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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 the ...


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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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Bankruptcy and My Income

Posted by in Bankruptcy
16
Dec 2019
When it comes to bankruptcy in Canada, many are unfamiliar with how surplus income affects your bankruptcy process. In general, surplus income is your monthly income during the time you are bankrupt—basically, the higher your income, the more surplus income you will have to pay. Many sole proprietor owners and ...


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What Are Surplus Income Payments?

Posted by in Bankruptcy
2
Dec 2019
When self-employed and sole proprietor owners get overwhelmed with debt, many file for bankruptcy to gain a fresh start. However, after you have filed for bankruptcy, you might have to make monthly payments known as surplus income payments. It’s important to know when you declare bankruptcy what your income is and if it ...


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Five Effective Ways to Avoid Bankruptcy

Posted by in Bankruptcy
15
Nov 2019
For most small business owners and self-employed individuals, filing bankruptcy in Canada should be carefully considered. First, we’re going to outline the advantages and disadvantages of filing for bankruptcy —- you need to weigh the pros and cons of bankruptcy. Then, we will discuss five effective ways to avoid ...


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10 Questions Answered on How Bankruptcy Affects Your Business

Posted by in Bankruptcy
1
Nov 2019
With such a large number of start-ups and businesses in Canada, self-employed individuals are prone to run into debt problems. When these debt problems get overwhelming, small business owners may need to file for bankruptcy to gain a fresh start. When an individual files for bankruptcy, this is considered personal ...


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How Bankruptcy Affects Student Loans

Posted by in Bankruptcy
15
Oct 2019
With what many would consider being unfair changes to the student loan process in Ontario, more students will be faced with the challenges of financing their education. Whether you had benefited from student loans prior to the amendments made to the student loan program or are looking at your current financial situation as a ...


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5 Questions to Ask When Choosing a Bankruptcy Trustee

Posted by in Bankruptcy
23
Sep 2019
If you are like most people, you never thought that there may come a time when you needed to talk to someone about your financial problems. Something in your life has happened that had made what used to be manageable debts into something too much to handle for one person. Only a Licensed Insolvency Trustee can offer the ...


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9 Myths About Bankruptcy Services

Posted by in Bankruptcy
9
Sep 2019
If you are having financial trouble, declaring bankruptcy is a solution you may want to consider before walking this path. However, many common myths circulate about bankruptcy that are simply not true. Here are nine of them. 1.Everyone will know you declared bankruptcy It is true that bankruptcies are public information, ...


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