Let’s Compare Bankruptcy with Credit Counselling

Expenses and debts can pile up quickly, and you’ll have no choice but to file for bankruptcy before you know it. Unemployment, medical expenses, and divorce are among the top causes of bankruptcy, all of them capable of breaking down a solid financial base. When it comes to dealing with debt, you have several options […]

Surplus Income Penalty: How to Avoid it In a Consumer Proposal

associate working with a client on their consumer proposal

Surplus income can be a tough concept to grasp when first learning about bankruptcy and its rules. It refers to the amount of money you make that is more than the government‘s guidelines (we’ll go into more detail below). When searching for debt-relieving solutions, you’ll find that the most popular options include filing for bankruptcy […]

Don’t Do This Before Declaring Bankruptcy

lady giving stop sign with her hand

A fresh start means getting an opportunity to start over without any past obstacles holding you back. When under financial stress, it can be tempting to follow through with whatever solution presents itself first. However, making a hasty decision without having a well-thought-out plan beforehand can lead to more problems than it solves. Filing for […]

Joint Debt & Consumer Proposals: What You Need to Know

couple talking about their finances

When debts begin to accumulate and become too much to pay off, filing for bankruptcy may seem like the only option you have left. Whether due to unemployment, extensive medical bills, or a poor use of credit, financial crises can happen to anyone. In some cases, you may have a shared debt with a partner […]

Exempt & Non-Exempt Assets in Bankruptcy

licensed insolvency trustees listing the exempt and non-exempt assets

The Covid-19 pandemic hit the world with full force, driving many establishments to shut down and causing the unemployment rate to skyrocket. For many, the word “Bankruptcy” may seem like a scary proposition, especially when you don’t exactly know what it entails. This common misconception is the result of how heavily the media has portrayed […]

6 Tips to Get The CRA to Accept A Consumer Proposal

When bills become too much to handle, filing for bankruptcy may seem like the only option you have.  But what if there was another solution that allows you to pay off your debt without having to give up your assets? A consumer proposal is a legally binding agreement that’s facilitated by a Licensed Insolvency Trustee […]