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What are my duties in bankruptcy?
In an uncomplicated first bankruptcy, as long as you fulfill certain obligations, your bankruptcy will be automatically discharged in nine months, and you’ll be released from your debts. Any failure or delay in fulfilling those obligations can delay or prevent your...
What happens after Bankruptcy?
Before you make the decision to declare bankruptcy, you should know what you can expect when the process is over. The very best thing that happens is that after your bankruptcy is discharged, you’re absolved of your responsibility to repay your debts and free to make...
Will I lose my vehicle in bankruptcy?
Next to their home, for many people their car is the most valuable thing they own. Naturally, it’s often top of mind when insolvent individuals — those whose debts outweigh their ability to repay them — consider declaring bankruptcy. Will you lose your car in...
Bankruptcy and taxes
If you are insolvent and have declared bankruptcy, you can generally expect to be legally released from your debts when your bankruptcy is discharged. For a first-time, uncontested bankruptcy, you are automatically discharged nine months after you declare. If,...
How to understand credit rating
The most common ratings, called North American Standard Account Ratings, being with “R,” which indicates “revolving” credit, such as credit cards or lines of credit. They’re coded from 0 to 9, with zero being the most desirable, best score and 9 being the least...
Consumer proposals and their few challenges
If you’ve become insolvent, a Consumer Proposal is perhaps the most desirable option available to you to clear your debts without resorting to bankruptcy. In a consumer proposal, a qualified administrator will sit down with you and go over your finances, and help you...
Bankruptcy and student loans-Ontario
Many graduates find themselves with tens of thousands (sometimes hundreds of thousands) of dollars of debt to go with their new educations. It can make graduation a time of anxiety instead of joy — What if I can’t find a job in my field? I won’t be able to afford a...
The credit card trap-Brampton-Mississauga-Ontario
If used responsibly and properly, credit cards are wonderful tools. Prudent use can help you establish such a stellar reputation, you’ll have no trouble obtaining the significant credit required to buy a home, finance a business, get a degree, and all sorts of other...
Secured vs unsecured debt -Toronto-Ontario
When you and your credit counsellor discussing whether bankruptcy, is the right solution to your financial problems, you’ll need to know the difference between secured and unsecured debts. Your repayment of a secured debt is essentially guaranteed by the asset for...