Building an emergency fund is essential for financial security. Start by setting a goal for your emergency fund, such as three to six months' worth of living expenses. Cut unnecessary expenses and redirect the savings into your emergency fund. Consider automating contributions to your emergency fund to make saving easier and more consistent. Read more tips on creating an emergency fund here .

After someone passes away, their debts are handled by the estate’s executor. The executor must inform creditors, settle outstanding debts from estate assets, and distribute any remaining assets to the beneficiaries. Jointly held debts may fall solely on the surviving debtor. While executors may sell assets to settle debts, certain assets like life insurance policies and RRSPs with named beneficiaries are exempt. Planning ahead and seeking...

In most cases, filing for Bankruptcy or a Proposal should not directly impact your employment status. However, there are certain professions and industries where financial difficulties may have implications for licensing or professional standing. It's essential to consult with a knowledgeable advisor in your profession or industry to understand any potential implications for your specific situation.

While Bankruptcy and Proposals are legal processes, they are not typically publicized in the same way as a court case. Your creditors will be notified about your Bankruptcy or Proposal, but it's unlikely that your employer or colleagues will be directly informed. Being transparent with your trustee about your employment situation is essential to ensure compliance with legal requirements.

Bankruptcy and Proposals will likely worsen your credit score, making accessing credit in the short term more challenging. However, they also provide an opportunity for a fresh start, and you can take steps to rebuild your credit over time.