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No one intends to put themselves through the ordeal of declaring bankruptcy. Despite this, more than 120,000 Canadians file for bankruptcy or a consumer proposal every year. Individuals who have worked hard but can no longer afford to make their debt payments fall into this category. From the divorced financial planner who can no longer […]

Many people are concerned that they may lose their RRSPs and other pension contributions if they declare personal bankruptcy. In general, you can maintain your RRSP savings after declaring bankruptcy in Canada because the majority of Registered Retirement Savings Plans (RRSPs) are locked in. Except for contributions made within the previous year, RRSPs are immune […]

You’re insolvent if you can’t pay your loans on time or if your debts exceed your assets. Although the terms are sometimes used interchangeably, it’s crucial to remember that to be bankrupt and to be insolvent have different meanings. Insolvency is frequently a precursor to bankruptcy. If you find yourself unable to pay your debts, […]

Bankruptcy could be a tough subject to address for married couples. Most times, your partner can have a lot of questions regarding how bankruptcy may impact both of your finances. This article will tell you the effect bankruptcy can have on you if your spouse files for it. Your Debt is Solely Your Responsibility Any […]

If you filed for bankruptcy it doesn’t signify the end of your ability to have credit. Yes, you made mistakes or fell upon hard times and needed help, but everyone gets a second chance including you. You can get a credit card after bankruptcy, it just depends on when you apply, what your credit looks […]

The Canada Emergency Response Benefit or CERB helped many people in the pandemic bridge the gap between their wages and living expenses. However, some people who received support payments under CERB later got a collection letter from the CRA. You might have been one of many who received the benefit but did not meet the […]

No one wants to file bankruptcy, but sometimes it’s outside of your control. Understanding the causes of filing for bankruptcy and how it happens may help you prevent it from happening to you or at least help you recognize the signs so you can get the necessary help to stop it. The Top 6 Causes […]

If you’re falling behind on your bills, you might be insolvent and not know it. Talking to a credit counsellor can help you determine your situation and what options you might have. Not being able to pay your bills and falling behind is scary, but with the right steps and support, you can get through […]

Filing for bankruptcy can give you the fresh start you need if you’re in over your head in debt, but there are things you must NOT do before filing bankruptcy to avoid ruining your chances of approval and/or putting assets at risk that would otherwise be protected. If you make any of the mistakes below, […]

If you are considering filing for bankruptcy, you may have many questions about the process, along with the costs of it.  Bankruptcy is a legal process that can help you get out of debt. When you file for bankruptcy, creditors stop calling and wage garnishments stop.  However, bankruptcy is a major decision that can affect […]