Are you considering filing for a consumer proposal and are curious about what makes the contract legal? We’ll show you what makes a proposal legally binding and what say your creditors have in the process.
Are you worried a collection agency will act on their threat and sue you? Doug Hoyes explores how debt collectors obtain files, when they can take you to court and what to do if you have a judgement against you.
Once a bankruptcy or a consumer proposal is filed in Canada, a “stay of proceedings” kicks in. What is a stay of proceedings? People file insolvency to eliminate debt and to stop creditor actions while... Read more »
Bankruptcy is a debt relief solution designed to help the honest but unfortunate debtor eliminate the burden of overwhelming debt. In this guide, I explain what will happen when you declare bankruptcy, how much it... Read more »
Canadian bankruptcy law is governed by federal legislation, the Bankruptcy & Insolvency Act, and filing bankruptcy is a legal process. The concept behind personal bankruptcy is simple: you assign all non-exempt assets you own and... Read more »
Student loans receive special treatment under the Bankruptcy and Insolvency Act in Canada. Most student loans are government guaranteed which means that the bank that provided the funding is protected in the event the loan goes... Read more »
If your parents are having trouble managing their finances, it may be necessary for someone to be appointed their power of attorney. In many cases, the power of attorney is granted to one’s child if of... Read more »
Is it true that if you just ignore an old debt it will go away? Not exactly. There are a few misconceptions about the Ontario Limitations Act. This week’s Technical Tidbits edition of Debt Free... Read more »
While the terms bankruptcy, insolvency, and default all relate to debt and are often used interchangeably, they do not share the same meaning. Insolvency is a state of financial distress; bankruptcy is the legal process... Read more »
When it comes to privacy, organizations are required to follow federal and provincial legislation which prohibits the use of personal information in an inappropriate or unreasonable manner. As part of the federal private sector, The... Read more »
Ontario increases protection for cars, furniture and houses effective December 1, 2015 Ontario is bringing into effect increased thresholds for items that are protected from seizure by a person’s creditors, even when they file for bankruptcy.... Read more »
The reason you file a bankruptcy or consumer proposal is to eliminate your debts. While there are some exceptions (like special rules for student loans), bankruptcy eliminates most unsecured debts. After several court cases, it... Read more »
“Protection” is one of the words most often associated with bankruptcy. The purpose of this article is to explain some of the fundamental questions about what protection under the Bankruptcy & Insolvency Act (BIA) means.... Read more »