What happens when you default on your consumer proposal and it becomes null and void? Does the credit rating automatically go back to zero after seven years even though it was never resolved?

What happens if you can no longer pay any debts? With both people on pensions can the creditors go after your pensions and can they put a lien on your house even though you don't own it, but you have good standing with your mortgage. What happens if you just quit paying?

When dealing with debt, there are both formal and informal options. Formal options are undertaken via the Bankruptcy and Insolvency Act (BIA).

I completed a consumer proposal in March 2010. I took it out in March of 2008. No problems - it really helped me out. Just wanted to know when it will be removed from my credit file.

The Ontario Ministry of Consumer Services has recently issued an alert warning consumers to exercise caution when considering a contract for services being marketed as “debt settlement”, “debt management”, “debt reduction” or “debt consolidation”.

High consolidation loan against car - what happens in a bankruptcy? - "seize or sue" options that the lender has

I know there are some changes being proposed to the forgiveness of student loans in a bankruptcy. When will this happen?

I"m thinking of personal bankruptcy. I have a fulltime job plus I have a small incorporated business on the side that is pretty much on stand still. It is not making any money has no debt what so ever. Can I still consider a personal bankruptcy without effecting the incorporated business?

Unsure of the bankruptcy process? We'll outline the steps required that will help you understand whether or not bankruptcy is the right solution to resolving your debt.

To keep yourself on track for a good financial start to 2016, try creating a detailed budget before you leave your house. Having a plan in hand will help you check things off your list – rather than adding to it!