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10 Ways To Rebuild Your Credit Score After Bankruptcy

Posted by in Bankruptcy
20
Jul 2020
If you have filed for bankruptcy in Canada, you are aware of the financial hurdles that are sure to come your way. First, your credit score will inevitably go up and down throughout your bankruptcy. But you don’t have to worry. You are in the driver’s seat when it comes to rebuilding your credit score for securing your ...


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What Is Preference In Bankruptcy In Canada?

Posted by in Bankruptcy
6
Jul 2020
When declaring bankruptcy in Canada, your trustee goes through the initial process of assessing your liabilities and assets. From there, your trustee deals with your creditors until you get your bankruptcy discharged. However, timing is everything when you file for bankruptcy. If you made payments to your creditors before ...


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What To Know Before Filing For Bankruptcy

Posted by in Bankruptcy
15
Jun 2020
Filing for bankruptcy can be a difficult decision, with potentially drastic consequences that will impact many facets of your life. Understanding both your situation and the bankruptcy process in Ontario is the first step in ensuring you are making a decision that will benefit you in the long term. When considering ...


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Should You Include Debt From Family In Bankruptcy?

Posted by in Bankruptcy
1
Jun 2020
While facing bankruptcy, you will inevitably be forced to address various creditors who are involved with the accumulated debt. One of the more difficult and frustrating kinds of loans to assess will be debt from family. Debt with family members is the same as any other unsecured debt and must be included. There is an ...


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What Happens To Your Credit Score After Bankruptcy?

Posted by in Bankruptcy
25
May 2020
Filing for bankruptcy in Canada has some serious financial repercussions. However often, by the time you file for bankruptcy your credit score is not very good. Specifically, your credit score will go through several changes during the period of bankruptcy. So what happens to your credit rating during bankruptcy? First, it ...


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How Will Bankruptcy Impact Sponsoring My Family?

Posted by in Bankruptcy
11
May 2020
Bankruptcy can cause issues when someone is planning to sponsor their family for permanent residency so they can join them in Canada. Does bankruptcy affect an individual’s family immigration sponsorship process? Yes, it does. However, there are steps you can take to alleviate delays and mishaps while waiting for ...


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What Alternatives Are There To Bankruptcy?

Posted by in Bankruptcy
6
Apr 2020
Financial troubles can be very difficult to manage, and you may find yourself drowning in more debt and have so many bills to a point where they become unmanageable—in situations where your assets are limited, and you have no extra income, paying off your debts may not be realistic. Luckily, there are ways to help you ...


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How Can I Keep My RESPs?

Posted by in Bankruptcy
24
Feb 2020
If you don’t have any interest in holding on to your RESPs, then your trustee can cash out the plan and use them against your debts. However, if holding onto your RESPs for your children is a priority during bankruptcy, there are ways that you can do this, including: Buyback option This option allows you to pay for ...


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Which Items Are Exempt When Filing for Bankruptcy?

Posted by in Bankruptcy
10
Feb 2020
Bankruptcy can be a scary word. It can be frightening to think that all your assets, whatever they may be, will be taken from you and used as a way to help pay off your debts to your creditors. However, this is a common misconception. When you file for bankruptcy, it can be a great way to utilize legal assistance to help ...


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Preferential Payments: What You Need to Know

Posted by in Bankruptcy
15
Jan 2020
We all have our preferences, and sometimes we may unconsciously or consciously lean towards something rather than another. This can be applied to almost anything in life, from food to people, and in this context, even our creditors. When you owe money to several creditors, you may or may not realize that you’ve focused ...


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