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
2025-08-05
Bankruptcy Consumer Proposal
Losing your job can be frustrating and, even more so, managing your financial wellbeing while you’re unemployed. However, you can successfully navigate the situation with the right budgeting tips.
2025-08-04
Since it’s impossible to predict or prevent most medical conditions or emergencies, the best way to handle them is by planning and preparing for them.
2025-08-01
If you are considering filing for Bankruptcy, it is important to understand the impact on your employment and salary.
