December 2017 – Consumer credit issues continue to exist in Canada, although personal bankruptcy filings are continuing to fall the volume of consumer proposal filings are still increasing.
Tag: personal bankruptcy
New Payday Loans Rules as of January 2018
If your finances are strained, a payday loan may solve an immediate need, but, their cost will take more money out of an already strained situation and, over time, make your situation worse.
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.
July 2016 – Personal Bankruptcy & Consumer Proposal Statistics
Canada – Personal bankruptcies were down 0.4% and consumer proposal filings were up 7.8% as compared to the 12-months ended July 31, 2015.
New Brunswick – Personal bankruptcies were down 4% and consumer proposal filings were up 1.2% as compared to the 12-months ended July 31, 2015.
Using Your Credit Cards Prior To Bankruptcy or Proposal
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.
What happens If My Ex-Spouse Goes Bankrupt?
If both parties have agreed to assume responsibility for certain debts, it does not absolve them, if one of them defaults on a debt, that was granted to both parties jointly. Bankruptcy laws and family laws do not deal with assets and liabilities in the same way; there can be conflicts and unintended consequences when the two interact.
Am I Responsible For the Debt of My Business?
If your business is incorporated, you may still have personal obligations for certain debts; debt that you personally guaranteed, director liabilities, unpaid wages. If you operate your business as a sole proprietor, you are personally responsible for all the debts of that business. If you are a partner in a partnership, you and your business partner are jointly liable for all the debts of the partnership, not just your own portion.
Do I Qualify For Bankruptcy?
Basically, if you owe at least $1,000, are unable to keep up with your monthly debt payments and do not have assets such as vehicles, house, or investments that you can sell to pay your debts in full, then you can choose to file personal bankruptcy. It is your choice whether or not to voluntarily put yourself into bankruptcy and no one can stop you.