Monthly Archives: July 2013

Avoid Bankruptcy By Filing A Consumer Proposal

31 Jul 2013

If you find yourself completely buried in debt and you don’t think you have any choice but to file for bankruptcy, you may be able to avoid bankruptcy by filing a consumer proposal. I have to be honest with you – our firm has been a big proponent of consumer…

5 Things To Do Before Declaring Bankruptcy

29 Jul 2013

So, you’ve decided that the best way to solve your financial problems is to file for bankruptcy. It was a tough decision, but you don’t see any other way out… Before declaring bankruptcy in Canada here are 5 things that you should do: Change your bank accounts. This is something…

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What If Your Financial Situation Improves During Bankruptcy?

24 Jul 2013

Have you heard the expression, “it’s not over ‘til it’s over?” It applies to bankruptcy in Canada as much as anything else. If you have filed an assignment in bankruptcy and your situation changes for the better, you don’t have to remain bankrupt. You have the right to file a…

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Can I Apply For Bankruptcy Online?

22 Jul 2013

Unfortunately, it is not currently possible under Canadian law to file for bankruptcy on-line. In order to make a bankruptcy application you must meet in person with a licensed trustee in bankruptcy for something called the “assessment”. There are many different paths that people follow in order to get to…

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How Is Bankruptcy a Fresh Start If It Is On My Credit Report?

17 Jul 2013

If you were to ask me what the single most misunderstood aspect of the Canadian financial industry is, without hesitation I would say, “The credit reporting system”. Every adult Canadian that has been employed, operated a bank account, or ever tried to access credit has more than likely been reported…

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Debt Problems And Saving Your RRSP

15 Jul 2013

For years, the government and the big banks have been encouraging Canadians to set aside as much money as possible in their RRSPs each year. This has created a strange situation – people may be having debt problems and at the same time they have savings for retirement that they…

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What Does It Mean To Be Insolvent?

10 Jul 2013

If you are insolvent, you either are not able to pay your obligations when they are due, or your debts are larger than your assets. It’s important to understand that the meaning of bankrupt is not the same as insolvent, although the words are often used interchangeably. Insolvency is often…

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Consumer Proposal or Debt Management Plan

08 Jul 2013

If you have a lot of debt and you want to avoid bankruptcy, you may consider a consumer proposal or a debt management plan. What’s the difference between these two debt solutions? A debt management plan is administered by a not for profit credit counsellor, and they are often able…

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Meet Your Newfoundland and Labrador Trustees in Bankruptcy

05 Jul 2013

Janes & Noseworthy Ltd. has been providing confidential, expert advice to consumer debtors across Newfoundland and Labrador for almost 30 years. Through our network of 6 staffed, satellite bankruptcy trustee offices across the island, we will meet with you face-to-face to discuss your situation and find a solution to your…

Consumer Proposal Administrator – What They Do

03 Jul 2013

Recently, many bankruptcy trustees have started calling themselves consumer proposal administrators without actually explaining what that term means. As the name suggests, a consumer proposal administrator manages the consumer proposal process. To the best of my knowledge, the government has not issued any consumer proposal administrator licences in Canada outside…

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