treated In Personal Bankruptcy or a Consumer Proposal?
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.
Banking Fees – Are You Paying Too Much?
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.