If you are faced with tough financial decisions, bankruptcy can seem like the option that will reduce the burden of debt. As Bankruptcy Canada puts it, in simplest terms, in personal bankruptcy, you assign everything you own to a Licensed...
Canadian insolvency statistics — the number of people who file for bankruptcy or for consumer proposal in a month or year — give us a good insight into the state of consumer and business debt in our country. The March 2020 insolvency numbers...
Consumer proposal vs. bankruptcy – what is the difference, and which one is the best choice for you? If you want to find out the answer, read on! For Canadians struggling with debt, both filing for a consumer proposal and filing for bankruptcy...
A Canada Revenue Agency (CRA) requirement to pay is a serious matter and should never be ignored. If you have received a requirement to pay, it means the CRA is about to take collection action. They are telling you that you are required to pay...
If you file for a consumer proposal does it mean you’re bankrupt? It’s a common question we receive, but the short answer is NO. While both programs are administered under the Insolvency Act, filing for a consumer proposal and filing for...
If you’ve been considering debt consolidation, you may have heard the terms “trustee in bankruptcy” and “debt counsellor.” But do you know the difference? They’re far from the same thing. Here’s what you need to know. Trustee in Bankruptcy...
As Canada’s household debt continues to rise, many Canadians are looking at debt consolidation options. Rising interest rates and new mortgage rules are leaving less room for debt and those who once had a comfortable cushion may now find...
While bankruptcies and consumer proposals are two common practices for Canadians looking to deal with problematic debts, they can also be somewhat confusing or misunderstood. One of the most common misconceptions comes with regard to who a...
Bankruptcy has, for decades, proven to be an incredibly important resource for those Canadians struggling to meet their monthly obligations, and for good reason. It provides a fresh start when things have become too difficult to handle...
Often we have clients come to us with financial troubles looking for advice regarding the difference between a consumer proposal and bankruptcy. While both are very valuable resources when it comes to dealing with debt that has spiraled out of...
If you are drowning in debt and considering a bankruptcy in Canada or a consumer proposal as a solution for debt relief, you may be thinking that the best approach is to go directly to a trustee. Many trustees advertise that they have a...
With Canadian consumer debt on the rise, it is no surprise that filing for bankruptcy has become a popular form of debt relief. The ability to combine all debts and make one monthly payment, as well as the ability to halt collection calls and...
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