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Consumer proposals – There is life after debt!

Given the current economic conditions, more people are turning to consumer proposals to settle their debts, rather than filing outright bankruptcy.  As one of the leading Bankruptcy Trustees on Vancouver Island, we have helped many people through the consumer proposal...

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Is my retirement plan/pension safe if I file for Bankruptcy?

The vast majority of Canadians who file for bankruptcy are honest but unfortunate debtors who will go to great lengths to pay off their debts.  Some of these people have cashed in their RRSPs in a desperate, futile attempt to pay off their creditors. By the time they...

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How to avoid bankruptcy – File a Consumer proposal

How to avoid bankruptcy – File a Consumer proposal

A Consumer Proposal is a formal procedure that is governed by the Bankruptcy and Insolvency Act (“Act”).  It allows insolvent debtors to settle their debts for less than they actually owe, while avoiding bankruptcy.   Declaring bankruptcy can cause embarrassment,...

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Not all debts are Forgiven

A consumer proposal or a bankruptcy is a formal process under the Bankruptcy and Insolvency Act that allows people to get discharged from their debts that they owe to creditors.  Certain debts/obligations will survive the process and you will be still required to pay...

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Tips on Creating a Budget

Don’t be scared off by the “B” word. It is really just a way to organize your finances. All you need is a very simple basic budget! There is no reason to make it complicated. Your budget should be flexible and change according to your current needs. In order to create...

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Rebuild your Credit with a Secured Credit Card

A secured credit card is a type of credit card that requires you to pay the issuer a security deposit.  You'll need to put a security deposit down which will be held in a special savings account.  Depending on the credit limit you request, the required security...

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Life After Bankruptcy/Consumer proposal

One of the most common reasons that stops a person from contacting a trustee in bankruptcy is the fear of the unknown.  Hopefully our new blog will help reduce those fears and enable you to make informed decisions on what is best for you and your creditors.   Life...

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