Why Canadian Bankruptcies Are On The Rise
It is no secret that the cost of living in Canada is expensive, especially in cities. But, what’s more of a secret is the debt Canadians are accumulating to help them afford the cost of living. In fact, debt has become such a prevalent issue in Canada that the insolvency… Read More
2019 Bankruptcy Surplus Income Limits
In Canada, part of the bankruptcy process is making payments to creditors for the duration of your bankruptcy. Given the financial turmoil of individuals going through a bankruptcy, the Canadian government has set payment regulations for bankrupt individuals, otherwise known as surplus income limits. Surplus income limits take into account… Read More
Everything You Need to Know About Bankruptcy Court in Canada
When consumers find themselves in a dire financial situation that has caused them to be unable to pay their debts, they may have exhausted many options to alleviate their mounting debt issues. But when all options have failed, bankruptcy is typically the last resort. With bankruptcy, your debts would… Read More
The CRA Collection Process vs. Bankruptcy
The Canada Revenue Agency, CRA for short, has a lot of power over taxpayers in Canada, more than you may have originally thought. For this reason, it can be unsettling to be in debt to the CRA. There are many types of debt that CRA collects including, but not limited… Read More
What Will Happen To My House After I File For Bankruptcy?
Your home is probably one of the most valuable investments you’ll make in your lifetime. Not only that, if you have a house, you’ve probably become attached to it and comfortable with your lifestyle there. If you’re going through a bankruptcy, it is likely that… Read More
Bankruptcy 101: Winnings, Gifts, and Inheritance
Bankruptcy is one of the preferred methods for getting out of debt or financially related problems. But, of course, there are some catches. As you are probably aware, a bankruptcy will often cost you almost everything that you own, barring a couple of exceptions, depending… Read More
Is Bankruptcy The Right Option For Tax Debt?
Bankruptcy is a very drastic solution to the problems of your debts, but one that is necessary for many people. When you cannot deal with your debts on your own anymore, it can be a good idea to seek out some help. While there are… Read More
What Will Happen to My Leased Car if I File for Bankruptcy?
Knowing all the correct terms and rules surrounding bankruptcies and consumer proposals can be a tedious process. You need to know what is exempt, what you will lose, how much it will affect your credit and for how long, and so much more. For example, what will happen… Read More
How is Secured Debt Treated During Bankruptcy?
Not all debts are created equal. Some debt is secured while others are unsecured. This matters when it comes to bankruptcy, as each will be treated in their own unique way under the Bankruptcy Insolvency Act (BIA). Bankruptcy provides consumers who are… Read More