Displaying results for:
In very simple terms, you are insolvent if your debts exceed your assets in value. To calculate this, make a list of every debt you owe including loans and credit cards. Add up these debts to get your total in liabilities. Then make a list of assets including savings accounts, stocks, property, and more—using their fair market value rather than what you paid for them. Compare these two values to see if you are insolvent.
People often get the terms bankruptcy and insolvency mixed up. Insolvency is a financial condition, not a legal declaration like bankruptcy. However, if you are insolvent, there are other ways to take care of your debts before you consider declaring bankruptcy. You can first see if there is anything you can do in your current situation to get out of debt, such as going on a strict budget or getting an extra job for more income. If your situation...
[This item is indexed but has no content provider: /sitecore/content/website/home/insolvency/on/strathroy]
[This item is indexed but has no content provider: /sitecore/content/website/home/insolvency/bc/salmon arm]
When you file for Bankruptcy, you will need to turn over all your credit cards to your Licensed Insolvency Trustee. You will be unable to obtain new credit cards until after your discharge from Bankruptcy. However, you may be able to obtain either a prepaid or a secured credit card for use during your Bankruptcy. Only a secured credit card will help you rebuild your credit rating.
A secured credit card is ideal for people with low or no credit. To obtain one, you must provide a deposit to the credit card issuer that serves as collateral. For example, if you deposit $1,000, your credit limit you can charge will also be $1,000. From there, a secured credit card works like a regular credit card, with required minimum monthly payments. You will be able to make purchases online and in-store, plus you’ll be able to use the...
The Bankruptcy and Insolvency Act requires that all Bankruptcies be filed by a Licensed Insolvency Trustee.
