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Much like buying a home it is recommended that you have a down payment for your vehicle purchase. Make sure your credit report is accurate before you apply for credit through a financial institution or car dealership. Create a budget! What payment is affordable to you? Don’t borrow more than you can afford to repay. Vehicles depreciate quickly and often need repairs before you have finished paying the loan. Ensure you budget...
If you are discharged from bankruptcy you are once again free to liquidate your assets. However, before cashing in your RRSP’s or other investments there are tax implications and lost future income to consider. It is recommended that you consult with a financial planner to determine the costs and benefits of doing this.
No, whether you can obtain credit after your discharge from bankruptcy will depend on your ability to convince lenders of your financial maturity and ability to repay the debt. There are no guarantees, no one is required to give you credit.
Do not rely on someone else to rebuild your credit. You must be the driving force. Clean up your credit report — make sure all errors are corrected. Obtain new credit — a secured credit card, small secured loan or RRSP loan. Make sure the new credit is reported to the credit bureau (not all credit products are reported). Start by asking your financial institution what products they have available to help you...
A Consumer Proposal can be an excellent option to eliminate your unsecured debt while protecting certain assets you may otherwise have to give up in a Bankruptcy. It will not impact your secured creditors, and you can generally choose which property to keep and which (if any) to sell to fund your Consumer Proposal. Home (or other real property) Vehicles Personal possessions Investments and savings Tax returns and government...
Bankruptcy is designed to eliminate unsecured debt. If you have an unsecured debt and your creditor does not already have a lien (or claim) on any of your property then the creditor cannot repossess items once you file bankruptcy. Typical examples include credit card debt, bank loans, and medical bills. A secured debt, on the other hand, is a debt where an asset is held as collateral in order to reduce the lender's risk. The prime example is a mortgage....
