Understanding Power of Sale vs Foreclosure in Canada: What You Need to Know What Is Power of Sale? Power of Sale is a legal process that allows a lender to sell a property when the borrower defaults on their mortgage. The lender can initiate this process without going through court. This method typically enables quicker recovery of the loan amount while ensuring the property is sold at fair […]Learn more >
Statute of Limitations on Debt in BC 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. […]Learn more >
Filing for Bankruptcy with No Assets 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 […]Learn more >
No, these assets are not surrendered unless this is written in directly to the proposal itself. Unlike bankruptcy there is no automatic bankruptcy provisions that relate to consumer proposals.