Life can sometimes feel like a financial juggling act with an increasing number of balls in the air. One of the most treacherous and commonly faced financial hurdles is the minimum payment trap, a pitfall that can drain your wallet and multiply your debt. Understanding and overcoming this trap can help you regain control of […]
Reviewed and Fact-checked by Barton Goth, CIRP, Licensed Insolvency Trustee & Proposal Administrator People are often worried about their financial situation and have many questions about the bankruptcy process. One question that we hear quite often is: “Can a creditor force me into bankruptcy?” This is an important question, and I’m here to help you […]
If your business is struggling, you may wonder how does business bankruptcy work and if it's right for your business.If you're searching for solutions, we can help!Here's what you should know about what happens when a small business files for bankruptcy.
If you are facing insolvency issues, you may be considering the best way to fix your debts or get a new financial start. Many people find that better budgeting or debt consolidation can help, but if this is not the case in your situation, you’ll be researching consumer proposals and bankruptcy. Of the two, the […]
A Licenced Insolvency Trustee can tell you whether this solution will work in your specific case. If you are a debtor and are insolvent, consumer proposal or bankruptcy can be used to pay off CRA tax debt as well as other unsecured debts. Or, if you are still keeping up with your bills in general […]
As you explore the world of insolvency solutions, you may have encountered information about both bankruptcy and consumer proposal. But, did you know that there is another type of proposal available to Canadian debtors? The Division I Proposal can handle certain situations that the “regular” consumer proposal cannot address. Insolvency Solutions for Consumers: Bankruptcies and […]
It’s a common enough situation – in the midst of financial upheaval, a couple decides to divorce. The money woes may have contributed to the marital break-up – or vice versa. Either way, it’s a double-whammy of heartache and uncertainty about the future. Like other aspects of divorce, the financial side requires close attention, as […]
One of the reasons consumers find themselves in financial distress is high medical bills – especially when combined with loss of employment income due to illness. Eventually, this situation can lead to unpaid accounts, insolvency, and pressure from creditors. Can you file for bankruptcy in Canada due to high medical bills? The answer is a […]
If I File Bankruptcy Can I Keep My Car? Bankruptcy is a solution to overwhelming debt and is intended to give the honest but unfortunate debtor a new financial start. However, many consumers are reluctant to explore the possibility of bankruptcy because they can’t imagine making a “new start” without their vehicle. This is perfectly […]
The difference between insolvency and bankruptcy in Canada is insolvency is a financial state in which a person is unable to make timely debt payments as they come due. Bankruptcy is a legal process that occurs when an individual declares that he or she is unable to repay their creditors. In other words… The difference between bankruptcy vs insolvency is that bankruptcy is a possible solution for not having enough money to pay your debts, and insolvency is the condition of not having enough money to make your debt payments as […]
