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What you can keep when filing for bankruptcy.

Bankruptcy provides an individual, who is overwhelmed with debt, the opportunity for a fresh financial start.   As part of the process, the individual is left with enough possessions to maintain their dignity and to assist them towards a fresh start.  The property...

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What happens if a family member dies – Can you inherit debt?

Typically when someone dies, their personal debt does not get passed on to surviving family members.  Their debt belongs to them and them alone; it is not passed on to their family members when they die. Normally, the person would have made a will in which an Executor...

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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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