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Don't Gamble with your Personal Bankruptcy Discharge ; Fulfilling Personal ObligationsAs discussed in the recent post, 'Gambling and Personal Bankruptcy' a major and debilitating reality for many people in Canada is...[more]
What happens to your RRSP in Bankruptcy?
Registered retirement savings plans play an important role in the financial planning of many Canadians. For those individuals whose employers do not offer retirement benefits and for those individuals who are self-employed an RRSP may be the best post retirement plan available, other than CPP and OAP benefits.
After suffering financial difficulties it is important to start rebuilding your credit. What is a credit score? Your credit score is what new lenders check before they approve a loan. It is provided by a credit reporting agency who collect information on your repayment history from your previous lenders. Good repayment histories lead to high scores and the ability to borrow more. Poor histories, including late payments, collections and consumer proposals lower your score and can result in a loan being refused. In Canada...[more]
What is a Secured Credit Card? Secured credit cards are credit cards that require a deposit to be put down against the credit limit. Dependent on the card the credit limit will either be a percentage of this deposit, or the same as the deposit. This deposit will be placed in an untouched high interest account and will be returned in full, upon cancellation of the card (assuming you don’t default on your payments). It's difficult today to get by without a credit card. If you want to stay in a hotel, rent anything, or...[more]
The bankruptcy system is in place to help honest debtors out of an unfortunate situation. However there is potential for the system to be abused and as such the Bankruptcy and Insolvency Act sets out certain kinds of bankrupt misconduct in S. 173(1) (see a copy here: http://www.canlii.org/en/ca/laws/stat/rsc-1985-c-b-3/latest/ ). The most common forms of bankrupt misconduct are
- The bankrupt continued to trade or to borrow after realizing that he/she could not pay his/her...[more]
Emergencies happen, and more often than not they are costly. If you aren’t prepared for an emergency then the cost of it can put you in serious financial trouble. If you were keeping up with your debts before but suddenly you can’t work how are you going to pay them? If your boiler breaks down in the middle of winter can you fix it? Often people don’t prepare for emergencies, so when they happen people have to over extend themselves on credit. If knock on effects from dealing with an emergency were what started your financial troubles in the first place, post-bankruptcy you...[more]
Creditors are entitled to sell your debt. The practice of selling the debt of delinquent accounts onto third party “debt buyers” is actually quite common. The original creditor will sell the debt for pennies on the dollar, simply to recoup some of their losses and the new owner of the debt can then come after you for the remaining balance. This is how many collection agencies function. Major creditors like banks will often sell debts in blocks, meaning a whole list of delinquent accounts will be sold in a bundle. If the lists aren’t “cleaned” first this can lead to...[more]
What Happens Once You File for Bankruptcy? Once your bankruptcy is filed, there is an immediate stay of proceedings. This means that unsecured creditors cannot begin or continue lawsuits, wage garnishees, or even contact you to request payment. Within five days of the bankruptcy starting the trustee will send a copy of the bankruptcy paperwork to creditors, so they can file a claim. The trustee will file outstanding tax returns up to the date of bankruptcy. Any outstanding...[more]
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