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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...
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...
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...
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...
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...
Dancing with the Taxman – Proposals to Canada Revenue Agency
You can often make a deal with the Canada Revenue Agency (CRA) for taxes you owe. You can either negotiate payment terms or file a Consumer Proposal under the Bankruptcy and Insolvency Act (BIA) rather than filing for bankruptcy. If you owe CRA and cannot pay the...
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...
Avoid Bankruptcy – A Consumer Proposal is the way to a Fresh Start
Do you find yourself in a situation where you are having trouble paying all your bills even though you have a good job? Have you thought of filing for bankruptcy but really don’t want to due to fear? If you answered yes to either of those questions, maybe it’s time...
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...