Is liquidating your assets the best option for you if you are struggling to pay down your debts? What is the better option – bankruptcy or a proposal? How long does it take to complete a bankruptcy? We have the answers you are looking for.
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Small Business Bankruptcy: Should You File?
Did you know that the total number of small business bankruptcies in Canada was 13.6% higher in May of 2022 than the previous year? It’s unfortunate that small businesses find themselves in this situation but when small businesses in Canada find themselves struggling...
How Are Writs Impacted by Bankruptcy or Consumer Proposal
One of the last options creditors will employ to recovery unpaid unsecured debts is a writ of enforcement which can put the equity in your assets in jeopardy. In this blog we explore writs and how they work, how they work in a bankruptcy and proposal, and the...
I Owe Unpaid Income Taxes – What can CRA do?
Owing taxes to the Canada Revenue Agency can be a stressful situation. Unlike regular creditors, the CRA has powerful tools they can use to ensure that your tax debt is paid. By understanding the possible tools CRA will use to collect taxes we hope you can avoid these...
How Consumer Proposal Calculators are Misleading: Do This Instead
If you have been doing research on consumer proposals, you’ll likely have encountered “consumer proposal calculators” that appear to have the ability to provide an estimate of the monthly cost of a consumer proposal payment. You’ll likely be asked to enter your total...
Licensed Insolvency Trustees: Ultimate Guide
Licensed Insolvency Trustees (“LIT”) are federally-regulated professionals trained and experienced in helping people get the fresh financial start they deserve. Previous to 2016 these financial professionals were known as Bankruptcy Trustees - which did not reflect...
Misconceptions About Joint Debts
What is Joint Debt? Joint debts are liabilities where the obligation for paying the debt falls on more than one party. A person can become joint on a debt when they share ownership of an asset – for example joint on a mortgage that is co-owned – when lenders can...
Division I Proposals and Consumer Proposals: What’s the Difference
When you are facing financial hardship, there are options to help you tackle your debt and work toward financial freedom. A Licensed Insolvency Trustee (LIT) can offer various solutions, including division I and division II Proposals. A consumer proposal and a...
How To Pay Off Debts On A Credit Report
It’s normal to have some debt, whether it’s a mortgage or a car payment, but if you’re waist-deep in credit card and finance company loans and are seeing the debts being carried over month to month without going down, this is understandably frustrating and stressful. ...
Bankruptcy in Alberta: Do You Lose Your House?
Contrary to what most people believe, you will not lose everything if you file for bankruptcy. However, it’s important to understand exemptions to the bankruptcy law as they vary between provinces and territories. In particular, you are probably concerned about...
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