2025-10-21
How we helped a client decide between a consumer proposal and bankruptcy
A client thought bankruptcy was their only way out. See how a consumer proposal helped them keep their home and repay debt with confidence.
House Equity Income Tax Debts
2010-01-05
Hello, 1) If you file for bankruptcy, the Trustee will take on a one-half interest in the home given that you had a one-half share previously. If there is equity in the home, you may be able to buy back this equity in a monthly payment. If the equity is substantial, the house could potentially be sold by the Trustee, however, this can be complicated given a limited one-half interest. If there is no equity and you have a mortgage on the property, you would just continue making the monthly mortgage payments as bankruptcy does not interfere with a secured creditor. As you can see, there are a number of variables to consider. 2) Income tax debt is discharged or forgiven in bankruptcy. Brad Milne, CIRP Trustee in Bankruptcy Brandon, Manitoba
Latest Blog Posts
2025-10-20
Seniors and Debt
Alternatives to Bankruptcy Bankruptcy Consumer Proposal Lifestyle Debt MNP Consumer Debt Index
Just when seniors should be relaxing and enjoying the fruits of their labour, many find themselves struggling financially — an unsettling contrast to the ease they’d hoped to live their golden years.
2025-10-17
How buyer’s remorse laws can help you stay out of debt
This is called buyer’s remorse. In some cases, Canadian law provides protections that can help you reverse these costly decisions and avoid sinking further into debt.
