Tag Archives: debt relief options

Bankruptcy’s Automatic Stay of Proceedings

 17 Nov 2014

One of the benefits of filing a consumer proposal or personal bankruptcy is something called a “Stay of Proceedings”.  This is a legal term, but what it means is that the people you owe are stopped (stayed) from continuing any legal actions against you. How A Stay of Proceeding Works…

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Guide To Filing Personal Bankruptcy in Canada

 07 Apr 2014
filing for personal bankruptcy in Canada

The decision to file for personal bankruptcy does not have to be complicated. Our easy to read infographic walks you through the decision process about how to declare bankruptcy by describing: What is personal bankruptcy? What is is means to talk to a bankruptcy trustee What your bankruptcy duties will…

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How To Survive Bankruptcy In Canada

 26 Mar 2014
surviving bankruptcy in Canada

Filing for bankruptcy is as much an emotional decision as a financial one.  Too many people equate “what they have” with “who they are” and that can lead to real problems, including bankruptcy. How can you survive bankruptcy in Canada?  One day at a time.  If you always keep in…

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Bankruptcy & Insolvency Act: What You Need To Know

 19 Mar 2014

All bankruptcies and consumer proposals in Canada are administered under the Bankruptcy & Insolvency Act (BIA or the Act). This is a federal piece of legislation that governs all aspects of your bankruptcy or proposal. Bankruptcy law was put in place to allow the ‘honest but unfortunate debtor’ to be released…

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Is There Still A Social Stigma About Filing Bankruptcy?

 10 Mar 2014
social stigma embarrassed bankruptcy

In the “old days”, twenty or thirty years ago, there was definitely a social stigma about filing bankruptcy. Much of the media stories about bankruptcy involved companies and not individuals. Canadians believed that if you borrowed money you should pay it back and this belief was reinforced with stories about…

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What Types Of Personal Bankruptcy Are There In Canada?

 03 Mar 2014
personal bankruptcy Canada

Bankruptcy in Canada is governed by the Bankruptcy & Insolvency Act (BIA or the Act). Individuals who are having personal debt problems have the option under bankruptcy law to file personal bankruptcy or a consumer proposal in order to eliminate their debt. Bankruptcy is seen as the solution of last…

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7 Options For Student Loan Debt Reduction

 29 Jan 2014
student loan debt reduction options

Student loans are discharged in a bankruptcy if they are more than 7 years old but what if you don’t want to file bankruptcy or your loans are less than 7 years old.  If you owe money on student loans, you have the following debt reduction options. Option 1 –…

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What is an Orderly Payment of Debts or Consolidation Order?

 22 Jan 2014
orderly payment of debts OPD

Orderly Payment of Debts (OPD), often referred to as a consolidation order, is another alternative to bankruptcy that is available in a few provinces across Canada.  It is an excellent program for those who want to avoid a bankruptcy, can afford to pay everything in full but cannot qualify for…

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Debt Consolidation: Is It Your Best Option?

 20 Jan 2014
debt consolidation vs consumer proposal

I used to be an enthusiastic supporter of debt consolidation for anyone that could afford to repay their debts in full. The concept is understandable – take all of your high interest, high minimum payment debts, things like credit cards and unsecured loans and lines of credit, and pool them…

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Being Sued or Threatened Over A Debt? Should You Consider Bankruptcy?

 16 Dec 2013
being sued and bankruptcy

Suing you is the final “threat” that a collection company makes when they are trying to pressure someone to make payments towards an overdue debt.  In reality, very few people are ever sued, but the threat certainly gets your attention. Before discussing how filing for bankruptcy or a consumer proposal…

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