When you complete a personal bankruptcy, it’s natural to want to move on and rebuild your financial life. However, you may still see creditors listed on your credit report, even after you’ve been discharged. Don’t worry—this is perfectly normal. Here are the main reasons why they’re still visible and how you can handle this situation.
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5 Types of Debts That Cannot Be Discharged in Bankruptcy or Consumer Proposal
If your financial situation becomes unbearable, bankruptcy and consumer proposal are effective and powerful solutions to relieve the pressure from your creditors. However, it is crucial to understand that not all debts can be discharged through these processes. Here, we will break down the different types of debts that are excluded in the context of bankruptcy or a consumer proposal.
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Wage Earner Protection Program: Who Is Entitled to What?
The Wage Earner Protection Program (WEPP) is a federal program administered by Service Canada with the aim of assisting workers whose employer is bankrupt or subject to receivership.
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Dealing with Inherited Debts
Losing a loved one is difficult enough. But what if your loved one leaves you with an insolvent estate? Keep reading to find out how to deal with inherited debts.
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When to Consult a Licensed Insolvency Trustee and What to Expect from Your First Visit
It’s difficult to know exactly when you should seek financial help when you’re caught up living paycheck to paycheck. Sometimes, you don’t know the kind of situation you’re in until all of your bills pile up and you feel like you’re drowning under the pressure. Below, you will find information regarding the appropriate time to consult a licensed insolvency trustee and what you should expect from your first visit.
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I Have Bad Credit … Can I Do a Debt Consolidation?
Every day people contact us because they want to do a debt consolidation. Most of the time, these people come to us because they have been turned down by their financial institution because of their bad credit.
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Frozen Bank Account? Here’s what to do.
Here is a typical scenario: you go to the ATM to get some cash to pay for your groceries, but to your surprise, your bank account has been frozen and you cannot complete your withdrawal. Panic sets in. How are you going to pay for your groceries, gas and other basic needs? Rest assured, there are solutions to lift the freeze code from your bank account.
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Can my tax debts be included in my bankruptcy or my proposal?
At this time of year many people ask us if their tax debts (personal income taxes, company taxes, GST, PST, etc.) can be included in a personal bankruptcy or a consumer proposal.
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Bankruptcy and RRSPs
There are many myths circulating about RRSPs and their seizability in the event of a personal bankruptcy. Many clients ask us whether their savings will be seized if they declare bankruptcy. The answer is no!
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