2025-09-04
Will Bankruptcy Erase All Of My Debt?
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2009-05-27
Author: Linda Paul
If you default on your Consumer Proposal and if the default continues until the Proposal is "deemed annulled," (that can occur if you've fallen behind 3 monthly payments, but some Consumer Proposals contain provisions to prevent a deemed annulment in certain situations).
Anyway, if a "deemed annulment" occurs, that means that the Consumer Proposal is no longer in force and your creditors can resume collection action. They are "let out of the box," so to speak. If you aren't able to meet the demands of your creditors, you may need to consider doing a bankruptcy, but you should get some advice first. A bankruptcy is one of your options. You may have others.The entry on your credit report relating to the Consumer Proposal will likely remain on your credit report for six years after the deemed annulment. You should also know that your creditors will again start reporting to the credit bureau that your payments aren't being made, so if you can do something to get things under control, that may minimize the long term effect on your credit rating.
2025-09-04
Bankruptcy
The intention of Canadian bankruptcy law is to provide honest and overextended debtors the opportunity for a financial fresh start.
2025-09-02
Lifestyle Debt Debt Solutions
You already know the many benefits of skilled money management. The fact you’re reading this blog post says at least that much. Your challenge, like for most households, is how to navigate the seemingly infinite demands on your frustratingly finite income.
2025-09-02
Lifestyle Debt
Have fun on a budget with our guide to affordable activities in Atlantic Canada.