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What debts can be part of my bankruptcy?
Before you and your credit counsellor decide that bankruptcy is the right option for you, you need to know which of your debts will be erased following your discharge. Unsecured debts Unsecured debts are those obtained with no collateral, such as a house or a car the...
I filed a Consumer Proposal. How does creditor voting work?
For many people, a consumer proposal as a solution to financial difficulties is preferable to declaring bankruptcy because it causes a little less damage to their credit scores and/or lets them keep their assets. It also lets people honor their debts by repaying them...
Getting beyond bad spending habits
In a perfect world, we would all live within our means, save responsibly, pay cash for everything except our home, support worthwhile charities, invest wisely, and carry sufficient insurance. We seldom, do, though. Many of us have some bad spending habits that can be...
Overcome bad credit habits-Toronto-Ontario
Credit is useful. Without it, few of us would be able to live in homes or drive cars we actually own. It can let us bridge financing in the short-term, let us book a hotel room or car rental, shop online, provide emergency peace of mind, consolidate other debts, track...
What are the advantages of declaring personal bankruptcy?
Q: What are the advantages of declaring personal bankruptcy? A: Your unsecured creditors must stop any collection actions against you, including legal actions, and any garnishment on your wages or bank account stop. You are released from unsecured debt and free to...
What is bankruptcy?
What is bankruptcy? A: Bankruptcy is a legal process that may discharge you from most of your debts, subject to reasonable conditions.Once you declare bankruptcy, your unsecured creditors cannot take any further steps to recover the money you owe them. Q: Who can...
Will filing a consumer proposal impact an immigration sponsorship?
Q: Will filing a consumer proposal impact an immigration sponsorship? A: You should check with Citizenship and Immigration Canada to get the most up to date information, but as of this writing, you can submit a consumer proposal and sponsor someone for immigration at...
How does making a late payment affect my score?
How does making a late payment affect my score? A: Badly! 35% of your credit score is based on your payment history. Credit bureaus don’t make available to the public their exact formula for calculating the points on your credit score, so it’s hard to say exactly how...
What about my income tax debt?
Q: What about my income tax debt? A: Personal income tax debt is just like any other unsecured debt. Once you’ve filed for bankruptcy or submitted a consumer proposal, Canada Revenue Agency (CRA) can’t take any further action against you, including wage garnishment or...