2011-03-10
Hello, Bankruptcy extinguishes unsecured debts - i.e. debts for which an asset has not been pledged as collateral. There are certain unsecured debts that are not forgiven in bankruptcy such as debts arising out of fraud, child support and a few others which I have mentioned in a recent posting. General speaking, credit card debts are extinguished in bankruptcy. However, you should also keep in mind that there may be other options to resolve such a problem. Some that come to mind include improved budgeting, a consolidation loan that offers a lower interest rate than the credit cards, a consumer proposal, or orderly payment of debt (note this is not available in some provinces including Manitoba). You might consider contacting a Trustee for an assessment of your situation. Most trustees do not charge for this review of your financial difficulties and they will advise you options that are suited to your unique situation. Brad Milne, CIRP Trustee in Bankruptcy Brandon, Manitoba
2025-04-25
Debt collection can be a daunting experience for many Canadians. Navigating the process alongside MNP’s team of experts can help you better understand how it will impact your credit score and gain the knowledge needed to maintain your financial health well into the future.
2025-04-25
Bankruptcy
Filing for Bankruptcy is a significant decision that can provide a fresh start for Canadians overwhelmed by debt. However, it’s essential to approach this process with caution and awareness to avoid common pitfalls and make informed decisions to protect your financial future.
2025-04-24
Filing a Consumer Proposal can feel overwhelming, but it’s not the end of your financial journey.
