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Navigating the complexities of debt can be overwhelming, especially when it comes to understanding your rights and obligations. One critical aspect that often gets overlooked is the statute of limitations on debt in British Columbia. This law sets a time limit for how long a creditor can legally try to collect a debt from you. […]
Filing for bankruptcy with no assets is a significant decision that many individuals face when they are overwhelmed by debt. Even with no assets at stake, the bankruptcy process can feel daunting and complex. The prospect of declaring bankruptcy often brings up many questions and concerns, particularly for those who may not fully understand how […]
Introduction In British Columbia, many individuals and families are feeling the weight of financial stress like never before. When debts start piling up and feel impossible to manage, it is crucial to understand the debt relief options you have and how they can shape your financial future. One option that many people explore is filing […]
If you owe monies to an unsecured consumer creditor and that creditor does not sue you before the expiry of the relevant limitation period on certain debt in your province then you will be in a position where you can choose not to pay a penny to that creditor. It is important to remember that […]
Unsecured creditors can find it difficult to recover monies from people who owe them money. Did you know that it is possible for your creditor to sue you, obtain a judgment against you, and then never collect a penny from you despite the fact that it has obtained a judgment against you? Ten Perfectly Legal […]
One of the key concepts in avoiding debt is maintaining positive cash flow. Your household has a positive cash flow where in a given month its total revenues is greater than its total expenses. Similarly, your household will be in a negative cash flow position where in a given month its total expenses are greater […]
There are two basic strategies for raising cash that can be used in connection with resolving your debt situation: Selling some of your assets Borrowing monies from family and friends Raising cash by selling some of your assets Some, but not all, Canadians facing significant debt problems are in a position to substantially improve their […]
